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PENFED Questions

Member

PENFED Questions

I wanted to start building a relationship with a credit union. NFCU was my first choice but I didn't have an avenue in. PenFed was my second. I opened a savings and checking with them yesterday without a problem. I know they do a NEXGEN update quarterly if you have their credit products. When I opened my account it asked me if I wanted to apply for the $500 OD line of credit which I did. It shows on my accounts page now so I assume I am approved. Will this allow the NEXGEN update quarterly? I'm hoping so because I would like to see if any offers pop up 6-12 months down the road.

02/17/2017 Start Scores: EX 558 TU 546 EQ 485
08/17/2017 Update Scores: EX 643 TU 618 EQ 615
3 REPLIES
Established Contributor

Re: PENFED Questions

Yes, since this is one of their credit accounts, you will receive the quarterly score update.  Next one will be available in October.  Welcome to the PenFed Family.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 25k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 10k
Established Contributor

Re: PENFED Questions


jel1990 wrote:

I wanted to start building a relationship with a credit union. NFCU was my first choice but I didn't have an avenue in. PenFed was my second. I opened a savings and checking with them yesterday without a problem. I know they do a NEXGEN update quarterly if you have their credit products. When I opened my account it asked me if I wanted to apply for the $500 OD line of credit which I did. It shows on my accounts page now so I assume I am approved. Will this allow the NEXGEN update quarterly? I'm hoping so because I would like to see if any offers pop up 6-12 months down the road.


It sounds like you were approved for the Thrifty Credit Services-or at least that is what they used to call it to differentiate it from their Personal Line of Credit (PLOC). It is fairly standard to be approved for that when you open a checking account with them. 

 

The Nexgen scores are quarterly-ish; they are usually a little behind but I have found that my pre-approvals seem to always be there and they send constant reminders via email. This process that PenFed uses is awesome. Its nice to be able to be approved for something and not have it end up with a HP. 


Regular Contributor

Re: PENFED Questions

To those that think NFCU is better than Penfed, know this.

 

I have yet to be able to get approved for even a CC at Navy.  But at penfed, I have both checking/savings, 2 auto loans on new cars and a $50k limit gold card.  I also have the safety net overdraft protection.  Penfed has been awesome to me.  F- Navy.