Valued Member
Posts: 34
Registered: ‎07-26-2010
PenFed Refi Odds

Hi All,


I know this question is probably asked 100 times a day and 200 on Tuesdays, but I'd like to see if any of you credit guru's could give me some insight into my odds at getting my vehicle refinanced with PenFed's excellent 1.49% refinance rate for 36 months. I'm shooting to try toward the end of February or early March.


First, here's my credit / financial standing background:


*Note - haven't pulled any FICO scores, yet, these are from CreditKarma and Quizzle, so I understand the FICOs are probably less than the below*


TU (Credit Karma): 736

EX (Quizzle): 736


My CU is currently 21% with a limit of $13,000 (between 4 cards).

After I recieve my tax reimbursement from the feds (hopefully in mid-feb) and a reimbursement from work at the end of the month, I'll be down to 7% CU.


Right now, I'm 29 payments into a 72 month auto loan with Capital1 Auto at 5.72%

Original balance was $17,215 and I'm at $10,990 currently.


I've got 3 student loans in repayment (stafford loans if that matters any) totalling just over $10,000. All current.


100% on-time payments with all lines of credit/loans.


Things that scare me:


1. Car I want to refinance is a 2008 Saab 9-3, 2.0T with 86k on the clock. Depending where you look, most places, I'm underwater on this loan. I don't care about that much, because it's my intention to drive this car until it falls apart. I just worry that I won't be approved for a refinance because of that fact. Also, high mileage - though, I think I read the cut off is 100,000 mi on the odo.


2.  My scores/history won't be enough to get me that 1.49% rate.


Any data I'm missing?


Thanks for the insight!

Starting Score: EQ FICO 773 (Jan. 2013)
Current Score: EQ FICO 783 (Feb. 2013)
Goal Score: EQ FICO 850

What's in my wallet? Chase Freedom - 1.9k || Chase United Explorer Signature Visa - 8.5k || Chase Priority Club Select Signature Visa - 5.9k || Citi Platinum Rewards - 4k || Citi Simplicity - 9.1k || GE Capital/Ashley Furniture 3.5k || Penfed Rewards Visa - 5k