Regular Contributor
josie
Posts: 110
Registered: ‎04-04-2007
penfed refinance

What is my mom chances to refinance with penfed? TU 677  1 30 day late 07/08, 1 60 day late 12/11, 1 90 day late 10/10 charge off 2008 paid 05/10 EQ 672  1 60 day late 07/08, 1 30 day late collection in 2008 paid 03/10. Any help will be greatful.


Starting Score: 581 TU 549 EQ 541 EX(LO Jan. 2011)
Current Score: 696 TU (690 wally) 633 EX 652 EQ
Goal Score: 700 TU 700 EQ


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Established Member
Barris
Posts: 113
Registered: ‎12-04-2012
Re: penfed refinance

To be honest, there is very little chance of that happening. PenFed is a very consevative llender and has some pretty inflexible credit requirements. They require a near perfect payment history of about 2-4 years, especially on account of any current auto loans. Moreover, they also need a pretty low CU, something well below 30 percent, especially if your mother is looking for the 1.99 percent/60 months refi deal.