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.
Current Scores: TU 746, EX 755, EQ 724
Goal Scores: 760+
Last App: April 20, 2013
Cards: Cap1 Platinum, Discover it, AMEX Green, Paypal Extras, AMEX Delta Gold, Penfed Platinum Cash, and Chase Freedom.