topic Re: Closing Penfed??? in Personal Finance

Closing Penfed???

Creditplz — Tue, 12 Jul 2016 18:04:27 GMT

Guys so I've been reading up and there are some theory's that if you join Penfed with negatives like (late payments, judgements, BK, collections, charge offs) that you won't be eligible for their credit products .

I joined Penfed a long time ago and I had two 90 day late payments, one was GW and the other I had the entire account deleted off my CR, so I have perfect payment history now. My score when I joined Penfed was 550 or so now I sit at EQ 736. I'm thinking of closing my Penfed account entirely and then re joining sometime in mid - 2017.. What's everyone's idea on this?. I applied for a credit product in 2015 and was denied for "negative payment history" and was denied on March 3rd after my negatives were gone for the same thing....

Re: Closing Penfed???

Anonymous — Tue, 12 Jul 2016 18:06:45 GMT

The theory is wrong. There are a zillion examples of members who joined with blemished files who've since loaded up on credit products.

Re: Closing Penfed???

baller4life — Tue, 12 Jul 2016 18:14:34 GMT

Outdated intel. Penfed USED to be that way. However, there are countless examples of people joining with derogs and later being approved for credit products AND receiving pre-approvals. It is so irritating to continue to read "Never join Penfed with baddies". Because it scares people away from an awesome CU that could really be beneficial to them.

Re: Closing Penfed???

Creditplz — Tue, 12 Jul 2016 18:39:57 GMT

Hmm well that solves that !

Re: Closing Penfed???

Vegas4Play — Wed, 13 Jul 2016 07:34:43 GMT

Good to know not that I intend to Leeaavvee the garden or anything

Re: Closing Penfed???

jeffm4688 — Wed, 13 Jul 2016 16:01:56 GMT

I joined penfed last year and had 2 credit card charge off's and like 4 collections and got approved for my first unsecured $2500 card.

In november the charge off's and all but 1 unpaid ($1700) collection were removed and penfed is currently my second largest lender and highest single limit @ $21K.

Re: Closing Penfed???

Aduke1122 — Sat, 16 Jul 2016 05:45:30 GMT

Have you tried to recon any of the denials that were recent? Heard of many recon success stories on the thread lately !

Re: Closing Penfed???

Anonymous — Sun, 17 Jul 2016 17:17:47 GMT

Get into your coziest clothes... cop a squat ! Call PenFed and have a PowWow!

They give you your quarterly scores .. they may have to do a HP...

But I would have your account reviewed etc.

Definitely call PenFed see what they say..

Tell them you thought about closing and reapplying...

I betcha they will suprise you.

They are the easiest to talk to ..

Its like you knew them your entire life.

It must be nice to work for them.. they seem like they really love their job!

Go For It!

Do it today!

Do it tommorow if you have to wait...

But come back and let us know!

Re: Closing Penfed???

Creditplz — Sun, 17 Jul 2016 17:25:33 GMT

You know I would love to!! But I want to get Citi in a 6 months (prestige & Costco) combo so I think I'll hold off on penfed as of for now

Re: Closing Penfed???

Creditplz — Sun, 17 Jul 2016 17:27:29 GMT

But I received this (pre-approval) job offer...... I should try being a lon officer for a day... Hahahaha my DW showed me this in my emails I wonder why they sent it..

Re: Closing Penfed???

Anonymous — Sun, 17 Jul 2016 21:44:25 GMT

@Creditplz wrote:
But I received this (pre-approval) job offer...... I should try being a lon officer for a day... Hahahaha my DW showed me this in my emails I wonder why they sent it..

I got that also today in my email.... That is pretty awesome!

I did not check it out ... I wonder if anyone has looked at it yet?

PenFed is a mover and a shaker that is for sure.

Can't wait what the future with PenFed brings.

Re: Closing Penfed???

Creditplz — Sun, 17 Jul 2016 22:36:59 GMT

I didn't check it out either! I'm self employed and am not interested but I might take a look just to see what the qualifications are for the people judging me on my "credit worthiness"