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New Visitor
Posts: 1
Registered: ‎03-09-2013
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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: 3,099
Registered: ‎10-02-2012
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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%

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