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Frequent Contributor
ficojoe
Posts: 310
Registered: ‎07-21-2012
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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?
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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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?

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Frequent Contributor
ficojoe
Posts: 310
Registered: ‎07-21-2012
0

Re: Strategy to get a PenFed card

About 650 last I checked myfico, 676 fako today (usaa plus score)
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

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.

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Frequent Contributor
ficojoe
Posts: 310
Registered: ‎07-21-2012
0

Re: Strategy to get a PenFed card

720 even for secured?
Frequent Contributor
ficojoe
Posts: 310
Registered: ‎07-21-2012
0

Re: Strategy to get a PenFed card

Penfed gives inq for just opening savings?
Valued Contributor
kevinjjc
Posts: 1,374
Registered: ‎01-14-2009
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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.
Senior Contributor
jsucool76
Posts: 3,853
Registered: ‎12-11-2011
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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
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Contributor
haiti222
Posts: 85
Registered: ‎08-22-2007
0

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. 

Frequent Contributor
CreditChampion
Posts: 267
Registered: ‎03-15-2012
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Re: Strategy to get a PenFed card

[ Edited ]

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: 763 EQ(12/11/12) 768 TU(12/11/12) ? EX(TBD)
Citi Double Cash 10K PenFed Plat Rewards 8.5K Citi Forward $7.1K AMEX BCE 6K AMEX Zync NPSL(AU) Discover it 5K Wells Fargo Cash Back $2.3K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed)

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