02-23-2009 07:46 PM
After a year and two months of credit gardening, I officially made it to the 700 club a few days ago with a EQ score of 789, due to a derogatory SL being deleted and utilization down from 50% to 6%. My previous score was a 609!
Since joining this forum, and hearing all the good reviews, I decided to give Penfed a try not knowing if I'd be accepted or declined for something trivial.
Didn't know if i should apply online or walk into the local branch. I decided to go to the branch two miles away, given the good advice I received on here! It all went so fast but I do remember that the first thing that they asked for was a completed application that had a space for my SSN right at the top! Two minutes later was with the loan officer and she immediately said, "you have excellent credit". She never told me my score though. "If you didn't have good credit, I would have told you that there was nothing I could do for you. We are very conservative, which has changed more so in the last 3 months." I had to show my last two pay stubs.
VERY positive experience. She asked if I wanted a card. I acted a little hesitant at first but then quickly said "yes". She asked "how much do you want?" I drew a blank, didn't know what to say. She lightly suggested $5k. Based on my current DTI, I got the rewards card with a $4.5K limit, which is just fine for now. She said that I wouldn't be eligible for a limit increase for another year. She also asked if I already had a car and if I wanted overdraft protection, said "yes" to both!
Now I understand why this place gets such good reviews. But something tells me that had I applied online, I may have had a less rewarding experience.
02-23-2009 07:56 PM
02-23-2009 08:06 PM
Thx... The loan officer did mention that her chief rival is Navy, so they compete aggressively with one another.
The branch was slow when I first walked in but soon transformed into a respectfully quiet zoo of people everywhere. Right before I left, I asked if it is "always so busy?". The officer said "there's recession out there with the banks but not with us, we're doing great".
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