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New Contributor
ccats704
Posts: 105
Registered: ‎05-15-2008
0

Re: penfed

I got in I got in! I opened a savings account with just $5! WOW!
I'm better than blessed!
Frequent Contributor
creditreformer
Posts: 395
Registered: ‎04-25-2008
0

Re: penfed

Not difficult to get in, but hard to get cards.  EQ in mid 600s and denied for their SECURED cc (most recent baddie was in 2003; have public record- tax lien).  As they told me on the phone, they are VERY conservative/your PAST can ding you more than your PRESENT good credit history.  However, they did say I could recon, so we’ll see how that goes.

Valued Member
boauld
Posts: 46
Registered: ‎05-21-2008
0

Re: penfed

how are they about inquirys? I got 15 in the last two years with the most recent in dec when I refi'd my auto loan(newest account) I got a 711 EQ score how do you think penfed looks at me? Everything else is great no baddies n under 10% ulit
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008
0

Re: penfed

you should be fine if you dont have alot of recent inquiries or recent opened accounts.
 
"WTB Access Number"
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008
0

Re: penfed

It is very unusual for a CU to allow you to join based on your relationship to another person who is POSSIBLY QUALIFED for membership but IS NOT A MEMBER!
 
I say possibly qualified because it would appear that a military person needs to be either ACTIVE or RETIRED, but not FORMER to qualify for membership. (As with most military CU's.) Seem that PenFed is taking a very loose view of their membership requirements. It really is not a problem to join legitimately by taking membership in either NMFA or MOAA. Anyone can join either organization. You do not need to retain the membership past the first period, but both are worthy organizations.
 
I only wish NFCU was a lenient in their membership qualifications!
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: penfed

PenFed isn't a military CU.

Anyway, OP, if they eventually decide that your dad doesn't qualify you, tell them that you misinterpreted the qualifications statement and just rejoin through the National Military Family Association category.

Again, everyone, to join PenFed:

- you DON'T have to work for the Pentagon or any other federal agency!

- you DON'T have to be in the military or have a military connection!

It's fine if you do qualify that way, but the simplest way by far is to join the National Military Family Association. This is an organization that supports military families, not an association OF military families. Here's the qualifications page link:

PenFed: How to Join

Go to this link and click on each of the categories, which then expand. From this page:

In order to join, you need only fulfill two requirements:

1. Determine your eligibility
2. Open a Regular Share Account with at least $5

Top Six Ways to Join:

1. United States Military & Uniformed Services
United States Army, Air Force, Coast Guard, Navy, Marines, National Guard, Reserves, Cadets, ROTC

If you are an officer of the United States Public Health Services Commissioned Corps or the National Oceanic and Atmospheric Administration (NOAA), you are also eligible to become a member of Pentagon Federal Credit Union by joining the Military Officers Association of America (MOAA).

2. Member of an Eligible Association or the Military Officers Association of America (MOAA)

American Society of Military Comptrollers, Army Warrant Officers Association, AUSA, and more...

3. United States Government Employees
Department of Homeland Security (DHS), Department of Defense, Department of the Army, and the Department of the Air Force

4. Family Member or Housemate
Immediate family, roommate, legal guardian...

5. Employee of an Eligible Place of Business

Andersen Air Force Base, DCVA Medical Center - Contractors, Walter Reed Army Medical Center...

6. National Military Family Association (NMFA)

If you do not fall within our regular field of membership, you can join the National Military Family Association (NMFA) in order to become a member with Pentagon Federal Credit Union.

* Low, one-time only fee
* Membership is open to anyone
* NMFA is the leading non-profit advocacy organization for military families
* You do not have to retain NMFA membership to stay a member with Pentagon Federal Credit Union

If you find that you do not fall within the top six categories that most persons do when qualifying for membership with us, then you may fall into one or more of the categories listed below. Please select from the list in order to determine the way you are eligible for membership with Pengagon Federal Credit Union.

- By Your Geographic Location or Military Installation
- Military Officers Association of America
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008
0

Re: penfed

Please reference:
 
 
"Pentagon is classified as a multiple common bond, primarily military credit union. "

There is much other very good information available at this site.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: penfed


jmbfl wrote:

Please reference:


"Pentagon is classified as a multiple common bond, primarily military credit union. "

There is much other very good information available at this site.




Interesting! thanks for the link, I wasn't familiar with this one.

I still say that PenFed isn't a military CU, the way that Navy FCU is. The majority of people whom I know to be members aren't military, or even military contractors or federal employees. This fits with the "multiple common bond, primarily military credit union" designation. My guess is that those who are using the bricks-and-mortar building are to a large extent Pentagon employees, and others who live in the greater DC area, and so much more likely to be military, whereas those of us who found out about it through various forums and advertisements are less likely to be in the service.

I really like this link! Great site. I see that USAA is not listed, which is correct, as USAA is actually a Federal Savings Bank with a membership structure.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Visitor
micahconrad
Posts: 5
Registered: ‎05-04-2008
0

Re: penfed

It cost $20 to join that orginization, membership need not be renewed to keep membership active with Penfed. 
 
*if you use geico u can save A TON (I saved about $180 every 6months) just by being a member of penfed.  Of coarse you can get your geico quote, and its under one of the discount windows to check for yourself.*
 
I have and equifax fico score of 657, denied for basic visa with 500cl.  Yes they hate ALL recent inquires, and accounts. I'm trying to get the secured card ATM.  Hard to beat 13.99% interest and no AF for a secured card that will graduate and convert as you need it to (even to rewards eventually).
Established Contributor
FaircreditguyFL
Posts: 665
Registered: ‎03-31-2007
0

Re: penfed

PenFed is a great but ultra-conservative lender - period. They aren't NFCU... IMHO, they are a quality CU but don't ask for too much too soon. I have a car loan, platinum cash cc (GREAT card), and LOC. I wouldn't even consider asking for another product anytime soon.

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