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Regular Contributor
kwazziee
Posts: 148
Registered: ‎09-26-2011
0

PenFed CU CC

Does anyone know if PenFed  CC is diffcult to obtain?

Established Contributor
emptypockets
Posts: 973
Registered: ‎02-03-2009
0

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, Nordstrom Visa,US Bank Cash+, Chase (5), Huntington Voice, UMB Visa, Dillard's AMEX, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Macy's AMEX; Several store cards.

Current Scores: EQ (6/14): 800; TU MyFico (6/14): 814; Walmart TU Fico 08 (8/7/2014): 816; EX (6/14): 775
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

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?

Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012
0

Re: PenFed CU CC

Yes, they are difficult to obtain. :smileytongue:


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

Established Contributor
emptypockets
Posts: 973
Registered: ‎02-03-2009
0

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, Nordstrom Visa,US Bank Cash+, Chase (5), Huntington Voice, UMB Visa, Dillard's AMEX, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Macy's AMEX; Several store cards.

Current Scores: EQ (6/14): 800; TU MyFico (6/14): 814; Walmart TU Fico 08 (8/7/2014): 816; EX (6/14): 775
Frequent Contributor
resilient
Posts: 344
Registered: ‎10-02-2012
0

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

Belk ($2.5k) Chase Freedom VS ($15k) CSP VS ($21.9k) Citi Platinum Select AAdvantage WEMC ($13k) Citi HHonors VS ($11k) Dillard's AmEx ($7.5k) Discover it ($3.5k) FNBO Chrysler MC ($16.2k) Gold Delta SkyMiles AmEx ($9.5k) Macy's AmEx ($5k) Macy's ($1k) Military Star Card ($4.8k) Nordstrom VS ($10k) PenFed Cash Rewards Visa ($15k) Starwood Preferred Guest AmEx ($2k) Susan G. Komen WMC ($30k) Kinetic CU Visa ($10k) US Bank Cash + VS ($14k) Walmart Discover ($7.5) Arrival + WMC ($12.5k)
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

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)
Regular Contributor
kwazziee
Posts: 148
Registered: ‎09-26-2011
0

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.

 

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
kwazziee
Posts: 148
Registered: ‎09-26-2011
0

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?

 


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