10-02-2012 11:55 PM
I'm looking at possibly refinancing my auto loan. It was originally a 72 month loan with 5.4% apr. I know Penfed has a 1.5% rate right now and I'd LOVE to do a refi with them. I have 60 months left on the original loan and I'd like to change to either a 36 or 48 month loan. All of that being said I'm not sure that I will qualify with Penfed. My aaoa is ten months assuming my Amex isn't reporting when I apply. My second statement just cut. With the Amex reporting aaoa will be 8 or 9 months. I have a total of 7 inquiries on all three reports four of which are over a year old and two are over six months. Total Utilization is at 9% and will be dropping to about 2-3% after the 5th. About a month and a half ago my EQ Fico on here was 693 and a week ago Discover said my TU Fico is 746 on a cli request (No hard pull denied because account wasn't quite six months old.)
to sum that up if you don't want to read all of that:
aaoa: 8-10 months depending on when my Amex starts reporting
Total Inquiries: 7 3 in the past 12 months
Utilization: 9% 2-3% in a few days when new statement cuts
Scores: EQ FICO 693 myFICO about a month and half ago and TU FICO 746 Discover cli denial (no hardpull) about a week ago
Verifiable Income: About 16k a year
Preferred Loan Terms: $9600 prefer lowest rate possible and either a 36 or 48 month loan
Penfed refi would be awesome. What do you think my chances are? If more information is needed ask away. If not Penfed I have started receiving preapproved refi offers from local credit unions. The only downside to them is that their rates are in the low 3% range rather than 1.49% at Penfed.
10-11-2012 08:48 PM
You may be OK, but they are very conservative. I was approved for a refi with them in July, and they said my EQ score was 701 - I think that was probably right above the cutoff point for them. They will always pull Equifax, and they don't use the standard EQ Fico score you can buy on this forum; theirs is the FICO Pinnacle 2.0 model, which weighs revolving debt more heavily. At the time, my 701 score was about 20 points lower than what I had bought here (due to high CC utilization).
As you pointed out, it is a secured loan, so they are assuming less risk. Your inquiries are also less than mine, so you're in decent shape. You may want to go ahead and give it a shot. Oh yeah, their CS is excellent; I've called them twice since becoming a member, and had great CS each time.
Hope this helps.
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