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09-11-2017 07:33 AM - edited 09-11-2017 07:34 AM
Signed up for shared account/Refi Car Loan/Checking Account/Powercard on 9-9-17.
Had to go through verification twice which sucked.
Approved for Refi at 7.5% which is better than the 16.5% I had with Capital One (Thank you bad Credit). I am also saving $143 a month but will still pay the same payment of $400 a month to pay it off sooner.
Approved For Checking Account.
Decline for the power card with an Equifax score of 653. The decline reasons are for too many new accounts, previous deliquency (more than 4 years old).
However, I did email and filled out survey asking for a reconsideration. So I am awaiting the response.
But overall I am quite happy and now I do not need anything else.
Thank you MYfico, you again saved me a butt load of money!
09-11-2017 08:27 AM - edited 09-11-2017 08:55 AM
Congratulation on joining & your app success with Penfed! I joined in early May and am very happy with them, I moved my payroll direct deposit to them and they are my primary banking relationship.
For your double verification, Penfed uses Equifax, so they & other banking/credit institutions are likely scrutinizing news apps more closely because of the EQ data breach.
I'm not so sure it's bad credit, Cap One doesn't seem so competitive for car loans these days. My Fico scores are around 720 and I bought a 2016 used car on Sept. 1. Cap One offered me 5.5% for 60 mos, I went with a local credit union at 3.25% for 63 months. I didn't try Penfed as dealing with a local CU for the car dealership was easier.
09-14-2017 08:20 AM
Big Congratulations! PenFed is the best! They have my most used credit lines.
09-14-2017 01:43 PM
09-15-2017 03:28 PM
Congrats on PenFed and the saving with the refinance. If you have outstanding credit card debt that is higher than your new auto loan, I would suggest paying that down first with the extra.
I do like the Penfed auto loans they have been great. I pay early and often and it is nice to see I don't owe a payment until 2018. Gives the budget some breathing room if I don't want to make a payment next month.
09-15-2017 10:08 PM
When I joined Penfed a month ago I thought they'd be great.
Then came the lack of debit card transactions showing up, strict ACH transfer limits, forced check payments through bill pay, and a 1/4 year wait until mobile check deposit was avaliable. I closed my checking account after one direct deposit.
I still have a share account open (along with the $500 overdraft line for some reason) and will consider their loans and credit cards in the future. For everyday banking? I find Penfed lacks in that area. If one wants great loan terms and great customer service (probably the best I've seen in the industry besides lack of 24/7 support) then I would look at them over pretty much every other financial institution...
Currently I'm keeping my share open so I obtain a credit card with them in the future... The rep on the phone said I qualified for their cards with my score, but I've opened too many accounts recently and to try again in about six months.
09-15-2017 11:51 PM
...If you have outstanding credit card debt that is higher than your new auto loan, I would suggest paying that down first with the extra.
The best idea would be to roll the credit card debt in with the auto loan because the auto loan will have a lower interest rate.
09-16-2017 04:56 AM
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