Penfed

[SteveUrkel]

Can anyone apply for Penfed? Are there special requirements?

[Revelate]

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@CarlosC88 wrote:
Can anyone apply for Penfed? Are there special requirements?

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Need to toss a donation to an organization IIRC, but other than anyone can join.

[bs6054]

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@CarlosC88 wrote:
Can anyone apply for Penfed? Are there special requirements?

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Depends what you mean!  Anyone can join the Penfed CU, but if you don't meet the listed requirements, you join by joining one of two other organizations, which costs about $20.  (In contrast, many CUs, such as NCFU, don't have a backdoor like this to join if you don't meet their requirements)

Once you are a member, or at the same time you apply, you can also apply for a credit card.  Generally they are regarded as a very conservative lender, looking for a longish history without (many) baddies.   So some people who get declined for a card feel "cheated" because they are also out $20....

[CS800]

Penfed is a very conservative lender. I was told by one of their credit analyst that they look for a close to clean report and FICO over 720. They checked EQ for me.

Overall, great CU