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Does it matter how much you fund your membership account with as to the limits and products that Penfed offers?
@Anonymous wrote:
Hello everyone. Have you heard of anyone getting approved or would it be a good ideal to apply for a cc through PFCU? My credit score is in the low 6's. Any advice?
Their decision will be based on the Equifax NextGen (2?) score, a variant of FICO from the early 2000's that no one else uses, which I beleive ranges from 150-950. The internal score needs to be 640+ for a general credit card approval.
With a FICO 8 below 675 (range 300-850), your NextGen is ?probably? a little lower. My score seems to defy that trend, but I couldn't tell you why. It sounds like you would want to keep working on your credit score using other means until you can expect your internal score with Penfed to beat that 640 mark.
@Marcos8 wrote:Does it matter how much you fund your membership account with as to the limits and products that Penfed offers?
They offer products to people who are not yet members, you can literally apply for membership after you apply for cards ... so, it likely has no effect. Some rewards are boosted by carrying balances or having direct deposit though.
Limits are probbaly going to depend a lot more on income, utilization and existing obligations.
This question might have already been covered so my apologies ahead of time if so but was wanting to know,
What is the total maximum exposure on one cc with penfed? I am looking to app for the power cash rewards card once the July AR results have been posted so needed to find out this information thanks in advance.
@Anonymous wrote:
I believe 50k is their max for CC
Thanks Tigers! I thought it was somewhere around $50k but just wasn't sure so decided to ask. I have a platinum visa siggy with a $30k limit and wanted to see if/how they would possibly extedend more credit.
Ok took the plunge today and applied to Penfed. Pretty straightforward process. Used my debit card to do the donation plus the amount to fund the Share savings account. I did $10 instead of the minimum $5.
After gaining membership and setting up online access I append for the Power Cash Rewards. Approved for 19k at 9.49%. That is now currently sitting at the "almost done" phase in the pending application area.
After that was done I went straight for the PLOC and it asks for a requested amount and I went for the full 25k. That went pending under review with a message to check back in 24hours ( or something to that effect). A few hours later I logged back in and I see the PLOC in the accounts section. I received no notification. When I go back to the application section it shows the PLOC as "transferred " which I believe means it has been finalized and it's good to go. Hopefully the CC is all finalized tomorrow. No inquiry alerts from CK or CCT. Not sure if CCT actively monitors EQ or if it's just EX monitoring. We'll see tomorrow.
My stats at the time of application:
reported income on app 7k /month gross
aaoa on EQ 16.6 years according to CCT
2% total utl on 85k total revolving lines with 2/4 cards reporting a balance
only 1 inq on EQ falling off the August
only 1 new account in the last 2 years (auto lease)
4 open cards with limits of 10k, 18k, 25k, and 32k
Not sure if if I left anything out but just ask. I'm hoping this was a nice little haul of almost 45k from one INQ. Not sure if my AAOA on all three bureaus will stay over 10 years but it would be awesome if it did.
@Glen_M wrote:
@Anonymous wrote:
Hello everyone. Have you heard of anyone getting approved or would it be a good ideal to apply for a cc through PFCU? My credit score is in the low 6's. Any advice?Their decision will be based on the Equifax NextGen (2?) score, a variant of FICO from the early 2000's that no one else uses, which I beleive ranges from 150-950. The internal score needs to be 640+ for a general credit card approval.
With a FICO 8 below 675 (range 300-850), your NextGen is ?probably? a little lower. My score seems to defy that trend, but I couldn't tell you why. It sounds like you would want to keep working on your credit score using other means until you can expect your internal score with Penfed to beat that 640 mark.
Sometimes your NextGen EQ can be higher than your FICO 8 - it's the case with me. When I applied for my car loan in late February, my NextGen was 691 (it dropped one point to 690 when my score was posted on my account page; I'm expecting the updated score from May to come out in a couple of weeks), and the latest FICO 8 I have for EQ is 659 from May. Penfed used to be pretty account-sensitive, though I understand that seems to be relaxing recently. I'm still considering trying for the Power Cash Rewards this fall though I may put it off a bit now in the wake of my mini-spree over the past month - I just got a $2K platinum Visa from Apple FCU so my best course at this point seems to be to garden until September or October so as to put at least 3 months' history on my newest cards (Overstock, Walmart, Apple).
Depending on how that goes I might apply for a PLOC or consolidation loan to pay off whatever outstanding balances exist on my cards at that time. I'm now working to pay down and close my secured Cap One Platinum MC since it's no longer really needed.
@bruisedcredit
Max unsecured exposure with Penfed is $75,000.
Max PLOC is $25K and Max CC is $50K ($50K max can be split over 2-3 cards).