topic Re: Chances for Penfed in Credit Card Applications

Chances for Penfed

followgreatness — Mon, 17 Jun 2019 03:01:00 GMT

I've been contemplating a Penfed account for a a week or so now. I'm primarily interested in an auto loan with them for their low APR since I have a baby on the way!

I figured since the HP for membership can be used for an autoloan and CC, I might as well get a credit card also!

My Fico 9 is 811 with only one HP in the last 12 months and over 70k income.
No derog's or bankruptcy, 1% utilization, 8 CC's, %100 payments.

Should I feel confident to get autoloan and CC or just autoloan? Also, what CC's would you recommend?

Re: Chances for Penfed

Anonymous — Mon, 17 Jun 2019 03:27:31 GMT

@followgreatness wrote:
I've been contemplating a Penfed account for a a week or so now. I'm primarily interested in an auto loan with them for their low APR since I have a baby on the way!

I figured since the HP for membership can be used for an autoloan and CC, I might as well get a credit card also!

My Fico 9 is 811 with only one HP in the last 12 months and over 70k income.
No derog's or bankruptcy, 1% utilization, 8 CC's, %100 payments.

Should I feel confident to get autoloan and CC or just autoloan? Also, what CC's would you recommend?

First, Congrats on the new baby!

I think you might be good to go for both an autoloan and a credit card.

You only have 1 inquiry on your EQ. That's excellent. What about new accounts? How many have you gotten in the past 6 months/12 months, etc. The less you've gotten in the past year or so, the better. Although others are approved with a few new accounts. It depends on the profile.

I was just approved for the Pathfinder for $15K with 5 inquiries on EQ, 3-4% utilitiy, 8 credit cards reporting. But no new accounts since January 2018. BK7 reporting, along with negatives from the BK7.

As to the type of card, that would depend on your spending habits. I switched from the PowerCash Rewards card to the Pathfinder AmEx because I already had two other 2% cards that don't require me to keep a balance of $500 in my checking account. Also, I can make use of the $100 airline incidental credits and Global Entry/Precheck credit of the Pathfinder. You might find the 5/2/1 Platinum Rewards card more to your liking.

Take a look at the cards they offer and see which one fits your spend pattern the best.

Good luck!

Re: Chances for Penfed

Meanmchine — Mon, 17 Jun 2019 03:38:48 GMT

Penfed is now HPing for every action

Membership = 1 HP

Auto loan = another HP

Credit card = another HP

Your plan could result in 3 HPs now, not 1

Be careful

Re: Chances for Penfed

TheFIGuy — Mon, 17 Jun 2019 06:26:21 GMT

@meanmchine

PenFed trying to be NFCU without the generosity. Let’s see how this goes lol.

Re: Chances for Penfed

Anonymous — Mon, 17 Jun 2019 10:16:59 GMT

@TheFIGuy wrote:
@meanmchine

PenFed trying to be NFCU without the generosity. Let’s see how this goes lol.

Not even. NFCU doesn’t HP for membership. 🤦‍♂️

Re: Chances for Penfed

TheFIGuy — Mon, 17 Jun 2019 15:05:29 GMT

Yup I forgot, well then..

Re: Chances for Penfed

Anonymous — Mon, 17 Jun 2019 16:20:23 GMT

@Meanmchine wrote:
Penfed is now HPing for every action
Membership = 1 HP
Auto loan = another HP
Credit card = another HP

Your plan could result in 3 HPs now, not 1
Be careful

I can confirm this. I recently got a HP for credit limit increase as well as an app for an increase on my PLOC. Both denied..

Re: Chances for Penfed

followgreatness — Mon, 17 Jun 2019 16:59:48 GMT

Does anyone know if DCU also requires 3 seperate hard pulls for membership, CC and auto?

Re: Chances for Penfed

Anonymous — Mon, 17 Jun 2019 17:10:58 GMT

@followgreatness wrote:
Does anyone know if DCU also requires 3 seperate hard pulls for membership, CC and auto?

I got a HP on EQ for my credit card. Membership was a Chex inquiry.

I don’t know if they combine HPs. Since all of their UW is done on EQ5, it seems like something that would be a given but you may want to call and ask.

Re: Chances for Penfed

Anonymous — Mon, 17 Jun 2019 17:49:05 GMT

You should be fine if you don't mind the HP's. They have great rates on auto loans where I got one with a discharged BK and a lower score than you. You probably will qualify for their lowest rates. My son has a thin file, lower score (725) and lower income (much lower) and they gave him a used car loan at their best rate. You just have to decide if the HP's are worth it. I try not to sweat those details but it is up to you.

Re: Chances for Penfed

AverageJoesCredit — Mon, 17 Jun 2019 17:59:26 GMT

Honestly, no one knows how Penfed will treat your profile until you apply. Your profile seems ripe for approvals but Penfed has been known to turn down high score high income earners as well us little guys. They like some people, others not so much but only you can decide if its worth hard pulls to find out.

Re: Chances for Penfed

followgreatness — Mon, 17 Jun 2019 20:20:14 GMT

How long ago?

Re: Chances for Penfed

Anonymous — Sun, 23 Jun 2019 23:42:17 GMT

I don't know if your question was for me or the post in between ours. I got my auto loan last year and my son got his in May.