topic PenFed CU CC in Credit Cards

PenFed CU CC

kwazziee — Tue, 02 Oct 2012 18:11:35 GMT

Does anyone know if PenFed CC is diffcult to obtain?

Re: PenFed CU CC

emptypockets — Tue, 02 Oct 2012 18:27:21 GMT

kwazziee wrote:
Does anyone know if PenFed CC is diffcult to obtain?

Not if you have a pristine report (they hate any baddies), with a decent AAOA (probably at minimum 2-3 yrs), not too many INQ's, low utilization (below 10%), and a nice score to go with it (I would guess 734-740+).

Do a search, there is a fairly long thread around here somewhere where people posted their stats at the time of approval.

Re: PenFed CU CC

djrez4 — Tue, 02 Oct 2012 18:30:31 GMT

emptypockets wrote:
kwazziee wrote:
Does anyone know if PenFed CC is diffcult to obtain?
Not if you have a pristine report (they hate any baddies), with a decent AAOA (probably at minimum 2-3 yrs), not too many INQ's, low utilization (below 10%), and a nice score to go with it (I would guess 734-740+).

So, yes?

Re: PenFed CU CC

TNTransplant — Tue, 02 Oct 2012 18:32:45 GMT

Yes, they are difficult to obtain. :smileytongue:

Re: PenFed CU CC

emptypockets — Tue, 02 Oct 2012 18:38:17 GMT

I would say yes, they are one of the more conservative CC issuers and are fairly difficult to obtain. Most people apply when they have a totally clean report (no baddies reporting and very few INQ's). They seem to value longer credit histories, and people with longer histories have gotten in with lower scores, but definitely no lower than around 710-715. From reading the boards, they do not seem to be a issuer that goes solely on your score, they at times will ask for income verification. They also pay attention to "credit seeking behavior), i.e. too many inquiries, and were denying people for "pyramiding debt" (getting new cards, and moving balances around, but not paying anything down.

Re: PenFed CU CC

resilient — Tue, 02 Oct 2012 19:55:27 GMT

I think that PenFed is difficult to obtain, as another member previously stated, if you have baddies, judgements, etc on your report. Long story long, I applied for an auto loan in January of 2011. My credit score was under 620, and I remember because I was house shopping around that time, and was told that I couldn't get approved without a 620. I had a charged off account from a reposession in 2002, four credit cards that were sold to other banks and then were charged off (good for me since old accounts showed paid as agreed), and CrapitalOne Auto Loan with the rate as high as Western Sky. That loan did help me rebuild my credit, but it was raping me financially. It looks like the only good things I had on my report were my 8 student loans from 2001-2008, that were in deferment, so they all were reporting paid as agreed. PenFed denied me AND had me with the whole 9 day hold on my share savings account. Well, I had forgotten about them, until recently last month, when they started sending me emails for the 1.49% car loan. I had since then, April actually, gotten a new car and a new auto loan with a 4.9% APR with my credit union (repossesion, knock on wood, fell off, as did my EQ disputes with the c/o accounts) AND they approved me for a $5k Gold Visa with a 9.9% APR. Ecstatic was I! It had been over ten years since I had gotten terms so decent. Back to the emails, I just thought I'd apply for the refinance for the 1.49% with Penfed, and was shocked when the instant approval came back. I asked for $30k, and they gave me $30k. And since I had been reading these forums, I applied for the Platinum Rewards CC as well. Was I even more shocked when the approval came back for $12k! I was upset back in 2011 for the credit denial, but am so glad my resiliency paid off and I was able to get approved with a 732 EQ. Then, I started going app crazy, but that's another story! Sorry so long, but thought I'd share.

Credit Scores- September 2012

EQ- 732

EX-722

TU-680

PenFed Platinum Rewards Visa-$12k

US Bank Platinum Rewards Visa-$5k

Chase Freedom Visa-$5k

Chase Military Star MasterCard-$5k

TIC FCU Visa Gold-$5k

Chrysler MasterCard(FNBO)-$4.1k

Wyndham Rewards Platinum Visa-$2.5k

Re: PenFed CU CC

jsickz32 — Tue, 02 Oct 2012 20:09:35 GMT

I think op just wanted a yes or no lol

Re: PenFed CU CC

kwazziee — Tue, 02 Oct 2012 23:07:23 GMT

resilient wrote:
I think that PenFed is difficult to obtain, as another member previously stated, if you have baddies, judgements, etc on your report. Long story long, I applied for an auto loan in January of 2011. My credit score was under 620, and I remember because I was house shopping around that time, and was told that I couldn't get approved without a 620. I had a charged off account from a reposession in 2002, four credit cards that were sold to other banks and then were charged off (good for me since old accounts showed paid as agreed), and CrapitalOne Auto Loan with the rate as high as Western Sky. That loan did help me rebuild my credit, but it was raping me financially. It looks like the only good things I had on my report were my 8 student loans from 2001-2008, that were in deferment, so they all were reporting paid as agreed. PenFed denied me AND had me with the whole 9 day hold on my share savings account. Well, I had forgotten about them, until recently last month, when they started sending me emails for the 1.49% car loan. I had since then, April actually, gotten a new car and a new auto loan with a 4.9% APR with my credit union (repossesion, knock on wood, fell off, as did my EQ disputes with the c/o accounts) AND they approved me for a $5k Gold Visa with a 9.9% APR. Ecstatic was I! It had been over ten years since I had gotten terms so decent. Back to the emails, I just thought I'd apply for the refinance for the 1.49% with Penfed, and was shocked when the instant approval came back. I asked for $30k, and they gave me $30k. And since I had been reading these forums, I applied for the Platinum Rewards CC as well. Was I even more shocked when the approval came back for $12k! I was upset back in 2011 for the credit denial, but am so glad my resiliency paid off and I was able to get approved with a 732 EQ. Then, I started going app crazy, but that's another story! Sorry so long, but thought I'd share.

Credit Scores- September 2012
EQ- 732
EX-722
TU-680
PenFed Platinum Rewards Visa-$12k
US Bank Platinum Rewards Visa-$5k
Chase Freedom Visa-$5k
Chase Military Star MasterCard-$5k
TIC FCU Visa Gold-$5k
Chrysler MasterCard(FNBO)-$4.1k
Wyndham Rewards Platinum Visa-$2.5k

Thanks for the share. This has help me determine not to apply. Recently, last week got approved for 5 cc and ulti. was at 60% so I am not going to push my button. Thanks everyone for your response.

Re: PenFed CU CC

LS2982 — Tue, 02 Oct 2012 23:09:13 GMT

kwazziee wrote:
Does anyone know if PenFed CC is diffcult to obtain?

Yes. You need to have close to perfect credit.

Re: PenFed CU CC

kwazziee — Tue, 02 Oct 2012 23:12:15 GMT

LS2982 wrote:
kwazziee wrote:
Does anyone know if PenFed CC is diffcult to obtain?
Yes. You need to have close to perfect credit.

I do have perfect credit no baddies at all on all 3 CRA. My only worries is the high ulti and recently app spree. My TU and EX FICO was at 717 before apping last week for 5 new cards. Any thoughts? Any chance?

Re: PenFed CU CC

resilient — Tue, 02 Oct 2012 23:22:27 GMT

kwazziee wrote:
LS2982 wrote:
kwazziee wrote:
Does anyone know if PenFed CC is diffcult to obtain?
Yes. You need to have close to perfect credit.

I do have perfect credit no baddies at all on all 3 CRA. My only worries is the high ulti and recently app spree. My TU and EX FICO was at 717 before apping last week for 5 new cards. Any thoughts? Any chance?

Are you already a member of PenFed?

Re: PenFed CU CC

kwazziee — Tue, 02 Oct 2012 23:25:32 GMT

I just joined a few days ago. ???????

Re: PenFed CU CC

resilient — Tue, 02 Oct 2012 23:28:56 GMT

Check your credit report. I'm almost positive that they pulled your credit for you to be able to open an account with them. Call member services and ask them if they did. And in the case that they did, then they will not pull another report for at least 30 days of pulling the first, I talked to a rep and he said 60 days, but I'd err on the side of 30. In either case, applying wouldn't hurt because they already have your report pulled, if that is the case. I'd give them a call and ask. They're open forever also ;-)

Re: PenFed CU CC

kwazziee — Tue, 02 Oct 2012 23:34:47 GMT

If they did pulled my CR before joining then it will not matter is I went ahead and appy but my concern is recent app spree and high utl.

Re: PenFed CU CC

resilient — Tue, 02 Oct 2012 23:37:35 GMT

Oh, I see now. Well the way I see it, you already took a hit for the application anyway, and they can either say yes or no. What does your applicaiton status say?

Re: PenFed CU CC

OnTheRebound — Tue, 02 Oct 2012 23:48:49 GMT

I will say this. They will not look at your 5 new accounts and high utilities favorably.

5 New accounts + high utilities = Pyramiding

Re: PenFed CU CC

DaveSignal — Wed, 03 Oct 2012 00:03:51 GMT

I agree. There is no way you will get that card. PenFed is one of the hardest cards to get that there is. You can have an 800+ FICO and they will still put your app on hold, ask for 3 months paystubs, and ask you why there is an inq on your report from 8 months ago.

Re: PenFed CU CC

kwazziee — Wed, 03 Oct 2012 04:54:44 GMT

From what you guys are saying I am too scare to even try and pull the trigger. I will wait until I get my ult. down to less than 10%. Thank you for chiming in on this.

Re: PenFed CU CC

xi — Wed, 03 Oct 2012 14:22:35 GMT

I didn't think it was an issue. Didn't know about the card initially. Applied for the Penfed 1.49% auto loan and when I called back to make sure they had the title and promissory notes and whatnot, the rep mentioned the Penfed Platinum card could be appled for without an additional credit pull. I said sure and she approved me instantly for $20k.