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Regular Contributor
Believe1970
Posts: 154
Registered: ‎11-01-2009
0

Penfed CC

Does anyone know if Penfed has a secured CC?


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Regular Contributor
MS00000000
Posts: 122
Registered: ‎03-01-2009
0

Re: Penfed CC

I believe they do, but if the rep advised me correctly, it's only for rebuilders and they won't approve it for someone with mediocre or better credit. PenFed is very picky-choosy about their approvals for all their credit products IMO. I have about given up on them personally, although I still have my eye on that Platinum Cash Back card sort of.

Valued Contributor
RockinRay
Posts: 1,947
Registered: ‎08-13-2007
0

Re: Penfed CC

Agreed - they are very picky!

 

But, once you are in and have established a good track record with them, they are IMO very generous with their credit lines.

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

Re: Penfed CC


MS00000000 wrote:

I believe they do, but if the rep advised me correctly, it's only for rebuilders and they won't approve it for someone with mediocre or better credit. PenFed is very picky-choosy about their approvals for all their credit products IMO. I have about given up on them personally, although I still have my eye on that Platinum Cash Back card sort of.


PenFed secured cards come in two flavors: one for those with poor credit and one for those with no credit.  If you are anywhere between the two then you are SOL.  Strange, but true.

IAALBNYL
Established Member
shakajumbo
Posts: 19
Registered: ‎02-01-2011
0

Re: Penfed CC

I spoke with a rep after I opened my acct a few weeks ago. She told me with my score (which was low 600's at the time) I would qualify for their secured card, but it would have a $1,000 max.  Also (slightly off-topic) they were very restrictive of my acct funding options. Basicly I have to mail them a money order, then wait 10 business days for it to be clear and post to my account. The rep did say I could wait 60 days and have them re-review my credit score, and if it's improved I presumably would have some quicker acct funding options available.

 

One more thing, Penfed did a hardpull when I opened my acct.


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