topic Re: PenFed Auto Refinance. Approval?? in Auto Loans

PenFed Auto Refinance. Approval??

Anonymous — Sun, 11 Mar 2018 21:28:48 GMT

Late last night I decided to join Penfed and submit an application to refinance my 2017 4Runner I purchased new last July. Currently at 6.99% with Cap1 on a 72mo term. It immediately went to the "review with loan officer" status. When I purchased it last year my Fico scores were hovering around 600. Currently Fico from Creditchecktotal is: EX: 673. TU: 649. EQ: 671

Had a BK discharged in June 2016. In the last six months have added 5 CC with SL ranging from $300-$7500. I also applied for the Power Cash Rewards Visa since I was already going to get a HP (which hasn't showed up yet???)

Anyway, just checked and the refinance is green checked all the way to Complete and on the app it says Preparing to Disburse. So I assume that means they approved the refinance? (Visa app is still under review). Does anyone know how long after that is posted that I will know the rate and details of the refinance?

Thanks so much...have learned alot here the last six months!!

Re: PenFed Auto Refinance. Approval??

redE2move — Sun, 11 Mar 2018 21:39:52 GMT

Wow that's great! I am preparing to refinance this week. When you receive an update please let me know how they disburse (electronically or via check). Also do you say you just joined last night? I'm trying to get my foot in the door because the use fico auto 9 which is 690 for me. If I get in I hope to get approved and the process moves just as quickly for me.

Re: PenFed Auto Refinance. Approval??

Anonymous — Sun, 11 Mar 2018 21:50:09 GMT

Yes, joined and payed the $17 fee and deposited the $5 around midnight last night when I couldn't sleep! I am not sure what my Fico 9 is but yes, hoping to get my foot in the door with them as well based off what I have read here and how terrible my local CU's are. I did call in earlier this afternoon because unfortunately I don't have much patience. Guy I talked to was very nice and looked it up but told me they only have a couple loan officers that work on the weekend so it is hard for them to get to all the applications. He said I could call back tomorrow and he could give me an instant decision on the phone.

Re: PenFed Auto Refinance. Approval??

redE2move — Sun, 11 Mar 2018 22:31:51 GMT

So the $17 fee is for what exactly? Is it to join by affiliation? Or, is this a normal fee for members who are military, family of military personnel or household?

Re: PenFed Auto Refinance. Approval??

Anonymous — Sun, 11 Mar 2018 22:40:19 GMT

Right, to join by affilitation.

Re: PenFed Auto Refinance. Approval??

redE2move — Sun, 11 Mar 2018 23:00:45 GMT

Did you join the affiliation from PenFed's website or is that done separately on the affiliations website?

Re: PenFed Auto Refinance. Approval??

Anonymous — Sun, 11 Mar 2018 23:12:33 GMT

PenFed's website. As you are signing up for the savings account it will bring up two options for you to choose from for your $17 fee/donation.

Re: PenFed Auto Refinance. Approval??

redE2move — Sun, 11 Mar 2018 23:24:14 GMT

Okay I see that now. I had to choose other and then it presented me with the membership options. Thank you so much. Since I will get a hard pull I will wait until Tuesday to get started. All accounts should be updated and reporting on FICO by then.

Re: PenFed Auto Refinance. Approval??

Anonymous — Mon, 12 Mar 2018 03:14:27 GMT

I still haven't had a hard pull but I'm sure it's coming!

Re: PenFed Auto Refinance. Approval??

Anonymous — Mon, 12 Mar 2018 15:02:00 GMT

Got the approval this morning for the refinance and credit card. Told me the check will be in the mail today. Easy so far!

Re: PenFed Auto Refinance. Approval??

redE2move — Mon, 12 Mar 2018 20:14:12 GMT

That's awesome! And did they use your EQ Score 9 or the EQ Auto Score 9?

Re: PenFed Auto Refinance. Approval??

Anonymous — Mon, 12 Mar 2018 21:50:03 GMT

Honestly I'm not sure. I never received an email with my score or anything they pulled. Does show up as a new account now in my app with payment due April 12th.

Re: PenFed Auto Refinance. Approval??

Anonymous — Tue, 13 Mar 2018 10:55:10 GMT

They pulled me at Equifax 688.

Re: PenFed Auto Refinance. Approval??

Loquat — Tue, 13 Mar 2018 11:56:28 GMT

Very nice! Congrats on the refi and card approval!

Re: PenFed Auto Refinance. Approval??

Anonymous — Fri, 06 Apr 2018 01:42:06 GMT

credit4runner,

Did they approve you for the credit card as well?

I just applied for an auto refinance tonight. Did the same thing you did. Joined using one of the afilliations, paid the $17 fee during registration, funded my savings account with $5. Tada! Completo.

Only applied for the auto loan. I'll wait for their decision before I apply for one of their other products. If approved, may as well go ahead and apply for a credit card, too. It's all on the same HP. What do I have to lose!

Thanks for the information!

EQ is currently 688. Only one negative account that is about to fall off EQ in June. EX shows one but will be gone on 4/28. TU is clean and TU score is 741.

Peace!

Re: PenFed Auto Refinance. Approval??

Anonymous — Fri, 06 Apr 2018 02:45:18 GMT

Yes, they did approve me for the power cash card as well. Only $1000 SL but I do have a BK in 2016 and really just recently started my rebuilding a few months ago...should have started sooner but will garden now and try to build the cards I got!!

Re: PenFed Auto Refinance. Approval??

Anonymous — Fri, 06 Apr 2018 03:00:58 GMT

I have 2 hiccups on my deal. I just closed on my home last Thursday. So, after closing I went on a bit of an application spree and secured some new lines of revolving credit. When they do the manual review, they will likely see most of those inquiries. Also, my used vehicle is high mileage. Although they did estimate the MSRP as $2K higher than what I owe. Maybe that will help.

Congrats on both the card and the auto loan.

And....thanks for the snappy response!

Good luck to you!

Re: PenFed Auto Refinance. Approval??

Anonymous — Sat, 07 Apr 2018 03:59:59 GMT

Credit4Runner,

I apped last night at PenFed for an Auto Refi. 4.74% for 59 months. Takes my payment down $165.50 per month for the same number of months. Yep....I was getting raked over the coals!! No more. Thank you, PenFed!!

Re: PenFed Auto Refinance. Approval??

AppHappyTog — Wed, 11 Apr 2018 15:35:56 GMT

I refi'ed my 4runner with PenFed Saturday before last, transferred to a LO and I just called and was approved. Shoot them a call and they'll be able to let you know the rate. Check arrived within 3 days and it hit my credit report the Monday after I applied.

Re: PenFed Auto Refinance. Approval??

Anonymous — Thu, 12 Apr 2018 03:26:21 GMT

Paid the $15.00 to have much check fedexed to me. Received today. Gonna go pay hat sucker off tomorrow morning!!

Good luck to you!