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PenFed

Frequent Contributor

PenFed

Hi All,

 

I am currently evaluating all of my banking relationships.  I am at a point where I have banking products spread across multiple financial institutions.  My goal is to whittle my relationships down to two banks.

 

It is my intent to remain with BofA where I have a good chunk of my deposit and investment accounts.  I am considering a credit union as a secondary banking option; primarily to compensate for products not offered by BofA (e.g. unsecured line of credit).   

 

Does anyone have experience with obtaining a line of credit from PenFed? 


Thanks.

Message 1 of 5
4 REPLIES
Super Contributor

Re: PenFed


TrueGeminiNC wrote:

Hi All,

 

I am currently evaluating all of my banking relationships.  I am at a point where I have banking products spread across multiple financial institutions.  My goal is to whittle my relationships down to two banks.

 

It is my intent to remain with BofA where I have a good chunk of my deposit and investment accounts.  I am considering a credit union as a secondary banking option; primarily to compensate for products not offered by BofA (e.g. unsecured line of credit).   

 

Does anyone have experience with obtaining a line of credit from PenFed? 


Thanks.


Yes I have personal lines of credit with Penfed as well as with other institutions.

 

It's all been good.

FICO8 EQ 721 TU 772 EX 769 Total revolving credit 500k
Message 2 of 5
Moderator

Re: PenFed

I have the max $25K LOC that they offer and it was a very easy process to get it.  Additionally they recently sent me a preapproval for a $25K personal loan.  This is in addition to several other credit products that I have with them.  If your credit is in order, PenFed can be fantastic

Message 3 of 5
Frequent Contributor

Re: PenFed


Irish80 wrote:

I have the max $25K LOC that they offer and it was a very easy process to get it.  Additionally they recently sent me a preapproval for a $25K personal loan.  This is in addition to several other credit products that I have with them.  If your credit is in order, PenFed can be fantastic


 

Thanks for sharing.  I received a 23K personal loan, 5K line of credit and 5K credit card.  This is amazing - all with only 1 inquiry!  

 

I wanted to ask for more on the LOC, however I read here that PenFed does not counter.  I will give it 6 months and then try to bump both the credit card and line of credit up to 10K.  

 

I am looking forward to a great banking relationship.

Message 4 of 5
Highlighted
Valued Contributor

Re: PenFed


Irish80 wrote:

I have the max $25K LOC that they offer and it was a very easy process to get it.  Additionally they recently sent me a preapproval for a $25K personal loan.  This is in addition to several other credit products that I have with them.  If your credit is in order, PenFed can be fantastic


I got one of these last week too. The only credit i have with them is the Cash Rewards Visa. I also never see any "offers" when I log on the their portal.

Ray

** Every Card has a Job, and Every Card does its Job **
Message 5 of 5