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Strategy to get a PenFed card

Frequent Contributor

Strategy to get a PenFed card

I do not believe my scores are good enough for PenFed. Are there steps I can take to make securing a card more likely in the future? Opening an account first? Trying for a secured card first? How easy is a secured card to get from PenFed?
Message 1 of 17
16 REPLIES
Valued Contributor

Re: Strategy to get a PenFed card


ficojoe wrote:
I do not believe my scores are good enough for PenFed. Are there steps I can take to make securing a card more likely in the future? Opening an account first? Trying for a secured card first? How easy is a secured card to get from PenFed?

what's yourequifax score like?

               LIMITS IN CARD DESCRIPTIONS
Message 2 of 17
Frequent Contributor

Re: Strategy to get a PenFed card

About 650 last I checked myfico, 676 fako today (usaa plus score)
Message 3 of 17
Valued Contributor

Re: Strategy to get a PenFed card

How long to get to 720 do you think.  Probably low end of approval for Penfed at 720.  Establish account and have your banktransfer in month to account onregular basis. Might as well apply when you join as you will take inquiry for joining.  Hopefully they start softing you every quarter and preapproved when score is high enough.

               LIMITS IN CARD DESCRIPTIONS
Message 4 of 17
Frequent Contributor

Re: Strategy to get a PenFed card

720 even for secured?
Message 5 of 17
Frequent Contributor

Re: Strategy to get a PenFed card

Penfed gives inq for just opening savings?
Message 6 of 17
Valued Contributor

Re: Strategy to get a PenFed card

Yes, PenFed does a hard inquiry when you join their credit union by opening a share savings account.
Message 7 of 17
Super Contributor

Re: Strategy to get a PenFed card

Almost all credit unions do this, it's something you live with to get their (usually) better products than banks have xD
Message 8 of 17
Contributor

Re: Strategy to get a PenFed card

Have some good cards, then don't open up or apply for anything new for a year or more. Then, apply to Penfed, showing no new cards and no inquiries for a year. Call for recon if you get declined, seriously.  PenFed dislikes new cards and inquiries, but they do want to see recent positive history. 

Message 9 of 17
Frequent Contributor

Re: Strategy to get a PenFed card

Do you have your deposits goin into PennFed Crash? Trying to see if it would be a good idea to talk get my father to move his deposits from wells fargo.

Fico Scores:800+Club

Marvel MC 25K AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 14.5K PenFed Plat Rewards 14.5K Citi Forward 10.3k Discover it 9.5K Wells Fargo Cash Back 7.2K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed) PenFed PLOC 14K
PenFed Promise 5K
Message 10 of 17