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Frequent Contributor
Posts: 482
Registered: ‎03-07-2007

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 08 7/18/2017 tu 620 eq 600 ex 604 overstock 2250 disc secured 300 credit one 450 navy c rewards 1000 penfed oloc 500 x 2 mjc 5000 wally world 200 highest fico eq bankcard 05 642 wonder who uses it
Valued Contributor
Posts: 2,022
Registered: ‎02-05-2016

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.  


TCL 100k / UTIL 25% = $25,510
Experian: 684 (34) | TransUnion: 701 (35) | Equifax: 704 (7)
Gardening as of: 6-1-2017
Updated 6-1-17
Valued Contributor
Posts: 1,281
Registered: ‎03-01-2016

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 (5,000) ~ 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 (12,000)
Current Scores (7/8/17): 673 Transunion, 616 Equifax, 651 Experian
Established Contributor
Posts: 1,076
Registered: ‎02-07-2017
0

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).

Rebuilding credit since 12/14 Ch7 BK discharge. FICO 6/28/17:TU 646/EX 680/EQ 677 FICO 8 or 693 NG 2, VS 3.0 7/20/17: TU 705/EX 666/EQ 691. $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, $3000 Cap One Quicksilver MC, $3300 Discover It, $4000 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...)
Established Contributor
Posts: 556
Registered: ‎05-09-2016
0

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. 

Frequent Contributor
Posts: 482
Registered: ‎03-07-2007
0

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 08 7/18/2017 tu 620 eq 600 ex 604 overstock 2250 disc secured 300 credit one 450 navy c rewards 1000 penfed oloc 500 x 2 mjc 5000 wally world 200 highest fico eq bankcard 05 642 wonder who uses it
Valued Contributor
Posts: 2,022
Registered: ‎02-05-2016

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? 

 


TCL 100k / UTIL 25% = $25,510
Experian: 684 (34) | TransUnion: 701 (35) | Equifax: 704 (7)
Gardening as of: 6-1-2017
Updated 6-1-17
Frequent Contributor
Posts: 482
Registered: ‎03-07-2007
0

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 08 7/18/2017 tu 620 eq 600 ex 604 overstock 2250 disc secured 300 credit one 450 navy c rewards 1000 penfed oloc 500 x 2 mjc 5000 wally world 200 highest fico eq bankcard 05 642 wonder who uses it
Valued Contributor
Posts: 2,593
Registered: ‎05-08-2015

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.
Established Member
Posts: 39
Registered: ‎05-09-2017

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. 

Citi (TY Premier WEMC, AA Plattinum Select WEMC, Dobule Cash, Home Depot, Bestbuy, Macys Rewards, Macys AmEx, Costco "Signature"); Chase (Amazon "Signature"); Comenity (A&F, JCrew); WebBank (Fingerhut); Capital One (QuickSilver 1, Venture "Signature"); Discover (DiscoverIT Chrome); PenFed (Power Cash); AmEx (Green "Charge", Blue, Blue Cash, Gold Delta); Synchrony (Walmart MC).

Starting Scores (5/17) TU 737 EQ 681 EX 714 ♦ Goal Scores 800+

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