PenFed refinance pending with loan officer? *Update- Approved!

[Mischa]

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@Gmood1 wrote:

Ok, for membership the pull is nearly instant. It was when I joined.

Maybe you'll know something in the next day or so. 

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Wouldn't they use the same HP for the loan? I'm gonna be annoyed if they pull again. 

[Gmood1]

They did use the same pulls. But, I'd expect a 2nd pull. 

Not sure what happened to Penfed. Once upon a time, 1 HP was good for like 60 days.

I had a SP approval and they still HP'd me. And tried to do it again for another product within a week of the 1st pull. I froze my reports. So the 2nd one bounced 😂

[Loquat]

Congrats on the refi OP. Glad it worked out for you. Enjoy the savings.

[Mr_Mojo_Risin]

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@Mischa wrote:

I became a member and submitted an app to refinance my car online with PenFed today. It went to pending with loan officer status. Is this a bad sign? I called to see if they needed anything, hoping to get more info and the Rep said it could take 6 business days and didn't offer to transfer me to a loan officer to speak with. 

I'm really nervous now. Is this normal or the equivalent of the dreaded 7-10 day credit card app message?  Loan payoff amount is about 11.5k. Not upside down on loan, but not much equity either due to high interest rate on existing loan. I've been at the same employer 6 years. Income is 55k. EQ FICO 9 is 760, EQ FICO 9 Auto is 773. No baddies. Current debt is just the existing car loan and about 1k reporting on credit cards. 

Haven't gotten an alert they've pulled credit yet, but I've noticed EQ usually takes 24 hr before alerting me. 

7/6- PenFed finally got around to processing my app today. I called end of last week and they said they were behind. Approved for 48 months at 3.14%. Not the lowest rate, but for a 6 year old vehicle with 70k, I don't think I'll find significantly lower by shopping around. Happy with the rate. 

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Looks like they took care of you nicely, glad to hear it.

Cheers!

[southernblueeyes]

PenFed is HP happy. I refinanced my NFCU auto loan with PenFed and I got two inquiries. One for checking on a 36 months loan and one when I asked about 48 months instead. Seems a little crazy that they pulled it twice during one phone call. But that's PenFed for you. 

[Misnstt1]

I recently opened a PenFed checking account and then applied for a loan, credit card and auto refinance.  I was approved for all however each application resulted in a hard pull from Equifax.    I did the credit card application on the phone and the representative stated that each type of loan requires a separate hard pull.  The service was outstanding and approval was easy however I don't understand the need for separate inquiries.  

[Mischa]

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@Misnstt1 wrote:

I recently opened a PenFed checking account and then applied for a loan, credit card and auto refinance.  I was approved for all however each application resulted in a hard pull from Equifax.    I did the credit card application on the phone and the representative stated that each type of loan requires a separate hard pull.  The service was outstanding and approval was easy however I don't understand the need for separate inquiries.  

I thought about trying to grab a card with them but didn't want to risk the additional HP. The membership requirement (opened savings account) was a SP and the auto refinance app was a HP. 

However, they took 1.5 weeks to even look at my app after the initial HP so I was worried they'd pull again but they never did. 

I agree that multiple HP at the same time is ridiculous and unnecessary. 

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