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New Contributor
Posts: 59
Registered: ‎03-01-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Last sunday night I was checking my Penfed account online, and it showed my pre-approvals. Visa card you applied was there with $25,400 CL. I accepted it, and approved right away. Yesterday I received a form to sign, after they receive it, they will mail the card.

 

This will be my highest limit credit card. I also have $25,000 Line of credit with Penfed which happened the same way a few months back.  

 

I have zero balance on all my credit cards. I have a Amex Platinum, Amex Blue Cash, Citi Premiere Pass MC and now Penfed cash Rewards Visa card. I cancelled my BMW Visa and Wamu Platinum MC last month because I did not use them/bad customer service.

 

I am pretty much done applying any card and credit. Next stop is to buy a house within the next 3 years.  

 

I do not know my FICO scores, last time I checked them was about a year ago, EQ was 760, EX and TU was 693.

 

I hope this helps. 

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Nice! Smiley Happy  Can't complain about that CL!

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
Posts: 246
Registered: ‎11-05-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

I joined Penfed in January and applied for the Visa rewards card.  It stated that I was declined for too many new accounts and too many inquiries.  Several of the inquiries have now fallen off so I applied again tonight.  I asked for $5,000 because I have trouble justifying a credit limit larger than that.  I have no debt of any kind and it is hard to use the cards I have now enough to keep the companies happy.  At the end of the process it showed a $5,000 credit limit, a 13.99% APR and asked if I would like it sent by regular mail or express.  I selected regular mail and really didn't read the page as carefully as I should have.  It shows my application as pending, so I'm not sure if I was approved or not.  In January it was an instant decline with the reasons stated above. 
Established Member
Posts: 16
Registered: ‎08-12-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

hemi961 - "Pending" means that someone will manually review your app.  Just keep checking back every few hours.  Eventually you might see something to the left of the word "Pending."  For me it looked like a magnifying glass, but for others, it's been a number.  Click on that to see what Comments there are regarding your app, such as if they require income verification, etc.  Good luck!
Member
Posts: 18
Registered: ‎08-17-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

For me it took over a week to get an answer from PenFed. Finally approved for $3000. I asked for $5000.
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: PenFed Credit Union - APP results and FICO SURVEY

I didn't do this sooner, because I joined 14 months ago, and I know that some things have changed. That being said, here's my experience:

- What did you App for (CC, Auto...)? Rewards Visa (gas card ) and used auto loan

- Approved or Declined? approved over phone, instantly for card, and then they said btw, how about a car loan? So I took it.

- Date of app? 02/14/2008. This was to join on a Thursday; took me until the Saturday to get up the courage to apply for the card.

- EQ FICO at app? *mutters and digs up old FICO report* -- 728

- # of Inquiries at app? 0 in previous 12 months. There should have been one for EQ but it got bumped or something.

- Any Derogs at app: Oh, my, yes: total of 12 lates on 3 accounts; all 30's except for a 60 and 90 on one (serious derog). Most recent one at the time was 11 months old; all others 2 years old or older.

- Oldest Account Age? 6/1989 open CC (AU); 6/1995 closed mortgage (joint)

- Newest Account Age?
5-month-old HELOC

- AAoA at app?
4yrs-something.

- Highest CL at app?
$30K USAA

- EQ Utilization Percentage? 1% revolving

- Requested CL? $5K (bawk bawk buhkaaawk) <-- that is supposed to be a chicken noise

- Instant Approval, LO Review or Decline? instant

- Income Verification Required?
told them my GS grade and step info; don't know how/ if they confirmed

- Any Counter Offer from PenFed?
n/a

- If declined, reason given? n/a

- Any comments you think helpful?
Get your reports and scores as shiny as you can before applying. They're conservative. This isn't going to be your first card, or probably even your third card, unless you're way more cautious with credit than most members here. Think of it as a blind date with someone a bit intimidating, but someone you'd really like to get to know, and put forth the equivalent amount of effort in preparing yourself. Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 832
Registered: ‎01-16-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY


txjohn wrote:

I have received some requests that we start a PenFed Application Results survey in order for others compare their own credit circumstances and gauge their readiness and likely outcome of an app with PenFed.

 

If you have applied for CC, Auto or other credit with PenFed, or have been Instant Approved online, please post your results and the following info for others to learn from.  THANKS Smiley Happy

 

- What did you App for (CC, Auto...) Credit Card

- Approved or Declined? Declined

- Date of app? 3/21/2009

- EQ FICO at app? 743

- # of Inquiries at app? 14 in 2 yrs. 5 in 12 mo.

- Any Derogs at app: No

- Oldest Account Age? 15.5 yrs.

- Newest Account Age? 2 mo.

- AAoA at app?  1.5 yr.

- Highest CL at app? 7,500

- EQ Utilization Percentage? 13%

- Requested CL? 7,500

- Instant Approval, LO Review or Decline? LO Review

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given? Pyramiding Accounts

- Any comments you think helpful?

 

HELPFUL TIPS:  From the combined experience of the forum, PenFed appears to ONLY pulls EQ.  If anybody ever gets a different pull, let us all know.

 

EDITED:  deleted info that was confusing.

Message Edited by txjohn on 04-07-2009 12:01 PM

 


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Itsmeagain - are you going to maintain a savings account and try again later?

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
Posts: 832
Registered: ‎01-16-2008
0

Re: PenFed Credit Union - APP results and FICO SURVEY

[ Edited ]

NO! . . . having joined PenFed in Aug. 07, I have applied 4 times for their CC.  Each time their reason was either too many recent apps or Pyramiding credit.  Even though on my last attempt, there is only one CC showing a balance on my EQ report and 15.5 yrs. of credit history including Amex, Chase, Discover and 7 others.  I'm sure PF is a good CU, based on the posts I see here, but for personal reasons they just don't fit into my long term plans anymore.  So, I called and closed the account.

 

 

Message Edited by Itsmeagain on 04-27-2009 10:29 AM

Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Senior Contributor
Posts: 3,879
Registered: ‎01-10-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

[ Edited ]

score_building wrote:

- What did you Recon for? Recon Secured Credit Card (500 CL)

- Approved or Declined? Declined

- Date of app? 2/2009

- EQ FICO at app? 720ish

- # of Inquiries at app? 2 (1 also pen fed)
- Any Derogs at app: 5 yr.3 mos SL lates

- Oldest Account Age? 21 yrs.

- Newest Account Age? 5 mo.

- AAoA at app?  5 yr.

- Highest CL at app? 7,500

- EQ Utilization Percentage? 27%

- Requested CL? 500

- Instant Approval, LO Review or Decline? LO Review

- Notarized Income and ID Verification Required? yes

- Any Counter Offer from PenFed? No

- If declined, reason given? Balances too high,  Accounts too young (WTH?)

- Any comments you think helpful?

 

HELPFUL TIPS:  if it is a goal for you don't give up it is not uncommon to hear reports of those who get in after brushing up and reapping.  GL!


Message Edited by score_building on 04-27-2009 07:51 AM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover

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