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Valued Contributor
Posts: 1,796
Registered: ‎02-16-2016
0 Kudos

Re: is penfed rebuilder friendly like nfcu ?

I am going to partially disagree with the past 2 posters

I joined them in 6/16. Denied a CC due to a few baddies on Eq

Reapplied 12/24. Instant approval for $11.5k, recon to $15k on a CC. EQ 655. 25 new accounts or so in the past year. In excess of 60 inq on EQ. 2 dismissed BK showing, 7 and 8 years old. They gave me my 2nd highest CL.

So, I Did have excessive Inq and new accts.

I also don't think that they are too conservative either..

But, that's my story. YMMV
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $221,000 (plus my auto and RV loans)
Senior Contributor
Posts: 9,336
Registered: ‎04-23-2016

Re: is penfed rebuilder friendly like nfcu ?

Yeah FLTIREGUY, as always YMMV but in case of Penfed, what was your income you used ?.Dont have to answer its ok but, im sure that if someones income is high enough, that often overrides other factors. Thats a big one with Navy . With Penfed i know they look at DTI so i assume the higher your income the more you can throw at debt so they'll often give you more of a break credit line wise.

Now, most know me as AVJ for a reason, im the average run of the mill low income Joe Smoe lol, however i must say Penfed did help me out even as a newbie with a dirty file. I joined in April 2016 and though i could only get the Promise with a $500 limit, i did get it and more importantly, they gave me a $4500 personal loan, no poi. So YMMV and i truely do appreciate Penfed wven if i may never see big limits. Gotta remwmber my end goal perhaps gettinf a new car with themSmiley Happy
Community Leader
Super Contributor
Posts: 14,192
Registered: ‎04-16-2014

Re: is penfed rebuilder friendly like nfcu ?

[ Edited ]

They certainly are more strict than NFCU..  You will need your scrores a bit higher than 600.  They are no NFCU(very loose), but they are no CITI(very strict) either.  Around 650-660 will probably get you in depending on other factors of course.  

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | US Bank | Fifth Third Bank | FNBO
Regular Contributor
Posts: 228
Registered: ‎03-13-2017

Re: is penfed rebuilder friendly like nfcu ?

I opened a checking and savings with them early last week and immediately applied for their promise card. Went to loan officer review for two days, then denied. They sent a survey, which I filled out in the same manner as others on here after a denial, but never got a phone call, secure message, or email. The denial reason was past or present delinquencies. Showed my credit score as 653. My most recent baddie is close to three years old. Inquiries around 10.

 

On the plus side, they did grant me a $500 checking line of credit... So, not a total, complete loss.

 

I guess the takeaway from these stories is that there may not be a rhyme or reason to their approval/denial system; at least nothing obvious to mere mortals. Perhaps they suffer from split personality? With PenFed, the term YMMV cannot be more true.

Established Contributor
Posts: 1,152
Registered: ‎02-07-2017

Re: is penfed rebuilder friendly like nfcu ?

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.

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...)
New Contributor
Posts: 54
Registered: ‎05-09-2017

Re: is penfed rebuilder friendly like nfcu ?


bradrenfro wrote:

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. 


So sorry I forgot to mention, I have been a military member for years and no problems at all. Also the Share loan I mentioned above, they gave it to me at 1.5%. 

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+
Valued Contributor
Posts: 1,796
Registered: ‎02-16-2016

Re: is penfed rebuilder friendly like nfcu ?

Kjohn. They like relationships. Give them 6 months and then reapply for the CC - That's what I did
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $221,000 (plus my auto and RV loans)
Valued Contributor
Posts: 1,796
Registered: ‎02-16-2016

Re: is penfed rebuilder friendly like nfcu ?

Bradrenfro-the SSL rate should be very very low
Chasex3/PenFedx3/NFCUx2/BofA/BMO/AMEX x5(4 revolvers +Platinum)/CapOnex2/DCU/Blispay/Cabelas/BBVA/BB&T/HSBC/Atira/Commerce Bank/State Farm Visa........I have them all. Except Barclays. They suck. And Sync. They suck worse! And Citi,, because I Have 9,000 Inq.
In the 520-530 range in 12/2015.... Currently EQ747/TU758/EX744
NFCU & PenFed are my best friends!!

In 3/2016 I had a $1800 fully secured CapOne QS. And that was it.. Current CL $221,000 (plus my auto and RV loans)
Community Leader
Super Contributor
Posts: 14,192
Registered: ‎04-16-2014

Re: is penfed rebuilder friendly like nfcu ?

[ Edited ]

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

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | US Bank | Fifth Third Bank | FNBO
Senior Contributor
Posts: 9,336
Registered: ‎04-23-2016

Re: is penfed rebuilder friendly like nfcu ?

Id imagine in person would be best way to go as nothing more personal relationship than in person lol.

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