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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...) CC

- Approved or Declined? Declined

- Date of app? 10/30/2008

- EQ FICO at app? 742

- # of Inquiries at app? 5

- Any Derogs at app: NO

- Oldest Account Age? 13

- Newest Account Age? 2 Months

- AAoA at app? 2 yrs

- Highest CL at app? 8K

- EQ Utilization Percentage? 15%

- Requested CL? 2,500

- Instant Approval, LO Review or Decline? Review, denied, Pyramiding debt

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given? Pyramiding debt

- Any comments you think helpful? Worst credit union would never apply for anything from them again


Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

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Message 41 of 139
Valued Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

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

Penfed Gas Cash Reward

- Approved or Declined?

Declined

- Date of app?

03/25/2009

- EQ FICO at app?

798

- # of Inquiries at app?

24m - 5, 12m - 0

- Any Derogs at app:

no

- Oldest Account Age?

11 yrs

- Newest Account Age?

1 yr

- AAoA at app?

5 yrs.

- Highest CL at app?

15.8K

- EQ Utilization Percentage?

6%

- Requested CL? 

15K

- Instant Approval, LO Review or Decline?

Review

- Income Verification Required?

N/A

- Any Counter Offer from PenFed?

No

- If declined, reason given?

"overextended"

- Any comments you think helpful?

Don't try to apply unless you can afford your joint mortgage by yourself.

Message 42 of 139
Established Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

After seeing your results with your credit credentials, I would say; Just Don't Apply PERIOD!!!  What they used to be an what they've become is like day and night . . . .

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


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Message 43 of 139
Senior Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY


Itsmeagain wrote:
After seeing your results with your credit credentials, I would say; Just Don't Apply PERIOD!!!  What they used to be an what they've become is like day and night . . . .

well, not exactly:  i think they went from v. conservative to ultra conservative-

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 44 of 139
New Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

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

- Approved or Declined? Declined

- Date of app? 3/09

- EQ FICO at app? 762

- # of Inquiries at app? 3

- Any Derogs at app: No

- Oldest Account Age? 15 years

- Newest Account Age? 8 months

- AAoA at app? 8 years

- Highest CL at app? 5400

- EQ Utilization Percentage? 1%

- Requested CL?  10k then 5k

- Instant Approval, LO Review or Decline? Decline

- Income Verification Required? n/a

- Any Counter Offer from PenFed? no

- If declined, reason given? too many inquiries/not enough revolving debt/too many new accounts(2)

- Any comments you think helpful? Dont apply unless you are well established I guess

Message 45 of 139
Member

Re: PenFed Credit Union - APP results and FICO SURVEY

- What did you App for (CC, Auto...)? CC plat cash rewards visa

- Approved or Declined?  Approved

- Date of app? 6/8/09

- EQ FICO at app?  696

- # of Inquiries at app? 1 within last 6 mos, 3 within last 12 mos (Total: 4)

- Any Derogs at app:    1 paid medical collection in 2004 ($200)

- Oldest Account Age?  12 years 11 mos

- Newest Account Age? 1.1 year

- AAoA at app?             5 years

- Highest CL at app?      $6,500

- EQ Utilization Percentage?  9.6%

- Requested CL?           $5,000

- Instant Approval, LO Review or Decline?  LO Review

- Income Verification Required? Yes, last 2 pay stubs

- Any Counter Offer from PenFed? None.

- If declined, reason given? N/A

- Any comments you think helpful?  Overall, very pleasant experience with them.  I am pretty surprised that I got approved since from what I've read from most boards mentioned that PenFed will not approve anyone with a score lower than 700s.  My car lease will expire in 2/2010 and thought this will be a good time to start a relationship with PenFed now, so in Dec, I'll try for a 3.99% Auto Loan.  Note that in additional to my 9.6% utilization, my DTI is currently at 22.9% (this includes all debt I have which are $2,300 in credit cards, $14,000 in student loans and $3,000 in car lease / my annual gross salary). 

Message 46 of 139
Valued Member

Re: PenFed Credit Union - APP results and FICO SURVEY

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

- Approved or Declined? Approved

- Date of app? 6/09

- EQ FICO at app? 760

- # of Inquiries at app? 2

- Any Derogs at app: No

- Oldest Account Age? 9 years

- Newest Account Age? 3 months

- AAoA at app? 2 years

- Highest CL at app? 33,000

- EQ Utilization Percentage? 1%

- Requested CL?  10k

- Instant Approval, LO Review or Decline? Instant Approval

- Income Verification Required? No

- Any Counter Offer from PenFed? N/A

- If declined, reason given? N/A

Message 47 of 139
Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

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

- Approved or Declined? Approved

- Date of app? 6/11/2009

- EQ FICO at app? 741

- # of Inquiries at app? 11

- Any Derogs at app: NO

- Oldest Account Age? 27.5 Years

- Newest Account Age? 2 Months

- AAoA at app? 3 years

- Highest CL at app? 5K

- EQ Utilization Percentage? 17%

- Requested CL? 5K (did chicken out here)

- Instant Approval, LO Review or Decline? Instant Approval

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given?

- Any comments you think helpful? My new address finally showed on EQ so I joined PenFed.  Decided that since they did a pull for the membership I may as well try for the card.  Shocked when it went through.  I figured I'd be declined for too many inquiries or too many new accounts but apparently all is OK -- application status shows TRANSFERRED as of this morning.  Also received an invitation for a $35K auto loan but I decided to only consider that one so far.

Message 48 of 139

Re: PenFed Credit Union - APP results and FICO SURVEY

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

- Approved or Declined? Approved

- Date of app? 6/22/09

- EQ FICO at app? 788

- # of Inquiries at app? 2. Both from October 08'.

- Any Derogs at app: 0

- Oldest Account Age? 15 years

- Newest Account Age? 8 months. Chase Freedom

- AAoA at app? 5yrs

- Highest CL at app? $3,000

- EQ Utilization Percentage? 2%

- Requested CL? $5,000

- Instant Approval, LO Review or Decline? Review

- Income Verification Required? Yes

- Any Counter Offer from PenFed? No

- If declined, reason given?

- Any comments you think helpful? Be prepared for a lengthy approval process when applying. I didn't receive the income verification email until the 29th, one full week since first applying.  However, upon faxing my pay stubs I received approval the next day.  I applied via their website. I'm sure the process could have been expedited had I spoken with a CSR but I was content to wait.  Looking forward to receiving the card.

 

 

 


Starting Score: 681
Current Score: 805
Goal Score: 800


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Message 49 of 139
Established Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

 What did you App for (CC, Auto...)? - Account opening, CC

- Approved or Declined? Approved

- Date of app? 7/23/09

- EQ FICO at app? 703

- # of Inquiries at app? 0

- Any Derogs at app: Yes, very old ones - 4.5 years

- Oldest Account Age? 11 years

- Newest Account Age? Six months

- AAoA at app? 4 years, 11 mo

- Highest CL at app? $10.6K

- EQ Utilization Percentage? 7%

- Requested CL? $10K

- Instant Approval, LO Review or Decline? Instant - BY PHONE APP

- Income Verification Required?  No

- Any Counter Offer from PenFed? No

- If declined, reason given?

- Any comments you think helpful?

 

It appears that PenFed is more amenable to people with long employment histories, low UTIL and conservative CL requests.  I own a small business (self-employed as a sole proprietor), and I was not asked for pay stubs upon approval, as I had worked for the state of Az for nearly 14 years before going solo.   

 

I will add as an observation that I think ALL CCC's are becoming more conservative with issuing TL's based on UTIL, even if you have a great credit score.   

 

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Message 50 of 139