PenFed data points

Appleman · ‎03-29-2016

Last summer we purchased a Minivan and utilized Chrysler Capital. At the time my utilization on a few cards was high and had a car that we were upside down on for a trade in. I broke about every one of my rules when doing this deal. Did not have pre-approved financing and traded in my Mustang (bit of a mid-life crisis), what was I thinking?

I was approved for a loan at 5.125% interest and since then our family has enjoyed the Minvan (as best as you can enjoy a minivan). In the last 8 months I have improved my financial position and credit scores.

This last Saturday I decided to join PenFed credit union and take one more inquiry on Equifax (now at 10). The plan was to build a relationship with PenFed and apply for some of their products in 6 months( I was assuming they were inquiry sensitive but the rest of my file is very solid). As I read the boards I saw that I should go ahead and app the CC and was approved with the stipulation of sending my 2 latest paystubs.

Pleased with the success I applied for an auto refinance and got hung up mid application. (The problem was my current amount owed was different from the 10 day pay off and that stopped the application, with a message that I needed to call in). I called in today and within 15 minutes has refinanced the loan for $5 less a month, 4 fewer months of payments and a total savings of $2,445.83. The loan 1.99%, still the new car rate as the vehicle is a 2015 with 9,XXX miles.

I know everyone talks about DCU a lot and they seem hard to beat, just wanted to put in a plug for PenFed. I was very impressed with the CSR that worked with me and all of the products I was approved for with 1 Equifax pull.

Gmood1 · ‎03-29-2016

Man that's terrific! For some reason folks shy away from PenFed because they believe PenFed is super strict. When in fact they are very easy to deal with if your credit isn't perfect.

Congrats on the great rate! This is the only CU that gets my car loan business. Very few companies can beat or match their auto loan rates. Simply because they do not categorize people into tiers. Everyone that is approved gets the same great rates.

I was in a Honda dealership yesterday. The salesman tried to hand me an app for financing. I refused, he ask what rate I would get from PenFed. Hoping they could beat it. After I told him 1.49, he told me he didn't think they could do any better. Dealerships get no back end money off my financing. Lol

sccredit · ‎03-30-2016

I've had great experiences with PenFed. Glad to hear you have as well. Congrats!

brewcrew87 · ‎03-30-2016

I am thinking of joining PenFed and then refinancing my auto loan as well. We have a 2015 Equinox at 5.24% that I purchased when my credit was over 100 pts less than today.

Seeing your success and that it was only 1 HP, I think I would be pretty stupid to not go for it. I already have about 9 HPs on EQ with a bunch of new accounts recently anyway... What is one more HP and a new auto loan if it can save me a couple thousand over the life of the loan.

The only reason I haven't pulled the trigger was that I have read of a few people getting a second EQ pull for auto loans immediately following the membership HP pull... But again, I don't really see a need for any new credit for awhile after this so no harm, I guess.

I don't mean to piggyback off of your success, but if I decide to go through with it, I will update it here.

Main Cards: CSR(30k), DiscoverIT(50k), Freedom(10.5k), Ink+(17k), SallieMae(17.5k), 3x BoA MLB(24k), 2x BoA BBR(16k) and probably too many other cards at this point...
Current Score: EQ: ??? TU: 799 EX: 784 - Last Updated 2-2-17 - Last CC App 11/25/16

Cellice · ‎03-30-2016

I love PenFed. I've been car shopping the last month or so. I got pre-approved for three different types of loans from them since I wasnt 100% sure exactly what I was going to do. I got approved for a new car loan, user car loan and refinance.

I ended up leasing a new car through VW and refinancing my old loan for 4% less and $200 less a month. Penfed gave me options without tons of inquiries.

Cellice · ‎03-30-2016

@uecker4life wrote:
I am thinking of joining PenFed and then refinancing my auto loan as well. We have a 2015 Equinox at 5.24% that I purchased when my credit was over 100 pts less than today.

Seeing your success and that it was only 1 HP, I think I would be pretty stupid to not go for it. I already have about 9 HPs on EQ with a bunch of new accounts recently anyway... What is one more HP and a new auto loan if it can save me a couple thousand over the life of the loan.

The only reason I haven't pulled the trigger was that I have read of a few people getting a second EQ pull for auto loans immediately following the membership HP pull... But again, I don't really see a need for any new credit for awhile after this so no harm, I guess.

I don't mean to piggyback off of your success, but if I decide to go through with it, I will update it here.

uecker4life, just be careful. PenFed is very sensitive to inquiries and new accounts.

brewcrew87 · ‎03-30-2016

@uecker4life wrote:
I am thinking of joining PenFed and then refinancing my auto loan as well. We have a 2015 Equinox at 5.24% that I purchased when my credit was over 100 pts less than today.

Seeing your success and that it was only 1 HP, I think I would be pretty stupid to not go for it. I already have about 9 HPs on EQ with a bunch of new accounts recently anyway... What is one more HP and a new auto loan if it can save me a couple thousand over the life of the loan.

The only reason I haven't pulled the trigger was that I have read of a few people getting a second EQ pull for auto loans immediately following the membership HP pull... But again, I don't really see a need for any new credit for awhile after this so no harm, I guess.

I don't mean to piggyback off of your success, but if I decide to go through with it, I will update it here.

Well I went through with it. Very simple process. Joined PenFed and was approved for my refi at 1.99% within 5 minutes.

Main Cards: CSR(30k), DiscoverIT(50k), Freedom(10.5k), Ink+(17k), SallieMae(17.5k), 3x BoA MLB(24k), 2x BoA BBR(16k) and probably too many other cards at this point...
Current Score: EQ: ??? TU: 799 EX: 784 - Last Updated 2-2-17 - Last CC App 11/25/16

Cellice · ‎03-30-2016

@uecker4life wrote:
@uecker4life wrote:
I am thinking of joining PenFed and then refinancing my auto loan as well. We have a 2015 Equinox at 5.24% that I purchased when my credit was over 100 pts less than today.

Seeing your success and that it was only 1 HP, I think I would be pretty stupid to not go for it. I already have about 9 HPs on EQ with a bunch of new accounts recently anyway... What is one more HP and a new auto loan if it can save me a couple thousand over the life of the loan.

The only reason I haven't pulled the trigger was that I have read of a few people getting a second EQ pull for auto loans immediately following the membership HP pull... But again, I don't really see a need for any new credit for awhile after this so no harm, I guess.

I don't mean to piggyback off of your success, but if I decide to go through with it, I will update it here.
Well I went through with it. Very simple process. Joined PenFed and was approved for my refi at 1.99% within 5 minutes.

Congrats! Makue us of that inquiry and grab a couple of their cards. They will use same inquiry to approve you for them.They have excellent interest rates and stellar rewards.

How much are you saving a month and how much are you saving overall by refinancing?

PenFed makes refinancing super easy. You sign the contract online and then they mail you the check to send to your bank. Love it.

brewcrew87 · ‎03-30-2016

@Cellice wrote:

Congrats! Makue us of that inquiry and grab a couple of their cards. They will use same inquiry to approve you for them.They have excellent interest rates and stellar rewards.

How much are you saving a month and how much are you saving overall by refinancing?
PenFed makes refinancing super easy. You sign the contract online and then they mail you the check to send to your bank. Love it.

Thanks. I don't really have any need for any of their cards. The only one that might be somewhat worth it would be the Cash Rewards for the 5% on gas purchases, but if I am reading it right, then it is ONLY when paying at the pump. I already have my Sallie Mae which includes in-store purchases too. Might think about it for a day or two... I come pretty close to the Sallie Mae cap most months with my daily commute.

I don't remember the exact amount I am saving. Roughly $2,700 though I believe. It is reducing my monthly payment by $90, but that's because I went with the 60 month loan just for the hell of it since it has the same rate. I plan on paying quite a bit extra each month anyway, but this gives me a little protection in case anything comes up (wife and I just had our first child last month, so unexpected expenses could pop up at any moment!)

Edit: Oh and I can now confirm that I only received one EQ HP.

Main Cards: CSR(30k), DiscoverIT(50k), Freedom(10.5k), Ink+(17k), SallieMae(17.5k), 3x BoA MLB(24k), 2x BoA BBR(16k) and probably too many other cards at this point...
Current Score: EQ: ??? TU: 799 EX: 784 - Last Updated 2-2-17 - Last CC App 11/25/16

Appleman · ‎03-30-2016

The CSR said they will use the same HP for 30 days (I believe) but it may be longer. It seems that they are looking at the total portfolio and can overlook inquiries if the rest of the package is good.

If you can afford the Eq HP it may be worth it to you.