03-29-2009 07:38 AM
Don't waste your time with PenFed - Alliant Credit Union is much better. Better deposit rates, better credit products, faster approvals.
YMMV... PenFed is actually an outstanding, conservative CU, so don't be so quick to dismiss them. Approval criteria has possible changed over the past year.
Each person must look at their own needs and assess which CU best meets their needs. I have account with PenFed, Alliant, NASA, NFCU, Patelco, Justice and Addison Avenue, and each have their own strenghts and weaknesses. I prefer Navy's checking, CDs and car loans. I like PenFed's credit card rewards and car loans. I like Alliant's savings accounts. I like Patelco and NASA credit cards for their 1% FETF feature, so I use their credit cards on all trips outside the United States. Above all else, I perfer ANY credit union over a commerical bank.
03-30-2009 05:50 AM
PenFed seems to be fair and consistent, just conservative and may require income verification. And you can speak to a LO about the application and your circumstances and goals.
I referred my brother and his wife who have a BK in 2000 and some lates 1 30 2 years ago and a 30/60/90 6 years ago)...FICO's 710 - 740. Fortunately, for some reason their BK isn't reported on EQ and that is the CRA PenFed uses.
They each got an instant approval....her $7.5k plus auto $35k and him $5k plus auto $35k.
03-30-2009 10:19 AM
I applied for the Gas card and was denied. The reason was LACK OF RECENTLY ESTABLISHED ACCTS/ TOO MANY INQUIRIES LAST 12 MONTHS ( I had 4)/ NUMBER OF ESTABLISHED ACCOUNTS
Score really isnt a factor with them. My EQ score is 762. Im going to deposit some money every week in the regular share account to build a relationship with them and maybe they will send me an offer sometime down the road.
Hopefully my experience will help you with your decision.
03-30-2009 10:29 AM
If you are depositing cash, try doing so then asking for a secured loan against your savings. Make 4-6 payments and then see talk to a LO. This will have established a cash account relationship, a loan with payments (which will report to your credit) and a payment history on top of your regular deposits.
If you really want to get in good, sign up for a direct deposit if you have the ability. They love DD and to see savings. Combined with a personal loan that you you pay off in 6 to 12 months will get you a lot of mileage with CU's.
03-30-2009 11:00 AM
TXJohn, do you have any idea how many inquiries or new accounts your brother and SIL had when they applied?
Duplex, was that 4 inquiries or 4 new accounts in the past 12 months? Thanks for sharing your situation, it does help me figure out when to apply.
03-30-2009 11:04 AM
Brother had no inquiries in last 1 year, had 7 over 1 year old but within 2 years. Had an auto loan 12/2007.
His wife had 1 inquiry from recent auto loan, nothing else.
03-30-2009 11:07 AM
03-30-2009 11:11 AM
Probably. Has anyone ever asked PenFed if they will issue a CC against a secured savings account? It might be worth the call to a LO and ask about it. If you are going to be putting money with them anyway, see how you can leverage it.....never assume anything.....get informed, sometimes you get a surprise you might like!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.