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Penfed CC

Regular Contributor

Penfed CC

Does anyone know if Penfed has a secured CC?

Starting Score: EQ 651, TU 659 & EX 657
Current Score: EQ 670, TU 696 & EX 686
Goal Score: 850
Message 1 of 5
4 REPLIES
Regular Contributor

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.

Message 2 of 5
Valued Contributor

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 **
Message 3 of 5
Senior Contributor

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
Message 4 of 5
Established Member

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.

Message 5 of 5