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Re: is penfed rebuilder friendly like nfcu ?


CreditCuriousity wrote:

joe8185 wrote:

I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.


I would agree with this.. I have a 30k CC with PenFed along with a 67k auto loan and have banked with them for about a year and a half or so,(direct deposit goes into them) but was denied instantly for a PLOC from the system.. I called up and said what the heck.. The person was really nice on the phone and said this is why we suggest you call in or go into a branch and apply.   Long story short was put on hold for about 2 mins while they spoke with an UW and the denial was turned into an approval and they appologized for the auto denial the system did.  Anyways face-time or applying on the phone is always better IMO as they have the ability to do instant recon if the computer didn't like something or got something confused, etc.

 

This is how PenFed works.. I wouldn't suggest this with Chase or other lenders, it is all dependent upon the lender IMO on how to apply for certain products


Would it be worth going to the local branch of Capital One to discuss an issue with either of my cards (secured and unsecured), such as a request for CLI or denial of same made online? There's one just a couple of blocks from my apartment. I also think of going to my local Bank of America branch (there are two near my home) if I should choose to apply for a CC from them.

Rebuilding credit since 12/14 Ch7 BK discharge. FICO 10/16/17:TU 659/EX 694/EQ 688 FICO 8 or 680 FICO 9 (Penfed), VS 3.0 10/16/17: TU 704/EX 691/EQ 697. $800 Amazon Prime Store Card, $951 Cap One secured Platinum MC, $1200 Walmart Store Card, $2000 Apple FCU Platinum Visa, $3000 Penfed Power Cash Rewards Visa, $3500 Cap One Quicksilver MC, $3600 Discover It, $4300 Overstock Store Card, $10k PenFed used car loan, $5k Navient student loan. In the garden as of 7/2/17 AND THIS TIME I REALLY MEAN IT!!! (unless I get a preapproval I can't refuse...)
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Re: is penfed rebuilder friendly like nfcu ?


joe8185 wrote:

CreditCuriousity wrote:

joe8185 wrote:

I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.


I would agree with this.. I have a 30k CC with PenFed along with a 67k auto loan and have banked with them for about a year and a half or so,(direct deposit goes into them) but was denied instantly for a PLOC from the system.. I called up and said what the heck.. The person was really nice on the phone and said this is why we suggest you call in or go into a branch and apply.   Long story short was put on hold for about 2 mins while they spoke with an UW and the denial was turned into an approval and they appologized for the auto denial the system did.  Anyways face-time or applying on the phone is always better IMO as they have the ability to do instant recon if the computer didn't like something or got something confused, etc.

 

This is how PenFed works.. I wouldn't suggest this with Chase or other lenders, it is all dependent upon the lender IMO on how to apply for certain products


Would it be worth going to the local branch of Capital One to discuss an issue with either of my cards (secured and unsecured), such as a request for CLI or denial of same made online? There's one just a couple of blocks from my apartment. I also think of going to my local Bank of America branch (there are two near my home) if I should choose to apply for a CC from them.


Cap1 is a different beast.. Computers control everything and only the EO can override them w/regards to CLI's and they no longer allow the UW's to get involved (99%) of the time.. So I don't think this would help in you case with Cap1, but you certainly could try, but don't think it will yield any fruits with Cap1.

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | US Bank | Fifth Third Bank | FNBO
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Re: is penfed rebuilder friendly like nfcu ?


CreditCuriousity wrote:

joe8185 wrote:

CreditCuriousity wrote:

joe8185 wrote:

I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.


I would agree with this.. I have a 30k CC with PenFed along with a 67k auto loan and have banked with them for about a year and a half or so,(direct deposit goes into them) but was denied instantly for a PLOC from the system.. I called up and said what the heck.. The person was really nice on the phone and said this is why we suggest you call in or go into a branch and apply.   Long story short was put on hold for about 2 mins while they spoke with an UW and the denial was turned into an approval and they appologized for the auto denial the system did.  Anyways face-time or applying on the phone is always better IMO as they have the ability to do instant recon if the computer didn't like something or got something confused, etc.

 

This is how PenFed works.. I wouldn't suggest this with Chase or other lenders, it is all dependent upon the lender IMO on how to apply for certain products


Would it be worth going to the local branch of Capital One to discuss an issue with either of my cards (secured and unsecured), such as a request for CLI or denial of same made online? There's one just a couple of blocks from my apartment. I also think of going to my local Bank of America branch (there are two near my home) if I should choose to apply for a CC from them.


Cap1 is a different beast.. Computers control everything and only the EO can override them w/regards to CLI's and they no longer allow the UW's to get involved (99%) of the time.. So I don't think this would help in you case with Cap1, but you certainly could try, but don't think it will yield any fruits with Cap1.


Understood: it was pretty much hypothetical, anyway. It does sound like CU's tend to keep the human factor in there a lot more; that, in fact, is why I'm also seriously considering joining Apple FCU and applying for one of their CC's at some point in the future. From what I've read here, Apple pretty much does all its decisionmaking and review with real people - it takes longer, but you get a better opportunity to make your case to them.

Rebuilding credit since 12/14 Ch7 BK discharge. FICO 10/16/17:TU 659/EX 694/EQ 688 FICO 8 or 680 FICO 9 (Penfed), VS 3.0 10/16/17: TU 704/EX 691/EQ 697. $800 Amazon Prime Store Card, $951 Cap One secured Platinum MC, $1200 Walmart Store Card, $2000 Apple FCU Platinum Visa, $3000 Penfed Power Cash Rewards Visa, $3500 Cap One Quicksilver MC, $3600 Discover It, $4300 Overstock Store Card, $10k PenFed used car loan, $5k Navient student loan. In the garden as of 7/2/17 AND THIS TIME I REALLY MEAN IT!!! (unless I get a preapproval I can't refuse...)
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Re: is penfed rebuilder friendly like nfcu ?

I applied with credit score of 620 and was denied.   Had 130k of income at the time and 8 percent debt ratio.   I might apply again once my scores are all above 700. Right now only Trans Union is above 700 for me.  

January 15 2017 Experian 527 Transunion 528 Equifax 529
August 1 2017 Experian 702, Transunion 711, Equifax 715

BOA Cash Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, CITI AADvantage Platinum, Chase Southwest Premier, Chase Southwest Plus, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.. 130k total credit lines.
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Re: is penfed rebuilder friendly like nfcu ?


atomicfront wrote:

I applied with credit score of 620 and was denied.   Had 130k of income at the time and 8 percent debt ratio.   I might apply again once my scores are all above 700. Right now only Trans Union is above 700 for me.  


I was just reading in Credit Card Applications about how Penfed will sometimes approve people with lower scores if their income is good enough, and 130k with 8 percent DTI sounds pretty good to me. I wonder what other factors they might have taken account of. For instance, I'm banking on my longstanding relationship (nearly 40 years since my parents opened my share account in high school!) with them to help me in future apps. Also, did you attempt a recon via phone or even in person (if you have a nearby branch)? I know this was talked about just earlier today Smiley Tongue but Penfed is REALLY good with phone and in-person recons, in fact they'll sometimes tell you (@CreditCuriosity) that you'd do better to apply that way in the first place than online because computers are very dumb and literal.

Rebuilding credit since 12/14 Ch7 BK discharge. FICO 10/16/17:TU 659/EX 694/EQ 688 FICO 8 or 680 FICO 9 (Penfed), VS 3.0 10/16/17: TU 704/EX 691/EQ 697. $800 Amazon Prime Store Card, $951 Cap One secured Platinum MC, $1200 Walmart Store Card, $2000 Apple FCU Platinum Visa, $3000 Penfed Power Cash Rewards Visa, $3500 Cap One Quicksilver MC, $3600 Discover It, $4300 Overstock Store Card, $10k PenFed used car loan, $5k Navient student loan. In the garden as of 7/2/17 AND THIS TIME I REALLY MEAN IT!!! (unless I get a preapproval I can't refuse...)
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Re: is penfed rebuilder friendly like nfcu ?

Their scoring model is NextGen 2. Tops out at about 1000 as far as scores go!

As of 6/30
EX - 654
TU - 667
EQ - 638

Garden as of 5/20/2017

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Re: is penfed rebuilder friendly like nfcu ?

[ Edited ]

CincyMazdaMan wrote:

Their scoring model is NextGen 2. Tops out at about 1000 as far as scores go!


Incorrect it is on a sale of 150 to 950.  although I do agree they are using EQ nextGen 2 scoring model

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | US Bank | Fifth Third Bank | FNBO
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Re: is penfed rebuilder friendly like nfcu ?

In my opinion, PENFED will work with you but they are very conservative compared to NFCU. They like relationships and seeing positive growth on a CR. From my experience, they don't regularly approve cards worth scores under 650(just my opinion). They also look at DTI, payment hostory, and relationships with the CU. I know you listed your credit cards and your PENFED CLOC. Do you have an installment loan on your CR? If not, save up $1000 and open a secured share loan with PENFED. This will improve your credit mix, add another trade line to your CR, and deepen your financial relationship with PENFED. This will definitely help raise your score. Also getting your cards PIF consistently will also help your score. Keep checking the preapproval tab, you may get lucky. 

 

You're on the right track, keep on going!

 

Guyatthebeach.

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