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PenFed CU CC

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kwazziee
Regular Contributor

PenFed CU CC

Does anyone know if PenFed  CC is diffcult to obtain?

Message 1 of 19
18 REPLIES 18
emptypockets
Valued Contributor

Re: PenFed CU CC


@kwazziee wrote:

Does anyone know if PenFed  CC is diffcult to obtain?


Not if you have a pristine report (they hate any baddies), with a decent AAOA (probably at minimum 2-3 yrs), not too many INQ's, low utilization (below 10%), and a nice score to go with it (I would guess 734-740+).

 

Do a search, there is a fairly long thread around here somewhere where people posted their stats at the time of approval.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
Message 2 of 19
djrez4
Established Contributor

Re: PenFed CU CC


@emptypockets wrote:

@kwazziee wrote:

Does anyone know if PenFed  CC is diffcult to obtain?


Not if you have a pristine report (they hate any baddies), with a decent AAOA (probably at minimum 2-3 yrs), not too many INQ's, low utilization (below 10%), and a nice score to go with it (I would guess 734-740+).

 


So, yes?

Message 3 of 19
TNTransplant
Established Contributor

Re: PenFed CU CC

Yes, they are difficult to obtain. Smiley Tongue


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 4 of 19
emptypockets
Valued Contributor

Re: PenFed CU CC

I would say yes, they are one of the more conservative CC issuers and are fairly difficult to obtain. Most people apply when they have a totally clean report (no baddies reporting and very few INQ's).  They seem to value longer credit histories, and people with longer histories have gotten in with lower scores, but definitely no lower than around 710-715. From reading the boards, they do not seem to be a issuer that goes solely on your score, they at times will ask for income verification. They also pay attention to "credit seeking behavior), i.e. too many inquiries, and were denying people for "pyramiding debt" (getting new cards, and moving balances around, but not paying anything down.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
Message 5 of 19
resilient
Established Contributor

Re: PenFed CU CC

I think that PenFed is difficult to obtain, as another member previously stated, if you have baddies, judgements, etc on your report. Long story long, I applied for an auto loan in January of 2011. My credit score was under 620, and I remember because I was house shopping around that time, and was told that I couldn't get approved without a 620. I had a charged off account from a reposession in 2002, four credit cards that were sold to other banks and then were charged off (good for me since old accounts showed paid as agreed), and CrapitalOne Auto Loan with the rate as high as Western Sky. That loan did help me rebuild my credit, but it was raping me financially. It looks like the only good things I had on my report were my 8 student loans from 2001-2008, that were in deferment, so they all were reporting paid as agreed. PenFed denied me AND had me with the whole 9 day hold on my share savings account. Well, I had forgotten about them, until recently last month, when they started sending me emails for the 1.49% car loan. I had since then, April actually, gotten a new car and a new auto loan with a 4.9% APR with my credit union (repossesion, knock on wood, fell off, as did my EQ disputes with the c/o accounts) AND they approved me for a $5k Gold Visa with a 9.9% APR. Ecstatic was I! It had been over ten years since I had gotten terms so decent. Back to the emails, I just thought I'd apply for the refinance for the 1.49% with Penfed, and was shocked when the instant approval came back. I asked for $30k, and they gave me $30k. And since I had been reading these forums, I applied for the Platinum Rewards CC as well. Was I even more shocked when the approval came back for $12k! I was upset back in 2011 for the credit denial, but am so glad my resiliency paid off and I was able to get approved with a 732 EQ. Then, I started going app crazy, but that's another story! Sorry so long, but thought I'd share.

 

 

 

 


Credit Scores- September 2012

EQ- 732

EX-722

TU-680


PenFed Platinum Rewards Visa-$12k

US Bank Platinum Rewards Visa-$5k

Chase Freedom Visa-$5k

Chase Military Star MasterCard-$5k

TIC FCU Visa Gold-$5k

Chrysler MasterCard(FNBO)-$4.1k

Wyndham Rewards Platinum Visa-$2.5k

Amex Platinum Amex PRG Amex Hilton Surpass ($7k) Citi AAdvantage WEMC ($20k) Citi Hilton Honors VS ($6.8k) Dillard's Amex ($7.5k) Discover it ($6.5k) FNBO Chrysler MC ($30k) Military Star Card ($4.8k) Nordstrom VS ($25k) PenFed Power Cash Rewards VS ($20.5k) Ritz-Carlton VI ($54.5k) Starwood Preferred Guest Amex ($10k) Susan G. Komen WMC ($38k) Kinetic CU Visa ($10k) US Bank Cash + VS ($16k) Sears MC ($6k) USAA Limitless VS ($15k) Walmart MC ($7.5k) AAdvantage Aviator Silver WEMC ($11.3k)
Message 6 of 19
jsickz32
Valued Contributor

Re: PenFed CU CC

I think op just wanted a yes or no lol
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Message 7 of 19
kwazziee
Regular Contributor

Re: PenFed CU CC


@resilient wrote:

I think that PenFed is difficult to obtain, as another member previously stated, if you have baddies, judgements, etc on your report. Long story long, I applied for an auto loan in January of 2011. My credit score was under 620, and I remember because I was house shopping around that time, and was told that I couldn't get approved without a 620. I had a charged off account from a reposession in 2002, four credit cards that were sold to other banks and then were charged off (good for me since old accounts showed paid as agreed), and CrapitalOne Auto Loan with the rate as high as Western Sky. That loan did help me rebuild my credit, but it was raping me financially. It looks like the only good things I had on my report were my 8 student loans from 2001-2008, that were in deferment, so they all were reporting paid as agreed. PenFed denied me AND had me with the whole 9 day hold on my share savings account. Well, I had forgotten about them, until recently last month, when they started sending me emails for the 1.49% car loan. I had since then, April actually, gotten a new car and a new auto loan with a 4.9% APR with my credit union (repossesion, knock on wood, fell off, as did my EQ disputes with the c/o accounts) AND they approved me for a $5k Gold Visa with a 9.9% APR. Ecstatic was I! It had been over ten years since I had gotten terms so decent. Back to the emails, I just thought I'd apply for the refinance for the 1.49% with Penfed, and was shocked when the instant approval came back. I asked for $30k, and they gave me $30k. And since I had been reading these forums, I applied for the Platinum Rewards CC as well. Was I even more shocked when the approval came back for $12k! I was upset back in 2011 for the credit denial, but am so glad my resiliency paid off and I was able to get approved with a 732 EQ. Then, I started going app crazy, but that's another story! Sorry so long, but thought I'd share.

 

 

 

 


Credit Scores- September 2012

EQ- 732

EX-722

TU-680


PenFed Platinum Rewards Visa-$12k

US Bank Platinum Rewards Visa-$5k

Chase Freedom Visa-$5k

Chase Military Star MasterCard-$5k

TIC FCU Visa Gold-$5k

Chrysler MasterCard(FNBO)-$4.1k

Wyndham Rewards Platinum Visa-$2.5k


Thanks for the share. This has help me determine not to apply. Recently, last week got approved for 5 cc and ulti. was at 60% so I am not going to push my button. Thanks everyone for your response.

 

Message 8 of 19
LS2982
Mega Contributor

Re: PenFed CU CC


@kwazziee wrote:

Does anyone know if PenFed  CC is diffcult to obtain?


Yes. You need to have close to perfect credit.

 




EQ FICO 548 3/3/16
Message 9 of 19
kwazziee
Regular Contributor

Re: PenFed CU CC


@LS2982 wrote:

@kwazziee wrote:

Does anyone know if PenFed  CC is diffcult to obtain?


Yes. You need to have close to perfect credit.

 


I do have perfect credit no baddies at all on all 3 CRA. My only worries is the high ulti and recently app spree. My TU and EX FICO was at 717 before apping last week for 5 new cards. Any thoughts? Any chance?

 

Message 10 of 19
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