Regular Contributor
Posts: 148
Registered: ‎09-26-2011
Re: PenFed CU CC

resilient wrote:

I think that PenFed is difficult to obtain, as another member previously stated, if you have baddies, judgements, etc on your report. Long story long, I applied for an auto loan in January of 2011. My credit score was under 620, and I remember because I was house shopping around that time, and was told that I couldn't get approved without a 620. I had a charged off account from a reposession in 2002, four credit cards that were sold to other banks and then were charged off (good for me since old accounts showed paid as agreed), and CrapitalOne Auto Loan with the rate as high as Western Sky. That loan did help me rebuild my credit, but it was raping me financially. It looks like the only good things I had on my report were my 8 student loans from 2001-2008, that were in deferment, so they all were reporting paid as agreed. PenFed denied me AND had me with the whole 9 day hold on my share savings account. Well, I had forgotten about them, until recently last month, when they started sending me emails for the 1.49% car loan. I had since then, April actually, gotten a new car and a new auto loan with a 4.9% APR with my credit union (repossesion, knock on wood, fell off, as did my EQ disputes with the c/o accounts) AND they approved me for a $5k Gold Visa with a 9.9% APR. Ecstatic was I! It had been over ten years since I had gotten terms so decent. Back to the emails, I just thought I'd apply for the refinance for the 1.49% with Penfed, and was shocked when the instant approval came back. I asked for $30k, and they gave me $30k. And since I had been reading these forums, I applied for the Platinum Rewards CC as well. Was I even more shocked when the approval came back for $12k! I was upset back in 2011 for the credit denial, but am so glad my resiliency paid off and I was able to get approved with a 732 EQ. Then, I started going app crazy, but that's another story! Sorry so long, but thought I'd share.





Credit Scores- September 2012

EQ- 732



PenFed Platinum Rewards Visa-$12k

US Bank Platinum Rewards Visa-$5k

Chase Freedom Visa-$5k

Chase Military Star MasterCard-$5k

TIC FCU Visa Gold-$5k

Chrysler MasterCard(FNBO)-$4.1k

Wyndham Rewards Platinum Visa-$2.5k

Thanks for the share. This has help me determine not to apply. Recently, last week got approved for 5 cc and ulti. was at 60% so I am not going to push my button. Thanks everyone for your response.