Should I app for more PenFed products? **Updated**

[Anonymous]

I'm recently DC from BK13 in March.   Sadly went on an app spree before I found good advice on this site (avg 10 inq per CRA), but have managed to collect a few good cards, including PenFed Power Cash. 

One of the first moves we made was to take out auto loan with Cap One @ $40k for 4.93% interest.  If I attempt a refinance with PenFed, I can lower the interest by a couple grand over course of the loan.  I expect to have it paid off early, as we have no other debt, but still would like to save some $ if possible.

My PenFed card approval required POI, which is high (over $200k), so they already have that.  What are the chances they'd approve the refi this early in our banking relationship?  Also should I app for another card since I already have a hard pull?   Or is it potentially damaging to attempt to get more products so soon?  Also, my score on their cost of credit letter is 641.  Thanks for the advice!

**Update** So I figured it wasn't going to be hurt to attempt a refi since they already had a HP.  I had to call because the online app kept wiping my data out and replacing with my DH info.  After a few painless minutes, they approved a refi at 3.7% vs. my Cap one rate of 4.93%, saving me $2,300 over the life of the loan.  I'm mostly interested in strengthening my relationship with PenFed so we have good history with them in the future for other products.  They sent the check overnight and I should have it today, definitely worth the few extra minutes it'll take to complete everything to save that $$$. 

Planning to stop while i'm ahead with them and let the PC card age a bit before I app for anything else.  Would eventually love a PLOC. 

[Anonymous]

Not sure that anyone can actually answer your question wrt PenFed unless you apply to them, then they will of course answer. But, reading your summary, and being a member as well with a decent income...

The BK d/c should have freed up quite a bit of income, so where is that accumulating? You have not much in the way of new car debt paid as agreed as of yet. Lots of Inqs, not much credit. Score is << 700.

On the upside, the PCR limit from them was generous (for them) given your situation, and I have no doubt that will increase greatly given a small amount of gardening. Also, that is not a bad rate out of Cap1 (considering what they might have done) and of course their rate varies on what you purchased. I have personally never had a loan with them, but I have done their pre-approval deal, and they are usually a percent high ime...

These are a short list of things that, in my mind, will be the questions an approval officer might have. PenFed in my experience tends to be much more conservative than many other CUs. I think it's about 50/50, honestly. I think proving income, by showing a bit of wealth (i.e. open a CD, certificate etc.) goes far with these folks. I think if it were me I'd give it 90 days or so to get a bit of history on the card and car loan, then hit them up.

And a big Congratulations! on the discharge. That must feel awesome!

[DaveInAZ]

How recently were you approved for the Powercash card? A HP for membership is good for at least 30 days, some say 60 days. so if you were approved within that timeframe they should be able to consider a car loan without another inquiry. If you call them and ask for the car loan department they should be able to confirm this.

I joined Penfed in early May and they used my same EQ inquiry for membership for my Powercash & Home Equity LOC apps, approved for Powercash, home equity pending - those are taking 30-60 days. I see their car loan rates are pretty good.

[Anonymous]

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@Anonymous wrote:

I'm recently DC from BK13 in March.   Sadly went on an app spree before I found good advice on this site (avg 10 inq per CRA), but have managed to collect a few good cards, including PenFed Power Cash. 

@Anonymous of the first moves we made was to take out auto loan with Cap One @ $40k for 4.93% interest.  If I attempt a refinance with PenFed, I can lower the interest by a couple grand over course of the loan.  I expect to have it paid off early, as we have no other debt, but still would like to save some $ if possible.

My PenFed card approval required POI, which is high (over $200k), so they already have that.  What are the chances they'd approve the refi this early in our banking relationship?  Also should I app for another card since I already have a hard pull?   Or is it potentially damaging to attempt to get more products so soon?  Also, my score on their cost of credit letter is 641.  Thanks for the advice!

**Update** So I figured it wasn't going to be hurt to attempt a refi since they already had a HP.  I had to call because the online app kept wiping my data out and replacing with my DH info.  After a few painless minutes, they approved a refi at 3.7% vs. my Cap one rate of 4.93%, saving me $2,300 over the life of the loan.  I'm mostly interested in strengthening my relationship with PenFed so we have good history with them in the future for other products.  They sent the check overnight and I should have it today, definitely worth the few extra minutes it'll take to complete everything to save that $$$. 

Planning to stop while i'm ahead with them and let the PC card age a bit before I app for anything else.  Would eventually love a PLOC. 

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Congratulations on your refi! Yes, it is definitely time to garden.