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Established Contributor
Posts: 799
Registered: ‎02-14-2015
0

Re: Penfed Approval Guide Please Post Your Data For Others

[ Edited ]

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.

FICO 8 Scores Eq 813 Ex 808 TU 821, 137K Available CL, 1% Util

Valued Contributor
Posts: 2,339
Registered: ‎10-22-2015

Re: Penfed Approvals Please Post Your Data For Others


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! Smiley Happy


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.  

Community Leader
Super Contributor
Posts: 13,401
Registered: ‎09-13-2013

Re: Penfed Approvals Please Post Your Data For Others


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! Smiley Happy


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! Smiley Happy

Regular Contributor
Posts: 162
Registered: ‎01-10-2008
0

Re: Penfed Approval Guide Please Post Your Data For Others


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! Smiley Happy

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:

 

  1. Garden for at least next 6 months-hopefully more like a year or more depending on life of my jeep
  2. Take no more credit until I am ready for Penfed app
  3. Try to boost scores up somehow even more, I'd like to get back to pushing 800 by the time I apply to get the better rates
  4. When I'm ready to go attempt to get multiple products with them

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.

 

 

 

Goal of 825+ Gardening since 05/05/2017

Frequent Contributor
Posts: 331
Registered: ‎10-27-2014

Re: Penfed Approval Guide Please Post Your Data For Others

[ Edited ]

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.

Community Leader
Super Contributor
Posts: 13,401
Registered: ‎09-13-2013

Re: Penfed Approval Guide Please Post Your Data For Others

Hi maxq! No offense taken. Smiley Happy Yes, Penfed has definitely loosened up from prior years. Many of us would have been Egyptians for sure under their old criteria. They also would deny any profile with baddies. I believe you are in excellent shape to get the best rates. But, I understand you wanting to waiy to increase your chances even further.

Yes, the hp being good for 90 days is typical. There have been a few reporting a second hp. Many of our members app other products immediately if given a generous limit on one of their products. If not, they wait till towards the end of the 90 days.
Senior Contributor
Posts: 7,770
Registered: ‎01-06-2015
0

Re: Penfed Approvals Please Post Your Data For Others


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! Smiley Happy


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.


Gardening until tomorrow.
Valued Member
Posts: 33
Registered: ‎01-15-2011

Re: Penfed Approvals Please Post Your Data For Others

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.

 

Super Contributor
Posts: 6,506
Registered: ‎09-11-2013
0

Re: Penfed Approvals Please Post Your Data For Others


CAPTOOL 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! Smiley Happy


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.

EX FICO 739 EQ FICO 710 TU FICO 741 ***Total Credit Limits: $944,550 The past is the past. In my wallet: I've lost count Smiley Happy
Senior Contributor
Posts: 7,770
Registered: ‎01-06-2015

Re: Penfed Approvals Please Post Your Data For Others

[ Edited ]

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.


Gardening until tomorrow.

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