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Penfed

Frequent Contributor

Penfed

Can anyone apply for Penfed? Are there special requirements?

*22 Years Old* Started my credit at age 19
Chase Sapphire Preferred Visa Signature- $9,200 II TFCU - $2,500 II Amex BCE - $2,400 II Paypal Extras Mastercard - $7,600 II American Eagle VISA - $3300 II Best Buy Visa - $3,000 II Chase Slate - $500
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Moderator

Re: Penfed


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

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

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 2 of 4
Valued Contributor

Re: Penfed


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

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....

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Super Contributor

Re: Penfed

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




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