@Anonymous wrote:I've been pondering PenFed for a little while now. My interest surrounds refinancing my auto loan and possibly a personal loan in order to consolidate some debt. After reading various customer reviews online, I am now a bit unsure. I am unsure because what I read about this CU here on the board is completely different than the online reviews.
Could you guys that have had experience with PenFed provide me some feedback:
- Your overall view/experience with them
Excellent
- what credit bureau do they use
Equifax
- what type of credit score needed
No one really knows; they use the EQ NG2 score model, which isn't available anywhere.
- are they inquiry sensitive
No they're not
- what type of deposit needed intially
Nominal
- how they feel about new accounts/multiple credit cards
Sometimes they deny applications for too much new recent credit; they use the term 'pyramiding
of debt' even though it might not be debt at all. [On MyFiCO if someone says they're an "Egyptian"
they mean they've been initially denied by PenFed for 'pyramiding'. ] But after recon they granted
my application. They're very very serious about providing quality service to customers, and after they
turn you down they will really really reconsider if you ask them to.
and anything else I might need to know.
They're a little tougher than NFCU, but charge lower interest rates
Thanks!!
