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Product(s) Joined 7/15 applied for Platinum Rewards Visa 8/15 for 8K
EQ 08 Fico: 784
Penfed Nextgen:771
Instant or Review?: Instant
POI?: Not required
AAOA: 3.5 Derogs?:
None Util: 4%
Total EQ Inquiries: 3 Last 12 months:
3 Last 6 months:
3 New Accounts in last 12 months:
5 Last 6 months: 5
Never have received pre-approved offers even with clean bureau.
@12njoy wrote:
@baller4life wrote:
@12njoy wrote:Baller,
Another data point that may help is if you have multiple products from Penfed, how long in between applications. For me, that would be important to know how long it took to get approved for other Penfed products (i.e. immediately, 2 months, 6 months, etc...)
Ok will add to OP. Thanks 12!
Thanks Baller and weedeb. I'm going to try for a cli in 60 days. My plan is to use the card and immediately make payments after charges post since I am only working with 2 months. If I'm denied then I'll try again right before that 90 day period is up.
12, I'm sure you're aware but I'll make mention for those who are new or those thinking about applying. PenFed will hold payments for 7-10 days on new accounts until at least 3 months history has been established.
@Loquat wrote:
@12njoy wrote:
@baller4life wrote:
@12njoy wrote:Baller,
Another data point that may help is if you have multiple products from Penfed, how long in between applications. For me, that would be important to know how long it took to get approved for other Penfed products (i.e. immediately, 2 months, 6 months, etc...)
Ok will add to OP. Thanks 12!
Thanks Baller and weedeb. I'm going to try for a cli in 60 days. My plan is to use the card and immediately make payments after charges post since I am only working with 2 months. If I'm denied then I'll try again right before that 90 day period is up.
12, I'm sure you're aware but I'll make mention for those who are new or those thinking about applying. PenFed will hold payments for 7-10 days on new accounts until at least 3 months history has been established.
Great info! Thx Loquat!
@baller4life wrote:Probably the most popular credit union on the forum next to NFCU is Pentagon Federal Credit Union aka Penfed. We have seen alot of approvals from Penfed in the past year since they loosened their once very strict underwriting criteria. These increased number of approvals have brought many questions from newer members. So, to make it easier for everyone when trying to decide whether to apply or not, a few of us thought there should be a thread specifically for Penfed approval data.
First of all, Penfed has open membership for anyone who makes a donation to one of the two organizations listed on their site. Membership is a hp on EQ and hp is typically good for 90 days for all products. There have been reports that when reconning a denial or starting limit there can be a 2nd hp. Another perk of Penfed membership are the quarterly preapprovals that are given for their products. It has been reported that if you join Penfed with any derogs, you never receive these preapprovals. Please let us know if you have in fact received these even though you joined with a derog.
They are known for their "pyramiding debts" denial reason which is why you will see the Egyptian reference often here. Basically "pyramiding debts" is their interpretation of having alot of new accounts. They view that as potential debt. So this is why I have included the number of new accounts in the data. If you would like to see anymore info added, please send me a pm. Thanks in advance!
Below are the questions that will be very helpful to other forum members:
Product(s) approved and Limit(If approved for multiple products please include date if not immediate)
EQ 08 Fico:
Penfed Nextgen:Instant or Review?:
POI?:
AAOA:
Derogs?: (If you have a BK please list type and discharge date!)Util:
Total EQ Inquiries:
Last 12 months:
Last 6 months:
New Accounts in last 12 months:
Last 6 months:
Baller thanks for setting up this excellent thread! I hope it's alright to post in it without having an account with Penfed so if you don't want to see anything but product info then just delete my post.
I have been considering for a couple months getting in with Penfed. I'm a federal employee so I won't have a problem getting at least a membership with probably a checking or savings account.
Please don't take this the wrong way because I promise it's not meant to be but with some of the stats I see it's hard to believe some of you not only got in but received multiple products. While I'm surprised I feel like my future app with them will be promising. You mention the the fact they loosened their underwriting criteria. Is that a reason why they perhaps took on applicants with many inq's and new accounts? Just looking at those 2 things I would be hesitant for myself. You guys will laugh but I have 4-5 inq's on EQ over the last year. That's not a lot compared to others but 3 of those in just the last couple months. I have had 3 new accounts in last few months.
So basically just looking at my numbers on the surface I should be able to get a product or two at this time if I chose to do so. Now I don't have any Derogs only 1 late on EQ from 2011. My total Util is about 1-2% typically, this months reporting may be at about 5%. My EQ score is 740 based on last pull from Disco.
My game plan is this:
I'd like to also see what the timeframe was for the products you guys received, did you app for all at once or did you space the apps out?
Is that 90 day HP a given for everyone or does Penfed sometimes pull multiples? Of course I could see it if you wanted a new prod outside of that 90 days. With as few of inq's that I have it looks like that won't be an issue but just wondering.
Product approved and Limit: PenFed Promise Visa (12k)
EQ 08 Fico: idk
Penfed Nextgen: idk
Instant or Review: Instant
POI: idk
AAOA: idk
Derogs?: Chap 13 discharge 12/2010
Total EQ Inquiries: 20+
Last 12 months: 20+
Last 6 months: 6
New Accounts in last 12 months: 19
Last 6 months: 4
Product approved and Limit: PenFed Amex ($5k)
EQ 08 Fico: idk
Penfed Nextgen: idk
Instant or Review: Instant
POI: idk
AAOA: idk
Derogs?: Chap 13 discharge 12/2010
Total EQ Inquiries: 20+
Last 12 months: 20+
Last 6 months: 6
New Accounts in last 12 months: 19
Last 6 months: 4
Product approved and Limit: PenFed Platinum ($5k)
EQ 08 Fico: idk
Penfed Nextgen: idk
Instant or Review: Instant
POI: idk
AAOA: idk
Derogs?: Chap 13 discharge 12/2010
Total EQ Inquiries: 20+
Last 12 months: 20+
Last 6 months: 6
New Accounts in last 12 months: 19
Last 6 months: 4
Product approved and Limit: PenFed Auto Refi ($13k), 2.9% APR
EQ 08 Fico: idk
Penfed Nextgen: idk
Instant or Review: Instant
POI: idk
AAOA: idk
Derogs?: Chap 13 discharge 12/2010
Total EQ Inquiries: 20+
Last 12 months: 20+
Last 6 months: 6
New Accounts in last 12 months: 19
Last 6 months: 4
I've been paying the minimum...i wonder if they'll approve any CLI.
@Loquat wrote:
@12njoy wrote:
@baller4life wrote:
@12njoy wrote:Baller,
Another data point that may help is if you have multiple products from Penfed, how long in between applications. For me, that would be important to know how long it took to get approved for other Penfed products (i.e. immediately, 2 months, 6 months, etc...)
Ok will add to OP. Thanks 12!
Thanks Baller and weedeb. I'm going to try for a cli in 60 days. My plan is to use the card and immediately make payments after charges post since I am only working with 2 months. If I'm denied then I'll try again right before that 90 day period is up.
12, I'm sure you're aware but I'll make mention for those who are new or those thinking about applying. PenFed will hold payments for 7-10 days on new accounts until at least 3 months history has been established.
Yep, my payment from the 3rd just posted today. Took 10 days.
Product(s): Joined 5\16 approved for Platinum Rewards Visa 21k
EQ 08 Fico: 795
Penfed Nextgen:785
Instant or Review?: Instant
POI?: None
AAOA: 1 year
Derogs?:0
None Util: 1%
Total EQ Inquiries: 3
Last 12 months: 3
Last 6 months: 0
New Accounts in last 12 months: 3
Last 6 months: 0
Product(s): applied for PLOC for 15k
EQ 08 Fico: 795
Penfed Nextgen:785
Instant or Review?: Orginally denied, but got approved for full 15k after rep reviewed the next day.
I joined and app all in the same day.
@Anonymous wrote:
@Loquat wrote:
@12njoy wrote:
@baller4life wrote:
@12njoy wrote:Baller,
Another data point that may help is if you have multiple products from Penfed, how long in between applications. For me, that would be important to know how long it took to get approved for other Penfed products (i.e. immediately, 2 months, 6 months, etc...)
Ok will add to OP. Thanks 12!
Thanks Baller and weedeb. I'm going to try for a cli in 60 days. My plan is to use the card and immediately make payments after charges post since I am only working with 2 months. If I'm denied then I'll try again right before that 90 day period is up.
12, I'm sure you're aware but I'll make mention for those who are new or those thinking about applying. PenFed will hold payments for 7-10 days on new accounts until at least 3 months history has been established.
Yep, my payment from the 3rd just posted today. Took 10 days.
Thanks CAPTOOL. I wasn't aware of this but it doesn't matter for what I'm trying to do which might not have any effect anyway. I just want to try and push some payments through while I can still use the same HP and maybe, just maybe, that might help with a cli.
I just want to try and push some payments through while I can still use the same HP and maybe, just maybe, that might help with a cli.
That's exactly what I'm doing.
PS: My first statement closed yesterday with a -10.35 balance.