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Low Auto rate and new CC... Gotta love Penfed!


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We have been paying a high interest rate on TW's car loan for a year now. I think it was around 16%. We just got her only collection account removed earlier this month (score went up quite a bit after that) and decided to try and refinance now.

Today we called Penfed to open an account for her. I know they pull a report when setting up an account, but I wanted to see if they would use that same report to approve a car loan so we didn't have to take 2 hits (planned to refinance in a couple weeks). They were able to do that for sure if she refi'd within 24/hrs but couldn't guarantee the current rate as it is only valid this month. We went ahead and refi'd and she got approved for their auto rate of 5.29% after opening an account. Then, they offered a credit card with a limit of 6k! Yea... that was a no brainer.

Needless to say we are very pleased. The only other credit card she had is cap1 with a $750 limit, so this was a nice boost.

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