@Anonymous wrote:
@baller4life wrote:
Harleygirl Penfed was always a Holy Grail for me when I learned about them on MF in 2013 because they were so strict. So I felt like once I could be approved by the almighty Penfed, I officially made it! But,over the past year their UW really loosened up and they started approving those with baddies,lots of new accounts,like CRAZY. Hence the almost 300 pg Penfed Data Share thread. What do you feel caused this drastic change?
The new CEO is the reason for the change. The old CEO was very old school. He wouldn't even let an employee promote past a supervisor position unless they had a bachelor's degree. James is a forward thinker, he wants PenFed to grow and eventually take the lead over NavyFed. He's the one who started the risk based lending. A lot of baddies have gotten in, even under the old lending PenFed followed however with the new risk based lending it's out of control, which I feel is the reason why they are now requiring POI etc. However, not all of the time is that looked over as well as it should. Frequently I would see POI people would send in who were fraudsters that sent in 6 months of the same pay check, but just changed the pay period on the top and nothing else changed and they accepted it.
This reply makes so much sense and brings things into much sharper focus for me now than before.
I assumed as much that NFCU was by far and away the biggest competitor of PenFed and a kind of measuring stick for other Government CU's to take note of so i feel so much better that i signed on with NFCU after all.
Of course that's not to take anything away from PenFed but i had to pause with concern when 600 FICO scores were raking in some massive SL's while i was dished out a peanut in comparison with a lot stronger profile.
So PenFed is taking on greater risks now. Kind of helps explain things for me too.
Thank You so much for sharing.
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