topic Re: Pentagon Federal Credit Union Data Share in Credit Card Applications

Pentagon Federal Credit Union Data Share

baller4life — Sun, 22 Jan 2017 05:54:58 GMT

Probably the most popular credit union on the forum next to NFCU is Pentagon Federal Credit Union aka Penfed. We have seen alot of approvals from Penfed in the past year since they loosened their once very strict underwriting criteria. These increased number of approvals have brought many questions from newer members. So, to make it easier for everyone when trying to decide whether to apply or not, a few of us thought there should be a thread specifically for Penfed approval data.

First of all, Penfed has open membership for anyone who makes a donation to one of the two organizations listed on their site. Membership is a hp on EQ and hp is typically good for 90 days for all products. There have been reports that when reconning a denial or starting limit there can be a 2nd hp. To recon denial or starting limit, the easiest way is to call and ask for a Supervisor. They are also loan officers. And can make a decision on the spot.

Another perk of Penfed membership are the quarterly preapprovals that are given for their products. It has been reported based on old data that if you join Penfed with any derogs, you never receive these preapprovals. However, that is no longer the case. Several members have in fact received these that joined with a derog. Please let us know your preapproval experience.

They are known for their "pyramiding debts" denial reason which is why you will see the Egyptian reference often here. Basically "pyramiding debts" is their interpretation of having alot of new accounts. They view that as potential debt.

Below are the questions that will be very helpful to other forum members. Thanks in advance for your valuable data!

Product(s) approved and Limit(If approved for multiple products please include date if not immediate)
EQ 08 Fico:
Penfed Nextgen:

Instant or Review?:

POI?(If yes, what type of proof of income)

AAOA:
Derogs?: (If you have a BK please list type and discharge date!)

Util:

Total EQ Inquiries:

Last 12 months:

Last 6 months:
New Accounts in last 12 months:
Last 6 months:

*New cards can be expedited for $15 fee*

Re: Penfed Approvals Please Post Your Data For Others

baller4life — Fri, 13 May 2016 11:27:48 GMT

Product approved and Limit: Platinum Rewards Visa Signature $18k
EQ 08 Fico: 693
Penfed Nextgen: 683

Instant or Review: Instant

POI: None

AAOA: 5 yrs
Derogs?: 0

Util: 11%

Total EQ Inquiries: 7

Last 12 months: 3

Last 6 months: 1

New Accounts in last 12 months: 11
Last 6 months: 4

Re: Penfed Approvals Please Post Your Data For Others

Anonymous — Thu, 12 May 2016 23:56:25 GMT

Product approved and Limit: Platinum Rewards Visa 7k
EQ Fico Score: FICO 8 of 774
Penfed Nextgen Score:
AAOA: 4 years
Derogs?: 0
EQ Inquiries: 1
New Accounts in last 12 months: 7
Last 6 months: 3

Re: Penfed Approvals Please Post Your Data For Others

Anonymous — Fri, 13 May 2016 00:13:27 GMT

Product approved and Limit: Defender Visa, $4K
EQ Fico Score: 764
Penfed Nextgen Score: They didn't tell me
AAOA: 4.1 years
Derogs?: 0
Total EQ Inquiries: 6

Last 12 months: 3

Last 6 months: 0
New Accounts in last 12 months: 6 that show
Last 6 months: 0

Re: Penfed Approvals Please Post Your Data For Others

DrZoidberg — Fri, 13 May 2016 00:18:20 GMT

I have a feeling all the new PENFED apps are after that one post of getting $43k.

Re: Penfed Approvals Please Post Your Data For Others

Anonymous — Fri, 13 May 2016 00:20:05 GMT

Both of these were approved on 1/20/16. I had to go back and pull an old CCT report :-)

Product approved and Limit: Platinum Rewards Visa $10K and Promise $10K
EQ Fico Score: 660
Penfed Nextgen Score: Not sure
AAOA: 3.1 years
Derogs?: Yes, Ch7 discharged 12/4/13
Total EQ Inquiries:

Last 12 months: 24

Last 6 months: 20 (7 of these were coded as auto financing on the same day)
New Accounts in last 12 months: 9 CC, 2 Auto
Last 6 months: 6 CC, 2 Auto

Re: Penfed Approvals Please Post Your Data For Others

Anonymous — Fri, 13 May 2016 00:39:10 GMT

Product approved and Limit: Cash Rewards $13.5K PLOC 4K
EQ Fico Score: Fico 8-----690
Penfed Nextgen Score:684
AAOA: 3 years
Derogs?:None
Total EQ Inquiries:9
Last 12 months:9
Last 6 months:6
New Accounts in last 12 months:12
Last 6 months:7 Cc 1 Auto

Re: Penfed Approvals Please Post Your Data For Others

Anonymous — Fri, 13 May 2016 00:33:28 GMT

Lol -- LOVVVVE PENFED!!!! Their Recon is the BEST there is, blows Barclay's and Chase OUT OF THE WATER -- their analysts are so friendly (When the CSR is willing to connect you to one) and their Supervisors are actually mostly all LOs. My EQ FICO 8 was quite high but my NG was ehhh, and they gave me massive approvals on DIRECT RECON with a human being. Ill forever sing their praises. That said, here we go!

Product approved and Limit: 1) Cash Rewards VISA - $22.5k (Original $5000 - CLI) 2) Personal Loan - $10,000 3) ReFi Auto Loan - $14,000 @ 2.9% 4) Thrifty Credit OD $500.00
EQ Fico 8 Score: 696
Penfed Nextgen Score: 650
AAOA: 6 yrs
Derogs?: 0 in last 3 years, no majors at all
Total EQ Inquiries: 31
Last 12 months: 17

Last 6 months: 8
New Accounts in last 12 months: 20 (yup!)
Last 6 months: 6

Again, amazing CU.

Re: Penfed Approvals Please Post Your Data For Others

12njoy — Mon, 23 May 2016 21:34:37 GMT

Product approved and Limit: Penfed Promise Visa $5k, Penfed Defender Amex $5k, Thrifty Credit Service (Overdraft) $500, Refinance Auto loan 18k @ 2.99%, 2nd Refinance Auto loan $3,600 (2004 model) @ 1.99%
EQ Fico Score: 705
Penfed Nextgen Score: 707
AAOA: 1 year 10 months
Derogs?: 0
EQ Inquiries:

last 12 months: 32

last 6 months: 7
New Accounts:

last 12 months: 24
last 6 months: 5

Re: Penfed Approvals Please Post Your Data For Others

jacetx — Fri, 13 May 2016 00:54:49 GMT

Product approved and Limit: PenFed Platinum Rewards $8K, PLOC $10k
EQ Fico Score: 711
Penfed Nextgen Score: 748
AAOA: 2 years
Derogs?: 0
Total EQ Inquiries: 18

Last 12 months: 6

Last 6 months: 2
New Accounts in last 12 months: lost count

Last 6 months: 5?

Re: Penfed Approvals Please Post Your Data For Others

baller4life — Fri, 13 May 2016 01:28:10 GMT

Thanks everyone! Keep em coming! Let's help our fellow forum members make informed decisions. Thanks in advance!

Re: Penfed Approvals Please Post Your Data For Others

pip3man — Fri, 13 May 2016 01:43:03 GMT

@12njoy wrote:
Product approved and Limit: Penfed Promise Visa $5k, Thrifty Credit Service (Overdraft) $500
EQ Fico Score: 705
Penfed Nextgen Score: Unknown
AAOA: 1 year 10 months
Derogs?: 0
EQ Inquiries:
last 12 months: 32
last 6 months: 7
New Accounts:
last 12 months: 24
last 6 months: 5

lmfaooo I couldnt pass up on this one... 32 new accounts wow... I thought I was way over with 14 in the past 2yrs. Good job that u got approved tho, im still scared of being branded a Pharoah so im gonna stay clear for now lol

Re: Penfed Approvals Please Post Your Data For Others

Loquat — Fri, 13 May 2016 01:45:01 GMT

Product approved and Limit: Travel Rewards Amex @ $8.5k
EQ Fico Score: 755
Penfed Nextgen Score: 692
AAOA: 3.8 years
Derogs?: BK13 still showing. No derog since discharged 3/2014
Total EQ Inquiries: 11 (wasted too many trying to get Discover to love me)

Last 12 months: 2 (see below)

Last 6 months: 2 (both from PenFed)
New Accounts in last 12 months: 4 (2 PenFed - 2 Sync Bank)
Last 6 months: 3 - PenFed Promise 1/2016, Sam's Club MC 2/2016, PenFed Amex 5/2016 (about a week ago)

Re: Penfed Approvals Please Post Your Data For Others

ddemari — Fri, 13 May 2016 01:50:04 GMT

I was approved for PenFed Credit products in August 2015. I had a penfed share account since mid 2014, I joined with a dirty EQ(bankruptcy was just about to fall off my credit reports). I couldnt get any products from them for a long time.

But, after hearing from Revelate on the fico forums commenting on some approvals circa 8-2015, I thought why not lets try it. I was absolutely shocked when I was approved for the promise visa with this low limit and their highest apr. I was just so happy to get in!

So I thought, why not try for one more card. I decided to go for the travel amex. During the different steps of the application process, I was on the edge of my seat. When it finally finalized, I almost dropped out my seat! $17,500.00 at their highest apr.

The next day I got the letter/email from them about the price you pay for credit. My NextGen fico was 665. I from memory, probably had about 40 inquiries on EQ and one negative paid charge off from 2010 in the amount of $300.00. My utilzation was probably anywhere from 3-6%. I was floored and so happy!

I also got an acess america checking count and a thrifty line of credit in the of $500.00

About 4 months later I applied for the PenFed Visa Gold. Was not instantly approved, but the next day I was approved for $7,500.00.

2 months ago I applied for a CLI on my PenFed Promise and got $2,000.00. PenFed has been nothing but amazing to me.

Re: Penfed Approvals Please Post Your Data For Others

12njoy — Fri, 13 May 2016 02:10:13 GMT

@ddemari wrote:
I was approved for PenFed Credit products in August 2015. I had a penfed share account since mid 2014, I joined with a dirty EQ(bankruptcy was just about to fall off my credit reports). I couldnt get any products from them for a long time.

But, after hearing from Revelate on the fico forums commenting on some approvals circa 8-2015, I thought why not lets try it. I was absolutely shocked when I was approved for the promise visa with this low limit and their highest apr. I was just so happy to get in!

how far apart were these apps?

Re: Penfed Approvals Please Post Your Data For Others

12njoy — Fri, 13 May 2016 02:12:07 GMT

I went ahead and applied for a PLOC @ 15k. It told me the APR and some other information like payment date, maturity date etc... but the app went pending after all that.

Re: Penfed Approvals Please Post Your Data For Others

baller4life — Fri, 13 May 2016 02:13:39 GMT

@12njoy wrote:
@I went ahead and applied for a PLOC @ 15k. It told me the APR and some other information like payment date, maturity date etc... but the app went pending after all that.

Good luck 12! Be sure and update your data post if approved.

Re: Penfed Approvals Please Post Your Data For Others

12njoy — Fri, 13 May 2016 02:18:38 GMT

@baller4life wrote:
@12njoy wrote:
@I went ahead and applied for a PLOC @ 15k. It told me the APR and some other information like payment date, maturity date etc... but the app went pending after all that.
Good luck 12! Be sure and update your data post if approved.

will do if approved

Re: Penfed Approvals Please Post Your Data For Others

wacdenney — Fri, 13 May 2016 13:01:40 GMT

Product approved and Limit: Thrifty Credit $500, Promise $12,000, Cash Rewards $9000
EQ Fico Score: 698
Penfed Nextgen Score: 674

Instant or Review: Instant
AAOA: Less than 2 years
Derogs?: 1 paid state tax lien paid in 2010

Util: 5%
EQ Inquiries:

last 12 months: 10

last 6 months: 1
New Accounts:

last 12 months: 8
last 6 months: 3

Re: Penfed Approvals Please Post Your Data For Others

12njoy — Fri, 13 May 2016 02:41:50 GMT

@baller4life wrote:
@12njoy wrote:
@I went ahead and applied for a PLOC @ 15k. It told me the APR and some other information like payment date, maturity date etc... but the app went pending after all that.
Good luck 12! Be sure and update your data post if approved.

Denied. They want to see payment history on new Penfed account which is understandable. No harm, no foul. Couldn't tell me my next gen score but said I'll recieve a letter with it