New Visitor
Posts: 1
Registered: ‎03-09-2013

Pull the trigger for Penfed loan? yay or nay?

[ Edited ]

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:

Fico 760

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?


Thanks in advanced!

Valued Contributor
Posts: 3,097
Registered: ‎10-02-2012

Re: Pull the trigger for Penfed loan? yay or nay?

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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    

     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+