topic Re: Penfed possibilities in Credit Cards

Penfed possibilities

Anonymous — Thu, 09 Nov 2017 02:23:13 GMT

I have been working on my credit for a while and I finally made some big progress. I am thinking of applying to their Promise Card but a bit nervous and wanted to get some input. Below is some of my data, I just want some feedback advice before I app. I can get utlization down to below 30%, but will have to wait until next month.

EQ 08 Fico:674

EQ Bankcard: 690

AAOA: 8 years 7 months

Derogs?:1

Util: 41%

Total EQ Inquiries:

Last 12 months: 0

Last 6 months: 0

New Accounts in last 12 months: 0

Last 6 months: 0

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 03:17:34 GMT

You look good. No new

@Anonymous wrote:
I have been working on my credit for a while and I finally made some big progress. I am thinking of applying to their Promise Card but a bit nervous and wanted to get some input. Below is some of my data, I just want some feedback advice before I app. I can get utlization down to below 30%, but will have to wait until next month.
EQ 08 Fico:674
EQ Bankcard: 690

AAOA: 8 years 7 months
Derogs?:1
Util: 41%
Total EQ Inquiries:
Last 12 months: 0
Last 6 months: 0
New Accounts in last 12 months: 0
Last 6 months: 0

No new IQs and no new Accts. Not an Egyptian.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 03:39:02 GMT

Sorry half my post is missing.

You should be great.

As always ymmv

I joined with less then your scores and they were more then generous

good luck.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 03:42:06 GMT

Good to know... Ive been cautious and looking to get a new card. If Im not military affiliate all i need to do is make a donation correct?

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 04:13:17 GMT

@Anonymous wrote:
Good to know... Ive been cautious and looking to get a new card. If Im not military affiliate all i need to do is make a donation correct?

Me neither. And yes you have two options to donate to I believe. I've read some stories here from people who got in with less than stellar credit and PenFed keeps you in that bucket. It doesn't grow for them. I got in with lates, had to recon my approval as they didn't like my UTI but have been able to grow that 5K to 20K. They also refinanced my auto loan at 2.49%. I'm now maxed at with them with how much unsecured credit they want to give me. But honestly, if I ever have to use more than 20K from any card , I have bigger problems to worry about!

Re: Penfed possibilities

SBR249 — Thu, 09 Nov 2017 04:34:55 GMT

If you work for the the federal government at all even as a contractor (I believe), you should be able to join without a donation. Their website application has options to select most executive branch departments. If not, then you will need to donate I think.

Re: Penfed possibilities

SomewhereIn505 — Thu, 09 Nov 2017 12:01:30 GMT

Re: Penfed possibilities

SomewhereIn505 — Thu, 09 Nov 2017 12:05:59 GMT

Best donation I have ever made! Note they do work off FICO9 score. I was able to get in, but my FICO9 was 2 points short for promise consideration. I did go ahead and move my accounts there. There is a few newbie rules you have to abide by for 6 months. However the customer service has been fantastic and worth the hassle. I’m looking forward to the next quarterly account review and see what is offered to me. I should have those 2 points covered by then if not already.

Re: Penfed possibilities

Ardecko — Thu, 09 Nov 2017 13:44:33 GMT

What was the FICO 9 threshold they wanted for the Promise?

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 14:34:29 GMT

I joined PenFed in late September at the end of a month-long app spree that had reduced my Equifax 08 score to the 660s (MyFICO for late September reported EQ at 663; CreditCheckTotal showed EQ at 666). I made a donation of $17 to National Military Family Association to become eligible for membership (the NMFA ranks very highly on Charity Watch). I opened both checking and savings accounts with minimal amounts then applied for credit products. I was turned down for the Power Cash Rewards and Visa Signature cards; the denial letters citing that I had insufficient history with them. However, I was approved for the Promise Visa with a SL of $15,000 and a Overdraft Line of Credit for $500. The letter sent after the Promise Visa approval said my score, presumably EQ FICO 9, was 715. I had lower EQ 08 scores than yours but my utilization was about 5 percent at that time.

I'm undecided whether to hit them up for a CLI before the hard pull expires at end of December; or wait until January to see if they give me any offers after the November account review. So right now I'm continuing to PIF all my credit cards and keep my utilization low so my profile looks good for the account review at the end of this month.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 14:51:39 GMT

Hit them up before your HP expires in December. And you best ask if they will use the same HP before you apply for the CLI. It's not guaranteed they will.

As you will most likely NOT get any offers. Way too soon. Start looking for them after a year if your files are clean.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 15:02:32 GMT

Thanks for the advice donny10. I'll definitely request a CLI from them next month before the original hard pull expires. But my scores are already recovering from the impact of the hard pulls and new accounts primarily because I also opened an Alliant Share Secured loan for $500 which has added approx. 30 points to my scores.

Re: Penfed possibilities

AverageJoesCredit — Thu, 09 Nov 2017 15:10:43 GMT

Op should have a good chance. Real rare to see all those zero's in inq lol.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 17:27:18 GMT

packWiz do not hold your breath for Penfed offers so soon. I know everybody is different. My Nextgen was always around 780 and FICO 9 is 769. And I have never got any offers from Penfed. Over a year in with checking, savings and Promise. Joined with clean files and have clean files and nothing.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 16:13:15 GMT

I appreciate everyones responses, it is most helpful. I am just looking to add a card. I dont currently have a relationship with them but will apply to see what happens. The worst they can say is no, but the hope is I get something

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 16:24:15 GMT

donny10, just to clarify... I am not the OP and it was me who mentioned the possibility of a CLI on my Promise Visa. The OP does not appear to have any current relationship with PenFed and is simply collecting data points/opinions about the probability of membership.

Re: Penfed possibilities

Anonymous — Thu, 09 Nov 2017 17:28:43 GMT

@PackWiz wrote:
donny10, just to clarify... I am not the OP and it was me who mentioned the possibility of a CLI on my Promise Visa. The OP does not appear to have any current relationship with PenFed and is simply collecting data points/opinions about the probability of membership.

Yeah, I edited the post so it shows I was talking to you. Thanks.