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Frequent Contributor
SteveUrkel
Posts: 269
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- $8,000 II TFCU - $2,500 II Amex BCE - $2,400 II Wells Fargo Cash Back College Card - $1,900 II Paypal Extras Mastercard - $4,400 II American Eagle VISA - $2700 II Best Buy Mastercard - $3,000 II Kay Jewelers - $5,600

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Revelate
Posts: 9,762
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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
bs6054
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
CS800
Posts: 6,552
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





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