Credit Card Center Advertiser Disclosure

Reply
Regular Contributor
Posts: 181
Registered: ‎08-13-2008
0 Kudos

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+

Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0 Kudos

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.

Established Contributor
Posts: 832
Registered: ‎01-16-2008
0 Kudos

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


Take the FICO Fitness Challenge
Senior Contributor
Posts: 3,879
Registered: ‎01-10-2008
0 Kudos

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
New Contributor
Posts: 74
Registered: ‎03-24-2009
0 Kudos

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

Member
Posts: 9
Registered: ‎06-24-2008
0 Kudos

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). 

Valued Member
Posts: 44
Registered: ‎06-08-2009
0 Kudos

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

Contributor
Posts: 79
Registered: ‎10-09-2008
0 Kudos

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.

Member
Posts: 5
Registered: ‎09-23-2008
0 Kudos

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


Take the FICO Fitness Challenge
Established Contributor
Posts: 760
Registered: ‎04-30-2007
0 Kudos

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

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.