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Pentagon Federal Credit Union Data Share

Community Leader
Super Contributor

Pentagon Federal Credit Union Data Share

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. To recon denial or starting limit, the easiest way is to call and ask for a Supervisor. They are also loan officers. And can make a decision on the spot.

 

Another perk of Penfed membership are the quarterly preapprovals that are given for their products. It has been reported based on old data that if you join Penfed with any derogs, you never receive these preapprovals. However, that is no longer the case. Several members have in fact received these that joined with a derog. Please let us know your preapproval experience.

 

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. 

Below are the questions that will be very helpful to other forum members. Thanks in advance for your valuable data! Smiley Happy

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?(If yes, what type of proof of income)

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:

 

*New cards can be expedited for $15 fee*

Message 1 of 4,976
4,975 REPLIES
Community Leader
Super Contributor

Re: Penfed Approvals Please Post Your Data For Others

Product approved and Limit: Platinum Rewards Visa Signature $18k
EQ 08 Fico: 693
Penfed Nextgen: 683

Instant or Review: Instant

POI: None

AAOA: 5 yrs
Derogs?: 0

Util: 11%

Total EQ Inquiries: 7

           Last 12 months: 3

           Last 6 months: 1

New Accounts in last 12 months: 11
                                 Last 6 months: 4

 

Message 2 of 4,976
Valued Contributor

Re: Penfed Approvals Please Post Your Data For Others

Product approved and Limit: Platinum Rewards Visa 7k
EQ Fico Score: FICO 8 of 774
Penfed Nextgen Score: 
AAOA: 4 years
Derogs?: 0
EQ Inquiries: 1
New Accounts in last 12 months: 7
Last 6 months: 3

Message 3 of 4,976
Senior Contributor

Re: Penfed Approvals Please Post Your Data For Others

Product approved and Limit: Defender Visa, $4K
EQ Fico Score: 764
Penfed Nextgen Score: They didn't tell me
AAOA: 4.1 years
Derogs?: 0
Total EQ Inquiries: 6

                Last 12 months: 3

                Last 6 months: 0
New Accounts in last 12 months: 6 that show
                                 Last 6 months: 0


Gardening until tomorrow.
Message 4 of 4,976
Established Contributor

Re: Penfed Approvals Please Post Your Data For Others

I have a feeling all the new PENFED apps are after that one post of getting $43k. 

Message 5 of 4,976
Valued Contributor

Re: Penfed Approvals Please Post Your Data For Others

Both of these were approved on 1/20/16.  I had to go back and pull an old CCT report :-)

 

Product approved and Limit: Platinum Rewards Visa $10K and Promise $10K
EQ Fico Score: 660
Penfed Nextgen Score:  Not sure
AAOA: 3.1 years
Derogs?: Yes, Ch7 discharged 12/4/13
Total EQ Inquiries:

                Last 12 months: 24

                Last 6 months: 20 (7 of these were coded as auto financing on the same day)
New Accounts in last 12 months:  9 CC, 2 Auto
                                 Last 6 months:  6 CC, 2 Auto


Starting all over again 9/22/17
Message 6 of 4,976
Established Contributor

Re: Penfed Approvals Please Post Your Data For Others

Product approved and Limit: Cash Rewards $13.5K PLOC 4K
EQ Fico Score: Fico 8-----690
Penfed Nextgen Score:684
AAOA: 3 years
Derogs?:None
Total EQ Inquiries:9
Last 12 months:9
Last 6 months:6
New Accounts in last 12 months:12
Last 6 months:7 Cc 1 Auto

Current Fico EQ 690 TU 689 EX 651 Goal-780+
In My Wallet- Credit One Visa $1350 Credit One MC $650 Discover it (07/15) $3.9k VS (05/15) $1550 Apple Barclay (08/15) $4K Paypal MasterCard (08/15) 8K Amex ED (08/15) 2K BMW Auto (12/15) BMW Visa (12/15) 2.5K Cabela's Visa 3K (1/16).Virgin America Visa 2.9K (1/16) Care Credit 2K (03/16) Stash Visa 8K (03/16) Capital One QS1 3.5K (03/16) Marvel MasterCard (04/16) $250 Penfed Cash Reward $13,5K Penfed PLOC 8K (04/16) Barneys 4.75K (04/16) Macys $1200 (04/16) NFCU GoR $17.9 (05/16) NFCU CLOC 15K (05/16) Walmart 07/17 $700--Back in the garden until early 2018--- Time to pay down some of these bills
Message 7 of 4,976
Valued Contributor

Re: Penfed Approvals Please Post Your Data For Others

Lol -- LOVVVVE PENFED!!!!  Their Recon is the BEST there is, blows Barclay's and Chase OUT OF THE WATER -- their analysts are so friendly (When the CSR is willing to connect you to one) and their Supervisors are actually mostly all LOs.   My EQ FICO 8 was quite high but my NG was ehhh, and they gave me massive approvals on DIRECT RECON with a human being.  Ill forever sing their praises.  That said, here we go!

 

Product approved and Limit: 1)  Cash Rewards VISA - $22.5k (Original $5000 - CLI)  2) Personal Loan - $10,000 3) ReFi Auto Loan - $14,000 @ 2.9%  4)  Thrifty Credit OD $500.00
EQ Fico 8 Score: 696
Penfed Nextgen Score: 650
AAOA: 6 yrs
Derogs?: 0 in last 3 years, no majors at all
Total EQ Inquiries: 31
Last 12 months:   17 

Last 6 months: 8
New Accounts in last 12 months: 20 (yup!)
Last 6 months: 6

 

Again, amazing CU.

PenFed Cash Rewards $30,000 * Unify CU Rewards $15,000 * QuickSilver VS $19,600 * AMEX Honors $12,000 * Ritz Carlton Visa $8,500 * Cabela's VISA $8,500 * USAA Rewards $7,000 * VentureOne $5,000 * Amex EveryDay $2,500 * USAA Cash $2,000 * CreditOne $2,000 -- Scores: EXP 690 EQ 672 TU 720 12/13/16
Message 8 of 4,976
Super Contributor

Re: Penfed Approvals Please Post Your Data For Others

Product approved and Limit: Penfed Promise Visa $5k, Penfed Defender Amex $5k, Thrifty Credit Service (Overdraft) $500, Refinance Auto loan 18k @ 2.99%, 2nd Refinance Auto loan $3,600 (2004 model) @ 1.99%
EQ Fico Score: 705
Penfed Nextgen Score: 707
AAOA: 1 year 10 months
Derogs?: 0
EQ Inquiries:

  last 12 months: 32

  last 6 months: 7
New Accounts:

  last 12 months: 24
  last 6 months: 5

EX FICO 731 EQ FICO 710 TU FICO 729 ***Total Credit Limits: $1,025,850 Time to divest
Message 9 of 4,976
Valued Contributor

Re: Penfed Approvals Please Post Your Data For Others

Product approved and Limit: PenFed Platinum Rewards $8K, PLOC $10k
EQ Fico Score: 711
Penfed Nextgen Score: 748
AAOA: 2 years
Derogs?: 0
Total EQ Inquiries: 18

Last 12 months: 6

Last 6 months: 2
New Accounts in last 12 months: lost count

Last 6 months: 5?

Message 10 of 4,976