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Best strategy to get a PenFed Promise Visa?

Established Contributor

Best strategy to get a PenFed Promise Visa?

I've had a pretty good year so far as credit goes; approved for a $3K unsecured Capital One Platinum MC in mid-February and two weeks later approved for a $10K used-car loan from PenFed at 3.99% for a 60-month term. When I applied for the later loan, I discovered that my EQ rating was 690, some 20-25 points higher than I'd previously assumed (from FAKO sites like CK, to be sure) it would be, which makes me wonder if my TU and EX scores aren't also better than I'd been assuming. This is pretty darn remarkable, I personally think, considering that I went through Chapter 7 BK two and a half years ago.

 

I'm wondering at this point what my best path would be to get a PenFed Promise Visa. Right now, I have the PenFed car loan (and have had a PenFed account for nearly 40 years since my parents opened it for me when I was still in junior high), a secured Cap One MC with $951 line and the $3K unsecured, an Amazon Store Card (Synchrony) with a $800 line, and a student loan from Navient that was late several years ago when I was at the bottom of my financial trough but is now in on-time repayment status. I feel like the best thing to do would be to give it a few months to establish a good payment history on the car loan and the unsecured MC both, but I do understand that PenFed has, previously, reused its hard pulls for up to 90 days after the original pulls so as not to put an additional hit on one's ratings. What do you think my odds are if I were to apply at this time with an EQ credit rating just literally 10 points shy of the "good" range?

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
7 REPLIES
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Super Contributor

Re: Best strategy to get a PenFed Promise Visa?


joe8185 wrote:

I've had a pretty good year so far as credit goes; approved for a $3K unsecured Capital One Platinum MC in mid-February and two weeks later approved for a $10K used-car loan from PenFed at 3.99% for a 60-month term. When I applied for the later loan, I discovered that my EQ rating was 690, some 20-25 points higher than I'd previously assumed (from FAKO sites like CK, to be sure) it would be, which makes me wonder if my TU and EX scores aren't also better than I'd been assuming. This is pretty darn remarkable, I personally think, considering that I went through Chapter 7 BK two and a half years ago.

 

I'm wondering at this point what my best path would be to get a PenFed Promise Visa. Right now, I have the PenFed car loan (and have had a PenFed account for nearly 40 years since my parents opened it for me when I was still in junior high), a secured Cap One MC with $951 line and the $3K unsecured, an Amazon Store Card (Synchrony) with a $800 line, and a student loan from Navient that was late several years ago when I was at the bottom of my financial trough but is now in on-time repayment status. I feel like the best thing to do would be to give it a few months to establish a good payment history on the car loan and the unsecured MC both, but I do understand that PenFed has, previously, reused its hard pulls for up to 90 days after the original pulls so as not to put an additional hit on one's ratings. What do you think my odds are if I were to apply at this time with an EQ credit rating just literally 10 points shy of the "good" range?


While I think you have a chance, I think you should wait. PenFed is one of those institutions that takes it as an adverse thing, regardless of your scores, that you've been recently adding on new credit. They even have a special name for it, "pyramiding".

 

BTW in early April you'll be able to find what your EQ FICO NG2 score was as of 2/28/17, and then you'll have to wait until July to find out what your 5/31/17 score was.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Valued Contributor

Re: Best strategy to get a PenFed Promise Visa?

If you apply now most likely they will use the pull from your car loan so it won't really hurt to try.  Having said that my guess is they will decline you.  They are pretty picky, I have low utilitzation and almost 100k of CL, no baddies and they approved a 72 month car loan at 3.24% but said no to a CC for me.  Interestingly enough they approved my wife for the platinum rewards at $5,500. The only difference between our profiles is AAOA.    I would suggest you join NFCU, you are more likely to get a decent limit from them and they are more generous with CLIs.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Established Contributor

Re: Best strategy to get a PenFed Promise Visa?

 I'm the son of a deceased service member and stepson of a retired service member, so that's how I have a PenFed account (which was opened when my stepfather was active-duty). He retired many years ago though, so I don't know if I'd be eligible to open a new account at NFCU. I'm a Federal government employee but not part of DoD nor assigned to a DoD installation.


workingfor850 wrote:

If you apply now most likely they will use the pull from your car loan so it won't really hurt to try.  Having said that my guess is they will decline you.  They are pretty picky, I have low utilitzation and almost 100k of CL, no baddies and they approved a 72 month car loan at 3.24% but said no to a CC for me.  Interestingly enough they approved my wife for the platinum rewards at $5,500. The only difference between our profiles is AAOA.    I would suggest you join NFCU, you are more likely to get a decent limit from them and they are more generous with CLIs.


 

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Super Contributor

Re: Best strategy to get a PenFed Promise Visa?

Joe, you can join Navy via Navy League back door. $25 for membership to SanDiego chapter and from there you can apply. Please search this method and once you get in you are a member for life then your family will be eligble tooSmiley Happy
Established Contributor

Re: Best strategy to get a PenFed Promise Visa?


AverageJoesCredit wrote:
Joe, you can join Navy via Navy League back door. $25 for membership to SanDiego chapter and from there you can apply. Please search this method and once you get in you are a member for life then your family will be eligble tooSmiley Happy

VERY interesting, thanks! It won't even be cheating because my grandfather was a Marine - and one of the "China Marines" at that (4th Regiment, Shanghai, early 1930's) who also got sent to Iceland not long before the US entered World War II - and my father was a Marine F-8 Crusader pilot off the old USS Saratoga in the early 1960's, so there's definitely a strong Navy/Marine Corps connection there. Smiley Wink

 

P.S. Found this article:

 

https://www.depositaccounts.com/blog/2016/12/littleknown-qualify-navy-federal-credit-union-membershi...

 

with the step-by-step procedure to join NFCU from the San Diego Navy League, but the article dates from a few months ago and the concluding paragraph is a bit concerning because it states that, due to pressure from NCUA to tighten up membership requirements and the fact that they're already the biggest CU in the nation and not on an active membership push, they might close that loophole.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Community Leader
Super Contributor

Re: Best strategy to get a PenFed Promise Visa?


SouthJamaica wrote:

joe8185 wrote:

I've had a pretty good year so far as credit goes; approved for a $3K unsecured Capital One Platinum MC in mid-February and two weeks later approved for a $10K used-car loan from PenFed at 3.99% for a 60-month term. When I applied for the later loan, I discovered that my EQ rating was 690, some 20-25 points higher than I'd previously assumed (from FAKO sites like CK, to be sure) it would be, which makes me wonder if my TU and EX scores aren't also better than I'd been assuming. This is pretty darn remarkable, I personally think, considering that I went through Chapter 7 BK two and a half years ago.

 

I'm wondering at this point what my best path would be to get a PenFed Promise Visa. Right now, I have the PenFed car loan (and have had a PenFed account for nearly 40 years since my parents opened it for me when I was still in junior high), a secured Cap One MC with $951 line and the $3K unsecured, an Amazon Store Card (Synchrony) with a $800 line, and a student loan from Navient that was late several years ago when I was at the bottom of my financial trough but is now in on-time repayment status. I feel like the best thing to do would be to give it a few months to establish a good payment history on the car loan and the unsecured MC both, but I do understand that PenFed has, previously, reused its hard pulls for up to 90 days after the original pulls so as not to put an additional hit on one's ratings. What do you think my odds are if I were to apply at this time with an EQ credit rating just literally 10 points shy of the "good" range?


While I think you have a chance, I think you should wait. PenFed is one of those institutions that takes it as an adverse thing, regardless of your scores, that you've been recently adding on new credit. They even have a special name for it, "pyramiding".

 

BTW in early April you'll be able to find what your EQ FICO NG2 score was as of 2/28/17, and then you'll have to wait until July to find out what your 6/30/17 score was.


+1 I agree.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover; NASA Platinum Cash Rewards. EQ: 763 TU: 737 EX: 787
Established Contributor

Re: Best strategy to get a PenFed Promise Visa?

Thanks, all. After consideration, I decided to try for the Discover It card instead, as I've recently been getting rock-solid APR offers both via mail and their preapproval site with 0% APR offers for the first 14 months on purchases and balance transfers, applied and was instantly approved for a $2500 line. I'll concentrate on building a good history with what I now have, keeping balances reasonably low and good payment history, and revisit the possibility of getting a Visa later this year either from PenFed or another source (NFCU maybe if that "back door" is still open then!).

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.