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05-09-2017 05:34 AM
im in with penfed but around 600 fico it worked with navy . will penfed approve cc around 600 ? thanks
05-09-2017 05:52 AM
I just joined Penfed as well. 700's across all 3. No CC approvals due to debt/income. So , its not just the scores. If you have high UTIL, take that into consideration as well.
05-09-2017 06:09 AM
05-09-2017 06:30 AM
Not the same thing as a CC, of course, but Penfed approved me for a used-car loan with a 2014 BK and lates from 2013/14 on a student loan on my record. I'm seriously considering app'ing to them for a Visa in the fall and I'm counting on my longtime relationship/open loan with them to help (also that I had a 690 EQ NG 2 with them in February and hopefully will be able to get it into the 700's by August/September).
05-09-2017 06:58 AM
In my experience no but they acecpted me and I am OK. I just used them to park long term money and rewards from credit cards. Once I get my scores in the 700's I may be able to get credit cards. I ahve not looked at other loans with them such as car, personal, or home. Provided secure items are easier to get loans for. One unique item they have is the famous survey: you fill it out and plead your case if you were denied and obtained a HP. They ususally call you back you go from there. You may get the product you were denied initially or insight.
05-09-2017 07:11 AM
05-09-2017 07:14 AM
As long a you don't get any higher on the UTIL I think your scores are the only part possibly holding you back. Trying to get in with them when your scores are iffy is a double edge sword. Yes, you might get in with them but at what cost? High APR and low SL? Is it worth it to take the HP's if that happens?
05-09-2017 07:34 AM
05-09-2017 07:39 AM
05-18-2017 08:16 PM
Well, actually they are very rebuilding friendly but also very conservative when it comes to handling CC out. I have in the past tried them 3 times and were denied all times. Reasons were too many accounts recently opened. I applied online all times. The last time I went into the branch directly and spoke with a banker personally. Explained my goals and what's been going on with my CRs. After careful thought and a deep look at my CRs (all 4 of them), they decided to give me a chance. I got a Promise CC with 500 CL another 500 in a regular CL. The banker even told me that since I have enough money in my savings, I could do a share loan (a loan against your own shares/savings). I agreed to it and gave it a go, and was very pleased with the results.
So, in short, they are as long as you show that you can manage your finances. Sure, I didnt get a higer CL on my CC but hey that was something to start with.
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