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Frequent Contributor
Posts: 367
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

current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Valued Contributor
Posts: 1,937
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: 5-9-2017
Updated 5-20-17
Established Contributor
Posts: 937
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 (1,500) ~ 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) ~ Care Credit (12,000)
Current Scores (5/5/17): 676 Transunion, 652 Equifax, 654 Experian
Contributor
Posts: 676
Registered: ‎02-07-2017
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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 2015 (BK filed 8/14, discharged 12/14) - started out in 570's, now approaching 700 (FICO 5/12:TU 640/EX 675/EQ 659 FICO 8 or 690 NG 2, VS 3.0 4/21/17: TU 683/EX 685/EQ 691)! $951 Cap One secured/$3000 Cap One unsecured/$800 Amazon Prime Store Card/$2500 Discover It )/$4000 Overstock Store Card/$10k PenFed used car loan/$5k Navient student loan. Back in the garden until Sept. 2017 unless I get an offer I can't possibly refuse...
Frequent Contributor
Posts: 485
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: 367
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
current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Valued Contributor
Posts: 1,937
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: 5-9-2017
Updated 5-20-17
Frequent Contributor
Posts: 367
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
current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Valued Contributor
Posts: 2,570
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.
New Member
Posts: 9
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. 

CC: 3 Citi, 2 First Premier, Abercrombie, JCrew, WebBank, Home Depot, 3 Capital One, Wells Fargo, Discover, PenFed, 2 AmEx, Bestbuy, Costco, Walmart, Sportsman Guide, 2 Macys
Starting Scores (5/17): TU 737, EQ 681, EX 714 Current Scores (5/17): TU 737, EQ 681, EX 714 Goal Scores: 800 All 3CR

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