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PenFed Credit Union - APP results and FICO SURVEY

Regular Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

- What did you App for (CC, Auto...)? The works...(See below)

- Approved or Declined? Approved (Loan Officer)

- Date of app? Late July 2014 - Mid August 2014

- EQ FICO at app? 768

- # of Inquiries at app? 3

- Any Derogs at app: None

- Oldest Account Age? 13 years 2 months

- Newest Account Age? 1 month

- AAoA at app? 8 years

- Highest CL at app? 25k

- EQ Utilization Percentage? Between 50% & 80%

- Requested CL? (See Below)

- Instant Approval, LO Review or Decline? LO Review on all

- Income Verification Required? Yes

- Any Counter Offer from PenFed? No

- If declined, reason given? N/A

- Any comments you think helpful?

So the story goes like this, in early July I got into credit monitoring through the USAA 3 bureau report program and learned I had really good credit, this spurred me to learn more, read a tone of forums and begin researching the best way to consolidate my debt portfolio to reduce monthly payments and interest. After research, I found that a credit union would be the best way to turn my good credit to my advantage, and through research found that the best CU around to do this through was PenFed based upon their rates, and CC products available.

 

As 11 years active duty military, I qualified for a membership, so I opened a savings account and immediately applied for the Defender AMEX card to do CC debt consolidation. I was approved by a loan officer about 24 hours later for a 5k credit limit. I called customer services and asked for CL increase to 20K to allow for a BT and it was approved the next day. A week later after getting my card activated, I did the BT and realized this card was so sweet that I wanted some room to use it for bills and at Costco, and didn’t transfer the full amount I was intending, so I called back and asked for another CL increase to 25k to allow for another BT and was approved by a loan officer about 48 hours later. I then opened a checking account and applied for a 36 month auto re-finance (2010 vehicle) at 2.49% for 15k and was approved 24 hours later. Good experience on that, quick and easy. I then shot for the moon and figured I might as well try for the PenFed Platinum Rewards Visa Signature card while they were still working off the original Hard Pull, and I was approved for that at a 5k CL about 24 hours later. I didnt push my luck asking for more on that (yet) as my UTIL will probably be around the 500 a month mark.

 

All in all, I got everything I asked for, put my entire debt portfolio under PenFed and plan to do most of my banking and CC use with them. Great customer service, when I had to use it. I noticed every one of my requests went through a loan officer, but it was hassle free. Now im saving hundreds a month on interest rates and have a much lower use to limit ratio overall.

 

Update: On August 31st I used the PenFed car buying service to buy a new Honda at 22k, was approved by loan officer the next morning at 1.89% for 60 months. Special Labor day financing was just too good to pass up, and we needed a new car anyways. Once again, PenFed came through where USAA auto declined me and wouldnt reconsider. The dealer couldnt beat the rate either. PenFed used the same HP from July to approve me!

 

All told, PenFed has extended me 67k of credit in 5 weeks, all with minimal hassle. Total revolving util is now below 50%.

Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Apr)
Eq: 729 \ 808
Tu: 710 \ 790
Ex: 770 \ 809
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)
Established Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

That is a great story. I just joined them and my scores are abou 760 EQ with 0 bas and about 9% CLU. I wonder which 
card to get to start my journey. I plan on getting a car loan with them like you did.

EX 786
EQ 777
TU 779

All Chp7, Judgements , CO's now legally clean from scores low 600's just using this forum
Chase Amzn 8.5k , Citi BB 3k, Citi Gdyr 5K, Amzn Store 12k, SallieMae 12k Amex BCE 29k , PenFed Promise 40k@8+% +10k PLOC@10%, NFCU member
Valued Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY


llecs wrote:

hobojon wrote:

score_building wrote:

so even though you cancelled the loan it reports as a pif loan?


hobojon wrote:
I had a preapproval for their card show up online right after they pulled EQ for a car loan. I accepted the offer and they pulled TU as well. When I got the check for the car loan I cancelled the loan and sent the check back to them. I now have a paid in full car loan on my report for the next 10 years.

Yes, it reports as paid in full, closed, which is accurate. They gave me the loan and I paid it off. My last new car loan through NFCU 10 years ago I did the same thing although it wasn't on purpose. I got the check from them and went to the dealer with it. They had sold the vehicle I was going to buy so I returned the check and that loan was reported as paid in full, closed, and has been for 10 years. It just fell off of EQ and I expect it to fall off the other two shortly.

 

Message Edited by hobojon on 04-09-2009 01:40 AM

 

That's a fast way to lose points. Not only will it drop your AAoA and score, but it doesn't help in your mix of credit because it is reporting as closed.


not only that but auto loans have a 75 dollar origination fee so you are paying for the privelege of changing your mind or whatever is going on with this strategy. 

| Navy Cash Rewards VS | Chevron Advantage | Capitol One MC | EQ 668
| Lending Club Personal Loan | Elements FInancial FCU Auto Loan |
New Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

 
Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

- What did you App for (CC, Auto...)?     Platinum Rewards Visa Signature

- Approved or Declined?                         Instant online Approval

- Date of app?                                       6/29/2016

- EQ FICO at app?                                670ish range

- # of Inquiries at app?                           2

- Any Derogs at app:                             10 student loan lates from 4 years ago and later

- Oldest Account?                                 8 yrs

- AAoA at app?                                     3 yrs

- Highest CL at app?                              $18k Discover

- Instant Approval, LO Review or Decline?  Instant

- Income Verification Required?                 Yes -NO

- Any Counter Offer from PenFed?             No

- If declined, reason given?

- Any comments you think helpful?

Starting Fico scores 6/29/1013
Experian 584 / Equifax 639 / TransUnion 598
Valued Member

Re: PenFed Credit Union - APP results and FICO SURVEY

Been lurking for a bit, first time poster.. 

 

I just opend the PenFed savings account, and tried to apply for joint credit, thinking my chances would be better. My TU is 668 & EQ 672 and it got declined for, collections, too many open balances i think, and something along the lines of, too few accounts paid as agreed.

 

Got instantly denied for the Cash rewards.. 

 

Tried again just after for the  Visa GOLD.. and got the LO thing..

Gardening Till 1/1/17...
.... Actually still gardening ( Today : 4/29/17 )

Established Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

Bumping this thread with my own recent loan info:

 

- What did you App for (CC, Auto...)?     Used auto loan

- Approved or Declined?                         Instant approval (loan officer; app actually started online but I decided to go apply in person)

- Date of app?                                       2/24/17

- EQ FICO at app?                                690 (a real surprise, thought it'd be at least 20 points lower)

- # of Inquiries at app?                           1

- Any Derogs at app:                             BK from 2014, student loan that was late a few years ago but is now current

- Oldest Account?                                 22 years

- AAoA at app?                                     8 yrs

- Highest CL at app?                              $3K Capital One MC unsecured

- Instant Approval, LO Review or Decline?  Instant

- Income Verification Required?                 Yes

- Any Counter Offer from PenFed?             No

- If declined, reason given?

- Any comments you think helpful?      I'm lucky to live in the DC area so have several PenFed branches to go to to do business in person (I went to the Pentagon City

                                                             branch near where I work), I think applying in person might have helped my approval odds but it's just a guess. YMMV.  Now

                                                             wondering if I should try for the Promise Visa with an EQ that's just 10 points away from "good" territory.

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.
Highlighted
Frequent Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

- What did you App for (CC, Auto...)? Powercash Rewards CC & auto loan refinancing

- Approved or Declined? Approved

- Date of app? 02/25/2017

- EQ FICO at app? 691

- # of Inquiries at app? 35

- Any Derogs at app: none

- Oldest Account Age? 21 months

- Newest Account Age? 1 month.

- AAoA at app? 11 months

- Highest CL at app? $11500

- EQ Utilization Percentage? 6%

- Instant Approval, LO Review or Decline? Lo review

- Income Verification Required? No

- Approved limit ? 3500 cc & 15500 auto loan with 4.25% apr. ( I Didnt take the auto loan as i had lower apr with toyota)

QS 7K | Disc11.5k | Amex Evday 6.9K | AmexBluCsh 20K| NFCU cashrewrds15.5K | NFCU more rewards amex 9.7K|Penfed cshrewrds 5K | Penfed travel Amex 5K|Consumers Cu Visa signature Cash rebate 6.5K | Blispay 2K| Citi Sim 7K|Citi Double cash 7.1k|
Chase Aarp 4.2K| Chase prime vis sig 3.5K | Paypal 2% Cash back 300| US Bank Cash+VisaSig 1k | US bankAmex 500| Walmart MC 10K | Wellsfargo cashwise 1.5K |2nd Disc 3.5K| Amz Store CC 5K | Care credit 5.5K |Marvel MC 5.5K |Good yearCC 2.4k - Over 150k CL all together

FICO SCORES- TU 737, EQ 710, EX 729 , AAOA 1 year. Inquiries TONS.
Established Contributor

2009 data ? ? ? re: PenFed Credit Union - APP results and FICO SURVEY

Time for some FRESH data!

 


joe8185 wrote:

Bumping this (OLD) thread with my own recent loan info:

 

 


The thread located below is less than ONE year old, and does not contain data from 2009.

 

Many current participants with an endless amount of EXCEPTIONAL first hand Knowledge from their personal experiences, and I am sure most of them are still very active on this site.


Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-...

 

 

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good