Established Contributor
Posts: 772
Registered: ‎01-03-2012
Re: Penfed refi?

You may be OK, but they are very conservative.  I was approved for a refi with them in July, and they said my EQ score was 701 - I think that was probably right above the cutoff point for them. They will always pull Equifax, and they don't use the standard EQ Fico score you can buy on this forum; theirs is the FICO Pinnacle 2.0 model, which weighs revolving debt more heavily.  At the time, my 701 score was about 20 points lower than what I had bought here (due to high CC utilization).


As you pointed out, it is a secured loan, so they are assuming less risk.  Your inquiries are also less than mine, so you're in decent shape.  You may want to go ahead and give it  a shot.  Oh yeah, their CS is excellent; I've called them twice since becoming a member, and had great CS each time.  


Hope this helps.

Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14