PenFed Membership

[Brusilov]

I'm thinking of joining PenFed to establish a relationship with them.  My question is...I know they're an extremely conservative bank but does being a member with them for 1, 2...5 years prior to applying for credit in any way help with approvals?  If I were to bank with them for a year or two would they be willing to offer a secured card?  Or would it be better to just wait until I have a FICO of 725-800-ish to even bother?

[smallfry]

---

@vonmannstein wrote:

I'm thinking of joining PenFed to establish a relationship with them.  My question is...I know they're an extremely conservative bank but does being a member with them for 1, 2...5 years prior to applying for credit in any way help with approvals?  If I were to bank with them for a year or two would they be willing to offer a secured card?  Or would it be better to just wait until I have a FICO of 725-800-ish to even bother?

---

I wouldn't waste the inquiry unless I was ready to apply for a credit product.

[Brusilov]

I guess a follow up question would be...what kind of FICO would you need to get a secured card through PenFed?

[smallfry]

Secured? I have no clue. 

[Anonymous]

---

@vonmannstein wrote:

I guess a follow up question would be...what kind of FICO would you need to get a secured card through PenFed?

---

Penfed has only two types of secured card:

1.  To those with no credit; and

2.  To those with blemished credit.

If you don't fall within one of those two categories, then you're probably wasting your time.

Also, FICO isn't the only thing they consider.  No matter how high your FICO may be, if you have too many recent INQs or too many new accounts (i.e. under 2 years), then expect to waste a hard pull.

[Anonymous]

---

@Anonymous wrote:

Also, FICO isn't the only thing they consider.  No matter how high your FICO may be, if you have too many recent INQs or too many new accounts (i.e. under 2 years), then expect to waste a hard pull.

---

Question about Penfed-

I've heard they look at the last 3 years for accounts. Is this true, or is it 2 years?

I have 2 student loans that I consolidated and closed. 3 year anniversery is 06/2010. I would like to get away from my current CU ASAP, but will waiting until July instead of May make much of a diff?

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Also, FICO isn't the only thing they consider.  No matter how high your FICO may be, if you have too many recent INQs or too many new accounts (i.e. under 2 years), then expect to waste a hard pull.

---

Question about Penfed-

I've heard they look at the last 3 years for accounts. Is this true, or is it 2 years?

I have 2 student loans that I consolidated and closed. 3 year anniversery is 06/2010. I would like to get away from my current CU ASAP, but will waiting until July instead of May make much of a diff?

---

Good question!  After I posted I tried to remember my conversations with one of their credit managers and I can't remember if he told me 2 or 3 years.  If it were 3 I would not be surprised.

[Anonymous]

I opened a checking and then a CC not to long ago with most of my accounts being  a little over 2 years and 0 INQ's.

[Anonymous]

---

@Anonymous wrote:

I opened a checking and then a CC not to long ago with most of my accounts being  a little over 2 years and 0 INQ's.

---

What was your AAoA?

[Brusilov]

I'm curious what card you applied for too, l9ikjam.