Hey guys I'm new to the board. My friend recently told me about Penfed auto refi for 1.79% APR but I've been doing some research and alot of people are being denied because of to many inquiries and credit score. I currently owe 30k @ 4.5& APR on the car.
Some background info:
12 inquiries in the pass 24 months, (8 of them were from rate shopping for the intial auto loan) other 1 inquiry was for AT&T uverse services and 3 were new credit cards
0% utilization and no debt on over 50k of credit cards.
no lates and AAoA is 5years
Should I apply or would this be a waste of a HP with my all inquiries? Do I Pull the trigger or wait till the inquiries fall off in October?
Rate shopping for an auto loan counts as 1 pull as far as scoring goes. You can also explain that to the CU when you apply. It looks like you have a shot at the loan. Where the 3 cc INQs from new accounts or from CLI's? If they were for new accounts, that may be a problem. Although, you still have a pretty good AAoA.