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PenFed Auto refinance?

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Frequent Contributor

PenFed Auto refinance?

Was wondering if anyone has a recent experience as mine. I applied for a PenFed account and it was opened with no problem. I then applied for a Power Cash Rewards and was declined. However, my main purpose for getting on with PenFed was to refinance an auto loan.


Fico9 704 (this is the score they pulled and told me)


Recent for CC denial

Too many recent inquiries

         I have 5 in 12 months, one of those being the PenFed. 2 of the other inquiries are from the auto loan in which I want to refinance

Age of accounts

   I have 3 month old auto loan

   Discover IT- Opened November of 2017

   Capital QS-Opened February of 2018

   Capital One Spark Classic- Opened September 2018


So yes the accounts are newer but I didn't know if they were anymore lenient on auto refinance. Any experience or feedback would be appreciated

Message 1 of 4
Established Member

Re: PenFed Auto refinance?

I would definitely wait for those to age.

Between 12-18 months
DCU Auto $32,000 @ 3.99% | VW Credit $26,000 @ 6.4% | Kia Finance $33,000 @ 7%
Message 2 of 4
Community Leader
Super Contributor

Re: PenFed Auto refinance?

The car loan is not a unsecured loan. The UW standards are different. It's normally easier to be approved for a auto loan, than a credit card.

You've already taken a HP. You have nothing to lose by applying for an auto loan. They'll use the same HP.
Message 3 of 4
Frequent Contributor

Re: PenFed Auto refinance?

That’s an excellent point that there is nothing to lose since they already did the HP. Might as well give it a try.
Message 4 of 4
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