topic Re: is penfed rebuilder friendly like nfcu ? in Credit Cards

is penfed rebuilder friendly like nfcu ?

mrldp40 — Tue, 09 May 2017 12:34:08 GMT

im in with penfed but around 600 fico it worked with navy . will penfed approve cc around 600 ? thanks

Re: is penfed rebuilder friendly like nfcu ?

MyLoFICO — Tue, 09 May 2017 12:52:05 GMT

I just joined Penfed as well. 700's across all 3. No CC approvals due to debt/income. So , its not just the scores. If you have high UTIL, take that into consideration as well.

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Tue, 09 May 2017 13:09:12 GMT

maybe not AS friendly, but get your scores up a little more and you might be able to get an approval. They can give good limits for more mid-tier scores

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Tue, 09 May 2017 13:30:24 GMT

Not the same thing as a CC, of course, but Penfed approved me for a used-car loan with a 2014 BK and lates from 2013/14 on a student loan on my record. I'm seriously considering app'ing to them for a Visa in the fall and I'm counting on my longtime relationship/open loan with them to help (also that I had a 690 EQ NG 2 with them in February and hopefully will be able to get it into the 700's by August/September).

Re: is penfed rebuilder friendly like nfcu ?

Blackswizz750 — Tue, 09 May 2017 13:58:24 GMT

In my experience no but they acecpted me and I am OK. I just used them to park long term money and rewards from credit cards. Once I get my scores in the 700's I may be able to get credit cards. I ahve not looked at other loans with them such as car, personal, or home. Provided secure items are easier to get loans for. One unique item they have is the famous survey: you fill it out and plead your case if you were denied and obtained a HP. They ususally call you back you go from there. You may get the product you were denied initially or insight.

Re: is penfed rebuilder friendly like nfcu ?

mrldp40 — Tue, 09 May 2017 14:11:23 GMT

Thanks for info. utilization is 1500/9000 currently and 18 k income I have baddies for 2015 charge offs

Re: is penfed rebuilder friendly like nfcu ?

MyLoFICO — Tue, 09 May 2017 14:14:45 GMT

As long a you don't get any higher on the UTIL I think your scores are the only part possibly holding you back. Trying to get in with them when your scores are iffy is a double edge sword. Yes, you might get in with them but at what cost? High APR and low SL? Is it worth it to take the HP's if that happens?

Re: is penfed rebuilder friendly like nfcu ?

mrldp40 — Tue, 09 May 2017 14:34:15 GMT

No it's isn't .not right now I'll wait til scores improve and Navy and discover age some . thanks

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Tue, 09 May 2017 14:39:00 GMT

Ok for rebuilding if you haven't been actively rebuilding. They don't like excessive recent accounts and inquiries. However aging a baddie doesn't help much where navy looks the other way. Penfed approvals from stories here seem most positive when you're "almost finished" rebuilding. Become a member with both and see what the future holds

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Fri, 19 May 2017 03:16:19 GMT

Hello everyone,

Well, actually they are very rebuilding friendly but also very conservative when it comes to handling CC out. I have in the past tried them 3 times and were denied all times. Reasons were too many accounts recently opened. I applied online all times. The last time I went into the branch directly and spoke with a banker personally. Explained my goals and what's been going on with my CRs. After careful thought and a deep look at my CRs (all 4 of them), they decided to give me a chance. I got a Promise CC with 500 CL another 500 in a regular CL. The banker even told me that since I have enough money in my savings, I could do a share loan (a loan against your own shares/savings). I agreed to it and gave it a go, and was very pleased with the results.

So, in short, they are as long as you show that you can manage your finances. Sure, I didnt get a higer CL on my CC but hey that was something to start with.

Re: is penfed rebuilder friendly like nfcu ?

fltireguy — Fri, 19 May 2017 13:36:46 GMT

I am going to partially disagree with the past 2 posters

I joined them in 6/16. Denied a CC due to a few baddies on Eq

Reapplied 12/24. Instant approval for $11.5k, recon to $15k on a CC. EQ 655. 25 new accounts or so in the past year. In excess of 60 inq on EQ. 2 dismissed BK showing, 7 and 8 years old. They gave me my 2nd highest CL.

So, I Did have excessive Inq and new accts.

I also don't think that they are too conservative either..

But, that's my story. YMMV

Re: is penfed rebuilder friendly like nfcu ?

AverageJoesCredit — Fri, 19 May 2017 14:35:43 GMT

Yeah FLTIREGUY, as always YMMV but in case of Penfed, what was your income you used ?.Dont have to answer its ok but, im sure that if someones income is high enough, that often overrides other factors. Thats a big one with Navy . With Penfed i know they look at DTI so i assume the higher your income the more you can throw at debt so they'll often give you more of a break credit line wise.

Now, most know me as AVJ for a reason, im the average run of the mill low income Joe Smoe lol, however i must say Penfed did help me out even as a newbie with a dirty file. I joined in April 2016 and though i could only get the Promise with a $500 limit, i did get it and more importantly, they gave me a $4500 personal loan, no poi. So YMMV and i truely do appreciate Penfed wven if i may never see big limits. Gotta remwmber my end goal perhaps gettinf a new car with them

Re: is penfed rebuilder friendly like nfcu ?

CreditCuriosity — Fri, 19 May 2017 14:39:28 GMT

They certainly are more strict than NFCU.. You will need your scrores a bit higher than 600. They are no NFCU(very loose), but they are no CITI(very strict) either. Around 650-660 will probably get you in depending on other factors of course.

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Fri, 19 May 2017 14:59:20 GMT

I opened a checking and savings with them early last week and immediately applied for their promise card. Went to loan officer review for two days, then denied. They sent a survey, which I filled out in the same manner as others on here after a denial, but never got a phone call, secure message, or email. The denial reason was past or present delinquencies. Showed my credit score as 653. My most recent baddie is close to three years old. Inquiries around 10.

On the plus side, they did grant me a $500 checking line of credit... So, not a total, complete loss.

I guess the takeaway from these stories is that there may not be a rhyme or reason to their approval/denial system; at least nothing obvious to mere mortals. Perhaps they suffer from split personality? With PenFed, the term YMMV cannot be more true.

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Fri, 19 May 2017 15:17:02 GMT

I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.

Re: is penfed rebuilder friendly like nfcu ?

Anonymous — Fri, 19 May 2017 15:17:33 GMT

@Anonymous wrote:
Hello everyone,

Well, actually they are very rebuilding friendly but also very conservative when it comes to handling CC out. I have in the past tried them 3 times and were denied all times. Reasons were too many accounts recently opened. I applied online all times. The last time I went into the branch directly and spoke with a banker personally. Explained my goals and what's been going on with my CRs. After careful thought and a deep look at my CRs (all 4 of them), they decided to give me a chance. I got a Promise CC with 500 CL another 500 in a regular CL. The banker even told me that since I have enough money in my savings, I could do a share loan (a loan against your own shares/savings). I agreed to it and gave it a go, and was very pleased with the results.

So, in short, they are as long as you show that you can manage your finances. Sure, I didnt get a higer CL on my CC but hey that was something to start with.

So sorry I forgot to mention, I have been a military member for years and no problems at all. Also the Share loan I mentioned above, they gave it to me at 1.5%.

Re: is penfed rebuilder friendly like nfcu ?

fltireguy — Fri, 19 May 2017 15:20:38 GMT

Kjohn. They like relationships. Give them 6 months and then reapply for the CC - That's what I did

Re: is penfed rebuilder friendly like nfcu ?

fltireguy — Fri, 19 May 2017 15:26:51 GMT

Bradrenfro-the SSL rate should be very very low

Re: is penfed rebuilder friendly like nfcu ?

CreditCuriosity — Fri, 19 May 2017 15:30:29 GMT

@Anonymous wrote:
I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.

I would agree with this.. I have a 30k CC with PenFed along with a 67k auto loan and have banked with them for about a year and a half or so,(direct deposit goes into them) but was denied instantly for a PLOC from the system.. I called up and said what the heck.. The person was really nice on the phone and said this is why we suggest you call in or go into a branch and apply. Long story short was put on hold for about 2 mins while they spoke with an UW and the denial was turned into an approval and they appologized for the auto denial the system did. Anyways face-time or applying on the phone is always better IMO as they have the ability to do instant recon if the computer didn't like something or got something confused, etc.

This is how PenFed works.. I wouldn't suggest this with Chase or other lenders, it is all dependent upon the lender IMO on how to apply for certain products

Re: is penfed rebuilder friendly like nfcu ?

AverageJoesCredit — Fri, 19 May 2017 15:32:09 GMT

Id imagine in person would be best way to go as nothing more personal relationship than in person lol.