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Member
Posts: 8
Registered: ‎03-11-2017
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PenFed Membership Requirments

Just wondering if there were any other requirments, credit wise that could keep me out of joining up with them? I'm a member of Navy League, Step-Son is an active member of the Navy so I think we are good there. Just wondering if its worth a HP to app with them...Thanks for any insight

Established Contributor
Posts: 569
Registered: ‎03-17-2016
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Re: PenFed Membership Requirments

 

fyi,

 

https://www.penfed.org/

 

Step 1. Eligibility:

Join via your military affiliation, employment, association membership or volunteerism.

 

     * or a relative or housemate of someone who is eligible.

 

Pentagon Federal Credit Union Data Share

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td...

.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Member
Posts: 8
Registered: ‎03-11-2017
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Re: PenFed Membership Requirments

Thank You...Just pulled the trigger! I'm in so far, we will see how it goes the next few days if I get the boot

Established Contributor
Posts: 569
Registered: ‎03-17-2016
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Re: PenFed Membership Requirments

.

If you find yourself in a Rebuilding process, consider applying for the Promise card as it is their entry level cc.

 

Last July I applied, was denied for a Bk, reconned, and was approved.

 

Since then I have added the Defender card, and received a CLI's on both.  Less than one year, two cards, and an increase on both.  All at the cost of only Two HP's for everything.

 

And, they actively stated to me they want my business when I need a new vehicle in the next 18 months.

 

They are a wonderful credit union.

.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Established Contributor
Posts: 1,117
Registered: ‎02-07-2017
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Re: PenFed Membership Requirments


Sebastian503 wrote:

.

If you find yourself in a Rebuilding process, consider applying for the Promise card as it is their entry level cc.

 

Last July I applied, was denied for a Bk, reconned, and was approved.

 

Since then I have added the Defender card, and received a CLI's on both.  Less than one year, two cards, and an increase on both.  All at the cost of only Two HP's for everything.

 

And, they actively stated to me they want my business when I need a new vehicle in the next 18 months.

 

They are a wonderful credit union.

.


I've had a relationship with Penfed ever since my parents opened my share account there for me many and many a year ago when I was in high school, and I've never been sorry. I actually have my current used-car loan with them - I had some trepidation about applying because I'm a rebuilder myself with a 2014 Chap 7 BK on my record - but was approved at once when I went to my nearest branch to apply in person, 3.99% for 60 months. I'd like to get a Visa this fall and Penfed has been high on my list as a potential issuer, but I wasn't sure whether I should go for Power Cash or Promise. From what you say, it sounds like my chances would be best with Promise, and my EQ NextGen 2 score, which is what Penfed uses, is the best one I currently have, which will help.

Rebuilding credit since 12/14 Ch7 BK discharge. FICO 8/15/17:TU 649/EX 684/EQ 677 FICO 8 or 693 NG 2, VS 3.0 8/15/17: TU 705/EX 684/EQ 701. $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...)
Valued Contributor
Posts: 1,650
Registered: ‎09-28-2014
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Re: PenFed Membership Requirments

[ Edited ]

Just an FYI for anyone considering joining Penfed, Navy League membership qualifies - any chapter, not just San Diego.


Fico 08: TU 724, EX 689 EQ 687
Established Contributor
Posts: 539
Registered: ‎01-16-2016

Re: PenFed Membership Requirments

Congrats. What a great CU to be in with. Enjoy. 

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Established Contributor
Posts: 874
Registered: ‎06-23-2010

Re: PenFed Membership Requirments

Check out the link that Sebastian listed.  Has a lot of great information.

 

Also, you can use the HP for your membership application in order to apply for the other products with PenFed if you were considering applying for a credit card, automobile loan, line of credit, etc.

 

Welcome to PenFed.  They will grow nicely.


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

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