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is penfed rebuilder friendly like nfcu ?

Established Contributor

is penfed rebuilder friendly like nfcu ?

im in with penfed but around 600 fico  it worked with navy .  will penfed approve cc around 600 ? thanks

fico 11/01/01//2017 tu 634eq 631
ex 613overstock src="http://ficoforums.
Message 1 of 28
27 REPLIES
Valued Contributor

Re: is penfed rebuilder friendly like nfcu ?

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.  


Experian: 679 (31) | TransUnion: 700 (33) | Equifax: 694 (6)
Gardening as of: 5-30-2017
Updated 11-10-17
Message 2 of 28
Valued Contributor

Re: is penfed rebuilder friendly like nfcu ?

maybe not AS friendly, but get your scores up a little more and you might be able to get an approval. They can give good limits for more mid-tier scores
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (5,000) ~ PenFed Promise (6,000) ~ PenFed OLOC (500) ~ Discover ($1,000) ~ Citi DC (1,700) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (1,700) ~ NFCU CLOC (15,000) ~ QuickSilver Visa (10,300) ~ DCU Visa (5,000) ~ Chase Freedom Unlimited (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG Business (3,000) ~ Care Credit (15,000)
Current Scores (7/8/17): 682 Transunion, 648 Equifax, 673 Experian
Message 3 of 28
Established Contributor

Re: is penfed rebuilder friendly like nfcu ?

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).

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 4 of 28
Established Contributor

Re: is penfed rebuilder friendly like nfcu ?

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. 

Message 5 of 28
Established Contributor

Re: is penfed rebuilder friendly like nfcu ?

Thanks for info. utilization is 1500/9000 currently and 18 k income I have baddies for 2015 charge offs
fico 11/01/01//2017 tu 634eq 631
ex 613overstock src="http://ficoforums.
Message 6 of 28
Valued Contributor

Re: is penfed rebuilder friendly like nfcu ?

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? 

 


Experian: 679 (31) | TransUnion: 700 (33) | Equifax: 694 (6)
Gardening as of: 5-30-2017
Updated 11-10-17
Message 7 of 28
Established Contributor

Re: is penfed rebuilder friendly like nfcu ?

No it's isn't .not right now I'll wait til scores improve and Navy and discover age some . thanks
fico 11/01/01//2017 tu 634eq 631
ex 613overstock src="http://ficoforums.
Message 8 of 28
Valued Contributor

Re: is penfed rebuilder friendly like nfcu ?

Ok for rebuilding if you haven't been actively rebuilding. They don't like excessive recent accounts and inquiries. However aging a baddie doesn't help much where navy looks the other way. Penfed approvals from stories here seem most positive when you're "almost finished" rebuilding. Become a member with both and see what the future holds
Open one, close three. Open one, close three.
Message 9 of 28
New Contributor

Re: is penfed rebuilder friendly like nfcu ?

Hello everyone,

 

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. 

T28 | Citi (TY Premier, AA Platinum Select, Double Cash, Diamond, Home Depot, Bestbuy, Macys Rewards, Macys AmEx, Costco) Chase (Ritz Carlton, Amazon) Comenity (A&F, JCrew) WebBank (Fingerhut) Capital One (QS One, Venture) Discover (It Chrome) PenFed (Power Cash) American Express (Green, Blue, Blue Cash, Gold Delta, PRG, Platinum Delta, Green Business) Bank of America (Cash Rewards, Travel Rewards) Synchrony (Walmart MC [AU])

Scores (8/17) TU 799 EQ 797 EX 799 ♦ Goal Scores 800+
Message 10 of 28