Reply
Frequent Contributor
Posts: 283
Registered: ‎03-19-2013
0

Penfed

Can anyone apply for Penfed? Are there special requirements?

*21 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 Wells Fargo Cash Back College Card - $1,900 II Paypal Extras Mastercard - $5,600 II American Eagle VISA - $3300 II Best Buy Mastercard - $3,000 II Kay Jewelers - $7,600

Moderator Emeritus
Posts: 11,187
Registered: ‎12-30-2011
0

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 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

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....

Super Contributor
Posts: 6,627
Registered: ‎04-07-2008
0

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




Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.