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PenFed Credit Union - APP results and FICO SURVEY

Senior Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

Good for you Boofer. Congrats.

Message 71 of 139
New Visitor

Re: PenFed Credit Union - APP results and FICO SURVEY

A couple of you folks mentioned Alliant Credit Union as another possibility for a new CC (page one of this stupendous thread) as well as PenFed, but shouldn't you wait 3-6 months between applying to both of them so as not to appear to be anxious/desparate for more credit, and enhancing the probability of being declined?

 

Also, does Alliant also use EQ?

Message 72 of 139
Regular Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

Long time lurker, first time poster. I've found these forums to be extremely helpful in rebuilding my credit. Thank you all for sharing this information to help others! Here's my recent experience with PenFed.

 

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

- Approved or Declined? Declined x2

- Date of app? 8/2010

- EQ FICO at app? 692

- # of Inquiries at app? 1+ PenFed inq. for savings acct.

- Any Derogs at app: 1 collection 2yrs ago + 1 30-day late 3yrs ago

- Oldest Account Age? 16yrs

- Newest Account Age? 5 yrs

- AAoA at app? 9 yrs

- Highest CL at app? $2500

- EQ Utilization Percentage? 1%

- Requested CL? None requested, $9500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? LO Review then turned down, twice

- Income Verification Required? Yes, last two paystubs

- Any Counter Offer from PenFed? Not really, unless you count an application for a secured rebuilder Visa with them for $500 that they opened on my behalf without being requested by me.

- If declined, reason given? First decline reason "Limited Credit Experience" and didn't ask on the second after sending recon (advised by their CCR after first app declined)

- Any comments you think helpful? I would agree with the other posters who indicate that PenFed is extremely conservative, and probably even moreso with new members.  

 

I think their conservative lending practice is a good thing, since they're protecting the assets of the members. However, it's depressing to be rejected like that and offered a secured card when I already have an unsecured card that I've been responsible with for the last 5 years without fail.  I was so looking forward to that lovely rewards card since I almost always pay my bill in full each month. Smiley Sad   I was so depressed that I went to my local credit union that I've been with for about 18 years and applied for a card with them to see just how bad my credit looks to the financial world, and they approved me for more than the PenFed app instantly.  There's something to be said for having a longstanding relationship I guess. I'll keep my new savings account at PenFed because the interest is double what my local CU offers, and perhaps later on they will see I'm not a deadbeat and I can reapply for the rewards card with them again.

 

Side note: I've read the forums on GW letters and just today sent off a beautifully crafted letter to the original creditor that caused the collection action on my account. Fingers crossed that it will be accepted and the PenFed rewards card will be in my hot little hands in the near future!

 

I'd post a signature, but I have to find my old scores first!

 

 

Message 73 of 139
Senior Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY


MS00000000 wrote:

Long time lurker, first time poster. I've found these forums to be extremely helpful in rebuilding my credit. Thank you all for sharing this information to help others! Here's my recent experience with PenFed.

 

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

- Approved or Declined? Declined x2

- Date of app? 8/2010

- EQ FICO at app? 692

- # of Inquiries at app? 1+ PenFed inq. for savings acct.

- Any Derogs at app: 1 collection 2yrs ago + 1 30-day late 3yrs ago

- Oldest Account Age? 16yrs

- Newest Account Age? 5 yrs

- AAoA at app? 9 yrs

- Highest CL at app? $2500

- EQ Utilization Percentage? 1%

- Requested CL? None requested, $9500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? LO Review then turned down, twice

- Income Verification Required? Yes, last two paystubs

- Any Counter Offer from PenFed? Not really, unless you count an application for a secured rebuilder Visa with them for $500 that they opened on my behalf without being requested by me.

- If declined, reason given? First decline reason "Limited Credit Experience" and didn't ask on the second after sending recon (advised by their CCR after first app declined)

- Any comments you think helpful? I would agree with the other posters who indicate that PenFed is extremely conservative, and probably even moreso with new members.  

 

I think their conservative lending practice is a good thing, since they're protecting the assets of the members. However, it's depressing to be rejected like that and offered a secured card when I already have an unsecured card that I've been responsible with for the last 5 years without fail.  I was so looking forward to that lovely rewards card since I almost always pay my bill in full each month. Smiley Sad   I was so depressed that I went to my local credit union that I've been with for about 18 years and applied for a card with them to see just how bad my credit looks to the financial world, and they approved me for more than the PenFed app instantly.  There's something to be said for having a longstanding relationship I guess. I'll keep my new savings account at PenFed because the interest is double what my local CU offers, and perhaps later on they will see I'm not a deadbeat and I can reapply for the rewards card with them again.

 

Side note: I've read the forums on GW letters and just today sent off a beautifully crafted letter to the original creditor that caused the collection action on my account. Fingers crossed that it will be accepted and the PenFed rewards card will be in my hot little hands in the near future!

 

I'd post a signature, but I have to find my old scores first!

 

 


Not sure what they could mean by "limited credit experience" unless you have very, very few tradelines reporting.  Can you list your tradelines?

IAALBNYL
Message 74 of 139
Regular Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

 

O6 wrote:

MS00000000 wrote:

Long time lurker, first time poster. I've found these forums to be extremely helpful in rebuilding my credit. Thank you all for sharing this information to help others! Here's my recent experience with PenFed.

 

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

- Approved or Declined? Declined x2

- Date of app? 8/2010

- EQ FICO at app? 692

- # of Inquiries at app? 1+ PenFed inq. for savings acct.

- Any Derogs at app: 1 collection 2yrs ago + 1 30-day late 3yrs ago

- Oldest Account Age? 16yrs

- Newest Account Age? 5 yrs

- AAoA at app? 9 yrs

- Highest CL at app? $2500

- EQ Utilization Percentage? 1%

- Requested CL? None requested, $9500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? LO Review then turned down, twice

- Income Verification Required? Yes, last two paystubs

- Any Counter Offer from PenFed? Not really, unless you count an application for a secured rebuilder Visa with them for $500 that they opened on my behalf without being requested by me.

- If declined, reason given? First decline reason "Limited Credit Experience" and didn't ask on the second after sending recon (advised by their CCR after first app declined)

- Any comments you think helpful? I would agree with the other posters who indicate that PenFed is extremely conservative, and probably even moreso with new members.  

 

I think their conservative lending practice is a good thing, since they're protecting the assets of the members. However, it's depressing to be rejected like that and offered a secured card when I already have an unsecured card that I've been responsible with for the last 5 years without fail.  I was so looking forward to that lovely rewards card since I almost always pay my bill in full each month. Smiley Sad   I was so depressed that I went to my local credit union that I've been with for about 18 years and applied for a card with them to see just how bad my credit looks to the financial world, and they approved me for more than the PenFed app instantly.  There's something to be said for having a longstanding relationship I guess. I'll keep my new savings account at PenFed because the interest is double what my local CU offers, and perhaps later on they will see I'm not a deadbeat and I can reapply for the rewards card with them again.

 

Side note: I've read the forums on GW letters and just today sent off a beautifully crafted letter to the original creditor that caused the collection action on my account. Fingers crossed that it will be accepted and the PenFed rewards card will be in my hot little hands in the near future!

 

I'd post a signature, but I have to find my old scores first!

 

 


Not sure what they could mean by "limited credit experience" unless you have very, very few tradelines reporting.  Can you list your tradelines?


 

I wasn't sure either, but I had an old auto loan PIF from 2001-2006, a CU Visa with $2500 CL, a Chase Visa with $1000 CL, and a closed Capital One card that had a limit of $1000, closed by me less than 2 yrs ago (didn't feel like paying the annual fee for a card I rarely used. In hindsight, should have left it open for AAoA.)  I have a mortgage also, but it's new and doesn't appear on the TU and EQ I ran myself 7/2010.

 

I wish they'd taught credit 101 in high school!

Message 75 of 139
Senior Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY


MS00000000 wrote:

 

O6 wrote:

MS00000000 wrote:

Long time lurker, first time poster. I've found these forums to be extremely helpful in rebuilding my credit. Thank you all for sharing this information to help others! Here's my recent experience with PenFed.

 

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

- Approved or Declined? Declined x2

- Date of app? 8/2010

- EQ FICO at app? 692

- # of Inquiries at app? 1+ PenFed inq. for savings acct.

- Any Derogs at app: 1 collection 2yrs ago + 1 30-day late 3yrs ago

- Oldest Account Age? 16yrs

- Newest Account Age? 5 yrs

- AAoA at app? 9 yrs

- Highest CL at app? $2500

- EQ Utilization Percentage? 1%

- Requested CL? None requested, $9500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? LO Review then turned down, twice

- Income Verification Required? Yes, last two paystubs

- Any Counter Offer from PenFed? Not really, unless you count an application for a secured rebuilder Visa with them for $500 that they opened on my behalf without being requested by me.

- If declined, reason given? First decline reason "Limited Credit Experience" and didn't ask on the second after sending recon (advised by their CCR after first app declined)

- Any comments you think helpful? I would agree with the other posters who indicate that PenFed is extremely conservative, and probably even moreso with new members.  

 

I think their conservative lending practice is a good thing, since they're protecting the assets of the members. However, it's depressing to be rejected like that and offered a secured card when I already have an unsecured card that I've been responsible with for the last 5 years without fail.  I was so looking forward to that lovely rewards card since I almost always pay my bill in full each month. Smiley Sad   I was so depressed that I went to my local credit union that I've been with for about 18 years and applied for a card with them to see just how bad my credit looks to the financial world, and they approved me for more than the PenFed app instantly.  There's something to be said for having a longstanding relationship I guess. I'll keep my new savings account at PenFed because the interest is double what my local CU offers, and perhaps later on they will see I'm not a deadbeat and I can reapply for the rewards card with them again.

 

Side note: I've read the forums on GW letters and just today sent off a beautifully crafted letter to the original creditor that caused the collection action on my account. Fingers crossed that it will be accepted and the PenFed rewards card will be in my hot little hands in the near future!

 

I'd post a signature, but I have to find my old scores first!

 

 


Not sure what they could mean by "limited credit experience" unless you have very, very few tradelines reporting.  Can you list your tradelines?


 

I wasn't sure either, but I had an old auto loan PIF from 2001-2006, a CU Visa with $2500 CL, a Chase Visa with $1000 CL, and a closed Capital One card that had a limit of $1000, closed by me less than 2 yrs ago (didn't feel like paying the annual fee for a card I rarely used. In hindsight, should have left it open for AAoA.)  I have a mortgage also, but it's new and doesn't appear on the TU and EQ I ran myself 7/2010.

 

I wish they'd taught credit 101 in high school!


Just a guess, but maybe they like to see more tradelines? 

 

You never know with PenFed.  Although they are painted as conservative, sometimes "conservative" is just a polite way to say they have an extra chromosome.  Smiley Wink

IAALBNYL
Message 76 of 139
Regular Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

 


O6 wrote:

Just a guess, but maybe they like to see more tradelines? 

 

You never know with PenFed.  Although they are painted as conservative, sometimes "conservative" is just a polite way to say they have an extra chromosome.  Smiley Wink


Perhaps that's the case. I wonder if there is any benefit in completing the application for their secured card. I'd have to go out of my way to use it each month instead of a rewards card, for no real benefit other than the hope that they see a good credit history with PenFed for 12 months and they allow me to convert it to the rewards card later. Since they've already run the CR, it can't really hurt, can it?

 

Message 77 of 139
Senior Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY


MS00000000 wrote:

 


O6 wrote:

Just a guess, but maybe they like to see more tradelines? 

 

You never know with PenFed.  Although they are painted as conservative, sometimes "conservative" is just a polite way to say they have an extra chromosome.  Smiley Wink


Perhaps that's the case. I wonder if there is any benefit in completing the application for their secured card. I'd have to go out of my way to use it each month instead of a rewards card, for no real benefit other than the hope that they see a good credit history with PenFed for 12 months and they allow me to convert it to the rewards card later. Since they've already run the CR, it can't really hurt, can it?

 


If there is no additional credit pull, then I think you are correct in that it can't really hurt.

 

Back a year or so ago when some individuals I know where getting denied even for secured cards when their only crime was having a "thin" file, I spoke with PenFed's HMFIC.  He explained that their secured cards worked differently from those of the competition in that they only approved secured cards under two scenarios -- one was for poor credit and the other was for no credit. 

IAALBNYL
Message 78 of 139
Regular Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

Could we possibly start a thread such as this for NFCU?

"It's myFICO and I can cry if I want to!"

Starting Score January 1, 2010: 640
Current Scores Updated Sept. 6, 2011: EQ: 765 / TU: 778 / EX PLUS: 773
Goal Score: 800

Take the FICO Fitness Challenge

"Working my way up!" Smiley Wink
Message 79 of 139
Regular Contributor

Re: PenFed Credit Union - APP results and FICO SURVEY

 


O6 wrote:

Just a guess, but maybe they like to see more tradelines? 

 

You never know with PenFed.  Although they are painted as conservative, sometimes "conservative" is just a polite way to say they have an extra chromosome.  Smiley Wink


Perhaps that's the case. I wonder if there is any benefit in completing the application for their secured card. I'd have to go out of my way to use it each month instead of a rewards card, for no real benefit other than the hope that they see a good credit history with PenFed for 12 months and they allow me to convert it to the rewards card later. Since they've already run the CR, it can't really hurt, can it?

 


If there is no additional credit pull, then I think you are correct in that it can't really hurt.

 

Back a year or so ago when some individuals I know where getting denied even for secured cards when their only crime was having a "thin" file, I spoke with PenFed's HMFIC.  He explained that their secured cards worked differently from those of the competition in that they only approved secured cards under two scenarios -- one was for poor credit and the other was for no credit. 


Wow, you weren't kidding. I talked to a rep and went for the secured card at $500 with $500 already in my share savings, and they turned it down too! Before I saw the "turned down" result, the rep told me the other denial wasn't for bad credit, just limited credit experience. I just don't quite understand how I could get turned down for a secured card...it totally blows me away.  So since I don't have "poor" credit or "no" credit, just "limited" credit by their standards, I qualify for nothing. I suppose I should be happy that I was approved for a share savings with them at this point Smiley Indifferent The rates are better than my local CU, even though my local CU seems to like me better. Smiley Wink

 

Message 80 of 139