Best rates for Auto refi

Teasha · ‎09-07-2013

I've been doing a little research on who to refi my 2006 infinity currently at a 4.99. Penfed has current rates for 2.24% and am eager to pull the trigger but am sitting on 31% Uti on my CC's, 4 have a balance and one is at 88% Uti. Not sure what my EQ score is but last fico was 739 and guessing its around 700 due to 2 cc apps in May.
I really like the fact they hp for membership but offer another line of credit if Eligible from the same pull and periodically soft for product approvals.

Am considering waiting till the end of the month when my scores update from paying off one cc and getting the 88 to 75% on that one card.

Has anyone recently applied? What was your experience with penfed, scores etc.

Advise please

Thanks in advance

Teasha · ‎09-13-2013

Anyone??? I'm pretty sure someone has had a PenFed auto refinance. Feedback please

MMTT31 · ‎09-16-2013

I saw your thread and I want to be of help. On that note, I did not apply for a refinance but did for a used car loan and was approved at 1.99 about a month ago, the rate was 2.24 when you wrote the question but they lowered it back to 1.99. When I applied I used the same pull that used to get into Penfed. They pulled Equifax ONLY with a score I believe 710ish, I had at the time 1 inquiry and a utilization of 1% on 14,000 of revolving, my oldest account was a year and 10 months, newest 6 months, never late and no derogs. In my opinion it would be best for you to bring down the Util down a bit, they are very conservative. I waited four months and brought down my util down to apply and it did help out a lot.

Teasha · ‎09-19-2013

MMTT31, thank you for the acknowledgement, i really appreciate it. I'll be lowering my Uti over the next few months. my EQ score was lower than I expected. My mortgage just hit myfico and had 2 recent apps (4 months ago for home improvement)
My score is up 8 points today and i recently received an auto cli on my Discover which hasn't updated yet. I should be in good condition for a Penfed refi by Dec/Jan if the rates are still as good as they are now.

Thanks again! It's nice to get feedback :-)

MMTT31 · ‎09-25-2013

Not a problem, another thing is I had an inquary for an Amex when I applied. I let that inquary age a bit 6 months before I applied to them. IMHO I believe that your're on track for refi. If it's of much help when I applied to the used car loan they did ask for paystubs.