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I got screwed by them, they did 3 hard credit inquiries in 4 days. I contacted them to have 2 removed and they still haven't fallen off my credit report. That was in May of this year. I am so pissed.
I took the plunge and joined this morning
Approved at 700 fico score 3 baddies from 5 years ago
credit limit 6500 visa platinium
autoloan approved at $ 27000 i took only $13000 and fired chase auto loan at % 6.99
Wow! Your credit its to important to be hit with 3 inquires like that.Like i was saying they are not profesional in handeling lending .
congrats, can't wait to apply for this one.
Penfed approved me for $ 6500 platinium credit card and $ 13000 auto loan
credit score was at 700 equifax fico
i had 3 baddies from 5 years ago
I had to send them income verification
@Anonymous wrote:I finally joined PenFed, and since I knew from these boards that a credit card application wouldn't result in an additional hard pull, I also applied for a rewards card. I was approved for $7,000, which is great because I drive quite a ways to work and the 5% back on gas will certainly come in handy!
In case this helps others who might be considering applying:
EQ Score: 758 (July 2012)
1 year old USAA MC: $4,200 CL with 2% utilization
1 year old, 48 month auto loan
2 student loans currently in repayment
No baddies
Congrats!! However, with the rising price is gas do you think the $7,000 will be enough?
Penfed showed me love too. I had a collection on my account, 6 inq, and less than 3 years aaoa. I was given a Platinum Rewards card, 25k auto loan, and line of credit. Really jump started my credit.
-However...
They sent me the cash rewards card on accident, then sent me the Platinum rewards card. This counted as 2 Credit cards so killed my aaoa. the closed the first one.
My auto loan was approved but they gave me 2.99 instead of the 1.99 i was approved for. they corrected it but again counted as a second loan for 1 month. killed my aaoa.
That sucked.
Congrats
First, thanks to all the awesome posts on this forum. I've learned so much from everyone over past few years. I thought I'd post my results and this thread looked to be as good as any on the subject. I've read many different threads on here about how PenFed is ultra-conservative, not for rebuilders, and they don't like inquiries or negatives on your credit report. I read all that stuff about how conservative they are in lending after I app'd. I figured my app was doomed and destined for denial.
The initial result: refer to lender for credit line. Well, next day, my app was reviewed and approved for $2,500 CL Visa CC. Not quite 11k from initial app screen, but heck, I'll take that, especially since they appear to be hard to get but tend to take care of their customers with decent CLI's over time. I also couldn't find much on these forums about how you check your PenFed app status other than to say you need to login to the website or call, so for those who might be looking--I had no member number in my email, so I couldn't login, and no link to click to check my app without it, so I called and they gave all that to me over the phone the next evening after I applied. I called to get my member number--and that was given to me, as well as my app status, which nice. Super-helpful rep. Very courteous.
Now for the details according to EQ, which are apparently unusual for a PF approval:
Ch. 7 BK 4 years ago on my report
No inq's
AAoA is 8 years
24% util (ugh--holiday spending)
FICO score 690 after app'd
Posts would lead me to believe I would have a better shot at winning the lottery than getting a PenFed card, but I did. Your results may vary, and I'm not encouraging anyone to go crazy and take a hard inquiry on their report when the odds are stacked against ya, but I wanted people to know that strange things DO happen--in both directions. Maybe their not for rebuilders, but this is one rebuilder who happened to get approved :-)