PenFed Auto Refinance. Approval??

[Anonymous]

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!!

[redE2move]

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. 

[Anonymous]

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.

[redE2move]

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?

[Anonymous]

Right, to join by affilitation.

[redE2move]

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

[Anonymous]

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.

[redE2move]

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. 

[Anonymous]

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

[Anonymous]

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