topic Re: Penfed in Credit Cards

Penfed

Anonymous — Mon, 01 Aug 2016 22:10:02 GMT

Who exactly is penfed and is it just like applying for a bank credit card? I keep reading about them approving people with large starting limits and so forth.

What are the requirements for getting approved? Can anybody apply as long as you have a clean and good credit report?

Re: Penfed

Anonymous — Mon, 01 Aug 2016 22:11:29 GMT

Welcome to the boards. Pentagon federal credit union in what every one refers to. Open a small a

savings and donate 10 bucks or so. They will pull your Fico NextGen for membership. Use that same pull for up to 90 days on their credit products.

Good limits and great rates. Auro financing is top notch.

Re: Penfed

baller4life — Mon, 01 Aug 2016 23:06:28 GMT

Penfed is the 3rd largest credit union in the country. And anyone can join by donating to one of the organizations listed on their website. With a 689 Fico you are in the strike zone of getting good approvals. They are awesome!

Re: Penfed

Anonymous — Mon, 01 Aug 2016 22:56:10 GMT

They are simply amazing, I joined today!!

Re: Penfed

Anonymous — Mon, 01 Aug 2016 23:48:03 GMT

If you have not seen it yet.... Contributor Baller4Life started an amazing thread on PenFed Datapoints which is over 200 pages long currently.

When I say amazing I mean amazing.

I too did not know anything about PenFed - I kept seeing a post here and there approved or deeply desire etc.

When I found out it was a credit union - I started reading Baller4Life's thread when it was 110 pages long.

Like I said it is currently north of 200 pages. Its a good read!

I found myself rooting for people that were applying and guessing their approval amount.

Then cheering on the underdogs that received denials but reconned and approved !

If they were not approved on the recon... they would go in for the Survey Hail Mary for another recon.

If you are not aware of what datapoints mean yet....

People actually give you an idea where their credit is at .. at the time of application.

For example: Credit Score, Inquiries, Open Accounts, Baddies etc.

What they apped for ... what they were approved for... Was it instant etc.

Head on over to the below thread and you will get the gist quite quickly...

Read it and you will get a better understanding about PenFed Products.

There you will find you answer to App or Not to App w/PenFed!

Hope that Helps

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td-p/4591561

Re: Penfed

MontegoMack — Tue, 02 Aug 2016 00:14:43 GMT

Do they do a SP for their initial membership/savings account?

Re: Penfed

AverageJoesCredit — Tue, 02 Aug 2016 00:15:21 GMT

Hi OP, welcome to the forum and definitly check out all the great info found on Penfed!

Real quick question as i know i should probably search deep but since its related to topic and op can learn as well. The Penfed PLOC, when is the best time to apply for it or and if possible , how is it used.? If there is a link to this answer fully appreciated if not any info on it would be great to know for future reference . Thanks everyone, nice scores OP, Good luck!!

Re: Penfed

Anonymous — Tue, 02 Aug 2016 00:23:22 GMT

@AverageJoesCredit wrote:
Hi OP, welcome to the forum and definitly check out all the great info found on Penfed!

Real quick question as i know i should probably search deep but since its related to topic and op can learn as well. The Penfed PLOC, when is the best time to apply for it or and if possible , how is it used.? If there is a link to this answer fully appreciated if not any info on it would be great to know for future reference . Thanks everyone, nice scores OP, Good luck!!

AverageJoesCredit,

Quick answer to your Quick Question...

I apped for the PLOC apx 1 week after my approval for the Platinum Rewards Card.

I received an immediate decline for my PLOC... so I emailed them a reconsideration asking for just 2k.

I swear by the next morning I was approved for a 2k Ploc. I probably could of asked for more...

But I really just wanted 2k for in case of emergency and needed cash quick.

So that is my story...

I hope it helped.

I will app again maybe for something before my 90 days are up .. hoping they will use the same HP.

Re: Penfed

Anonymous — Tue, 02 Aug 2016 00:27:27 GMT

@MontegoMack wrote:
Do they do a SP for their initial membership/savings account?

MontegoMack,

PenFed does the hardpull on the initial membership..

USUALLY and I mean USUALLY they use that same hardpull for other products ie Credit Cards, PLOC etc.

But sometimes and I mean sometime they will do another hardpull.

But typically that 1 hardpull is good up to 90days.

Again, there are exceptions to the rule where they may do another hardpull.

Read the thread I posted up a few posts.. that shows you the link to the AWESOME BIG Datapoints thread...

I think you will find answers to many questions that you have and will have...

PS I would like to add that PenFed has an AMAZING Customer Service Staff.

I thought it was just people saying that they did and were lucky... but they really are empathetic and very personable.

Hope that helps.

Re: Penfed

MontegoMack — Tue, 02 Aug 2016 00:34:13 GMT

I'd like to have a relationship with them, but I'm afraid of another HP. I just did the 2-for1 at AmEx (Platinum and BCP), but with only 663 for an EX score. I'm trying to get a morgage in about a year and I don't want too many HPs nor do I want to decrease my AAoA by too much. I'm around 5 years right now, but the 2 AmEx lines will bring that down - I'm sure.

What do you think?

Do I take the risk and have the HP to open an account and app for a CC to create a relationship with them now?

Do I wait to until I'm ready to app for a mortgage in a year and start holding hands with them then?

Re: Penfed

Anonymous — Tue, 02 Aug 2016 00:38:06 GMT

@MontegoMack wrote:
I'd like to have a relationship with them, but I'm afraid of another HP. I just did the 2-for1 at AmEx (Platinum and BCP), but with only 663 for an EX score. I'm trying to get a morgage in about a year and I don't want too many HPs nor do I want to decrease my AAoA by too much. I'm around 5 years right now, but the 2 AmEx lines will bring that down - I'm sure.

What do you think?

Do I take the risk and have the HP to open an account and app for a CC to create a relationship with them now?

OR

Do I wait to until I'm ready to app for a mortgage in a year and start holding hands with them then?

I'd say do the HP now, your inquiries will age off together, then you'll have had a standing relationship with them for your mortgage. Just my two cents

Re: Penfed

Anonymous — Tue, 02 Aug 2016 00:44:08 GMT

@MontegoMack wrote:
I'd like to have a relationship with them, but I'm afraid of another HP. I just did the 2-for1 at AmEx (Platinum and BCP), but with only 663 for an EX score. I'm trying to get a morgage in about a year and I don't want too many HPs nor do I want to decrease my AAoA by too much. I'm around 5 years right now, but the 2 AmEx lines will bring that down - I'm sure.

What do you think?

Do I take the risk and have the HP to open an account and app for a CC to create a relationship with them now?

OR

Do I wait to until I'm ready to app for a mortgage in a year and start holding hands with them then?

I am not sure what kind of Mortgage you are going for .. or if you have a lender in mind.

But if you don't and you are shopping lenders for great rates.

I don't think it will hurt if you establish an account w/PenFed

PenFed does some impressive rates on Auto Refinancing and Financing.

They Refinance, Finance Home Mortgages and HLOC's (Home Line of Credit)

They typically pull Equifax but its a NexGen Equifax ..

So not sure what kind of inquiries you have on Equifax... or what your Equifax FICO8 score is ..

Let alone Equifax NexGen score... its just a different scoring model.

Go to PenFed's site .. check out some of their mortgage rates.

Read that BEHEMOTH PenFed DataPoints thread... take a temperature of their products.

I am not qualified to know if you should or should not.

I hate to tell you to do one or the other.

What we can offer you .. is the tools to make an educated decision.

For me I wanted to get my foot in the door.

So that when the time comes to buy the house that I am currently in...

I will have PenFed as an awesome possibility... actually if they will finance my mortgage..

I believe I will be going to them first.

Food for thought.

PS please read the thread...

Re: Penfed

MontegoMack — Tue, 02 Aug 2016 00:47:27 GMT

And if you had to choose between USAA (full memebership) and PenFed, which would you find more valuable? Or rather, how would one compare the two?

Re: Penfed

Anonymous — Tue, 02 Aug 2016 00:57:56 GMT

I would like to add that app'ing for PenFed was a well spent HardPull for me.

Currently received 3 Products on 1 Hard Pull.

The Savings account to open, Visa Reward Platinum Card & Personal Lind of Credit aka PLOC.

Most importantly like I stated before to have an opportunity with the 3rd largest Credit Union,

Just in case I should need to shop for a car, home or a loan.

Everyones financial portfolio desires are different.

I did not have a Credit Union of my own and location was not an issue...

PenFed has a wonderful reputation as well... so for me ... it was a no-brainer.

Read the datapoints to determine where your credit fits...

Then what are your needs & time frame.

Don't decide lightly - give PenFed your attention.

We can't give you the cliff notes and guess your stats.

So make an educated & well thought out decision.

But if you do .. keep us posted.

Re: Penfed

Anonymous — Tue, 02 Aug 2016 01:00:27 GMT

@MontegoMack wrote:
And if you had to choose between USAA (full memebership) and PenFed, which would you find more valuable? Or rather, how would one compare the two?

Maybe someone else can compare for you... I cannot because I do not have a membership with USAA.

I would like for someone else to take the floor.

So you can make a fair and balanced decision.

Good Luck.

Re: Penfed

takeshi74 — Tue, 02 Aug 2016 12:57:34 GMT

@Anonymous wrote:
I keep reading about them approving people with large starting limits and so forth.

Limits are never just about the creditor or the card. One's credit profile and income will determine the limits that one qualifies for with any creditor. PenFed is notorious for being conservative and quick to cite "pyramiding". Don't overlook existing threads as a resource.

@Anonymous wrote:
What are the requirements for getting approved? Can anybody apply as long as you have a clean and good credit report?

We don't have the specifics for any creditor/product. It's never just about score but you can certainly refer to the Credit Pulls Database (Google to find) if desired. Anyone can apply regardless of credit but clean and good are recommended for approval. Depending on the specifics of your credit profile you may want to ensure that you don't have too many new accounts or you may get cited for pyramiding.

@MontegoMack wrote:
I'd like to have a relationship with them, but I'm afraid of another HP.

You don't need a relationship. As with any creditor, if your credit and income qualify then you qualify. Joining does not change your credit or income.

Inquiries are typically a small factor. If one HP is a problem then your real problem lies elsewhere with bigger issues in your credit profile and you should hold off until your credit profile is in better shape.

@MontegoMack wrote:
I just did the 2-for1 at AmEx (Platinum and BCP), but with only 663 for an EX score. I'm trying to get a morgage in about a year and I don't want too many HPs nor do I want to decrease my AAoA by too much. I'm around 5 years right now, but the 2 AmEx lines will bring that down - I'm sure.

An EX FICO 8 isn't relevant to PenFed. They use an EQ FICO NG2 though I'm not sure if or where you can pull that. We'd need a much better idea of your credit profile. You have at least 2 new accounts. Are there any others?

What specific products do you need/want from PenFed and how important/urgent are they to you?

@MontegoMack wrote:
And if you had to choose between USAA (full memebership) and PenFed, which would you find more valuable? Or rather, how would one compare the two?

It's the specific products and how they suit you that matter -- not just the creditor itself. I find both very useful but for different reasons and they're not mutually exclusive. You need to evaluate each based on your specific needs/wants -- not based on polling others. If you have specific questions we can certainly answer those. Is there anything you're specifically looking for other than a mortgage? What other credit products and what specifically for each of those products? Banking products? Insurance? If you qualify for USAA and you haven't looked into them for insurance then you really should get quotes and compare.

Re: Penfed

Anonymous — Tue, 02 Aug 2016 21:40:17 GMT

@Anonymous wrote:

OP

If you have not seen it yet.... Contributor Baller4Life started an amazing thread on PenFed Datapoints which is over 200 pages long currently.
When I say amazing I mean amazing.

I too did not know anything about PenFed - I kept seeing a post here and there approved or deeply desire etc.
When I found out it was a credit union - I started reading Baller4Life's thread when it was 110 pages long.
Like I said it is currently north of 200 pages. Its a good read!

I found myself rooting for people that were applying and guessing their approval amount.
Then cheering on the underdogs that received denials but reconned and approved !
If they were not approved on the recon... they would go in for the Survey Hail Mary for another recon.

If you are not aware of what datapoints mean yet....
People actually give you an idea where their credit is at .. at the time of application.
For example: Credit Score, Inquiries, Open Accounts, Baddies etc.
What they apped for ... what they were approved for... Was it instant etc.

Head on over to the below thread and you will get the gist quite quickly...
Read it and you will get a better understanding about PenFed Products.
There you will find you answer to App or Not to App w/PenFed!
Hope that Helps

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td-p/4591561

Hi BellaLina, hi baller4life,

I need your advice:

After reading all the wonderful things about Penfed, I joined yesterday and I applied for the American Express and the Platinum Rewards Signature and denied on both!!!

My Equifax Fico is 720 but according to their letter it's 678.

I have 20 open credit cards with no late payments, bk discharged over 4 years ago. Other paid off cards and closed that goes back 18 years. 3 car loans, 2 paid off and 1 is 15 months old no late payment ever. Only 2 inquiries in the past 15 months on my EQ. They denied me on Visa because:

1- length of time accounts have been established

2- Number of established accounts

And on the American Express card their denial reasons :

1- bankruptcy filing reported

2- length of time account had been established

3- Number of established accounts

and below they added

Insufficient installment payment history? -- I have installment from 2005 to today 11 years is not sufficient installment payment history?

Too many inquiries in the past 12 months -- I only have two inquiries on my EQ before I applied in the past 15 months how could there be too many inquiries in the past 12 months?

So what should I do? Should I call and try to recon? Or should I wait six months and try again ?

Your advice is greatly appreciated !!!!

Re: Penfed

MontegoMack — Thu, 04 Aug 2016 23:59:23 GMT

The good news is that I took the advice of MF and pulled up the thread PenFed Data Points. About half way through (or there abouts - it's a loooong thread), I got distracted by the NCFU thread membership thread. That was one of the best detours I've ever made! Not only did I become a member o fNFCU, but I got approved for a cash rewards card with a CL of $21,500 and a $15,000 CLOC.

I'm done apping because I have all the elements that I need for a good foundation for rebuilding my credit. I'm still working on improving my scores across the boards and looking forward to being in the 700 club sometime soon.

Again, thank you to MF. REally. Thank you.

Re: Penfed

MontegoMack — Thu, 04 Aug 2016 23:59:55 GMT

And no, I don't think there's any bad news

Re: Penfed

AverageJoesCredit — Fri, 05 Aug 2016 01:17:10 GMT

How dare you interupt the mighty Penfed for a detour to NavyFed land .

Jk. Congrats on your NFCU success, would like to join you one day! Cheers