topic Re: Chances with PenFed? in Credit Cards

Chances with PenFed?

Anonymous — Thu, 26 Mar 2009 22:41:16 GMT

I just opened two credit cards in December. I got sucked into AMEX (it's the only thing they take at Costco!) and opened a WAMU card with my sister in law before Chase took away the free monthly credit score. Now I'm looking for a car loan and trying to find the best rates possible. I discovered PenFed and their cash Visa Platinum Rewards card which looks like it will beat out my AMEX Cash rewards. My score is hovering around 710 right now, and I've got those 2 recent accounts. What do you think the chances of being approved with PenFed are? I'd love to be able to open that card and the auto loan with the same credit pull.

By the way, is it really true that credit checks within a few days or weeks of each other are counted as one? If so maybe I can roll the dice with PenFed, BECU, and the dealership.

Re: Chances with PenFed?

nathan — Thu, 26 Mar 2009 22:49:17 GMT

Your score looks good, but just know that penfed is unpredictable even with good scores. I hope the 710 is eq. From what I have read from this forum, penfed frowns on new accounts especially when opened within a short period of time. If you don't have too many inq on your eq, you may roll the dice and hope for the best. Good luck.

Re: Chances with PenFed?

Anonymous — Thu, 26 Mar 2009 23:10:57 GMT

Does PenFed use Equifax exclusively? I have 4 inquiries on my Equifax, but should count as 3 as two of them were in the same week if that rule really does apply. The newest inquiry is already 6 months old.

Can I apply for the Credit Card and the Auto Loan in the same application so it only dings my report once?

Re: Chances with PenFed?

nathan — Thu, 26 Mar 2009 23:44:21 GMT

Yes penfed pulls eq exclusively just like most cus, and you can do both applications under one pull. I got my cc and auto loan with one application back in july 2008.I haven't heard of any changes so far, atleast not from this forum.

Re: Chances with PenFed?

Anonymous — Fri, 27 Mar 2009 00:22:19 GMT

Oh, one more question - we're about $2500 upside down on the trade in car. Would PenFed finance this?

Re: Chances with PenFed?

Anonymous — Fri, 27 Mar 2009 00:47:31 GMT

Don't waste your time with PenFed - Alliant Credit Union is much better. Better deposit rates, better credit products, faster approvals.

Re: Chances with PenFed?

Anonymous — Fri, 27 Mar 2009 00:49:58 GMT

Good to know, and it does look like they have good rates....but I really want that Rewards Card!

Re: Chances with PenFed?

Anonymous — Fri, 27 Mar 2009 00:55:35 GMT

PenFed does have a decent rewards card, but their deposit rates are lousy. Alliant is a better choice overall.

Re: Chances with PenFed?

haulingthescoreup — Fri, 27 Mar 2009 02:00:05 GMT

thebostonredsox wrote:

PenFed does have a decent rewards card, but their deposit rates are lousy. Alliant is a better choice overall.

Depends on what you're looking for. If you want an all-around financial institution, my vote is for USAA, and maybe Alliant (haven't read through all the non-CC stuff.) If you're looking for a killer rewards card, I say PenFed.

I'd never blow off one for the other.

Re: Chances with PenFed?

Anonymous — Sat, 28 Mar 2009 20:06:10 GMT

From a FICO standpoint, credit pulls in a short time frame (from same type lenders) is given lenience.....but that does not mean the creditors looking at your app will view it that way....especially if you are shopping for multiple types of credit.

The lenience is based upon the premise that you are, for example, shopping for an auto loan and get pulled multiple times but only execute a single loan, not for shopping multiple loans.

If you are shopping cc's, auto, mortgage, store....broad gamut....every pull and every new account hurts you on the next app.

Message Edited by txjohn on 03-28-2009 01:06 PM

Re: Chances with PenFed?

Anonymous — Sun, 29 Mar 2009 14:38:26 GMT

@Anonymous wrote:
Don't waste your time with PenFed - Alliant Credit Union is much better. Better deposit rates, better credit products, faster approvals.

YMMV... PenFed is actually an outstanding, conservative CU, so don't be so quick to dismiss them. Approval criteria has possible changed over the past year.

Each person must look at their own needs and assess which CU best meets their needs. I have account with PenFed, Alliant, NASA, NFCU, Patelco, Justice and Addison Avenue, and each have their own strenghts and weaknesses. I prefer Navy's checking, CDs and car loans. I like PenFed's credit card rewards and car loans. I like Alliant's savings accounts. I like Patelco and NASA credit cards for their 1% FETF feature, so I use their credit cards on all trips outside the United States. Above all else, I perfer ANY credit union over a commerical bank.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 12:50:05 GMT

PenFed seems to be fair and consistent, just conservative and may require income verification. And you can speak to a LO about the application and your circumstances and goals.

I referred my brother and his wife who have a BK in 2000 and some lates 1 30 2 years ago and a 30/60/90 6 years ago)...FICO's 710 - 740. Fortunately, for some reason their BK isn't reported on EQ and that is the CRA PenFed uses.

They each got an instant approval....her $7.5k plus auto $35k and him $5k plus auto $35k.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 17:19:32 GMT

I applied for the Gas card and was denied. The reason was LACK OF RECENTLY ESTABLISHED ACCTS/ TOO MANY INQUIRIES LAST 12 MONTHS ( I had 4)/ NUMBER OF ESTABLISHED ACCOUNTS

Score really isnt a factor with them. My EQ score is 762. Im going to deposit some money every week in the regular share account to build a relationship with them and maybe they will send me an offer sometime down the road.

Hopefully my experience will help you with your decision.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 17:29:24 GMT

If you are depositing cash, try doing so then asking for a secured loan against your savings. Make 4-6 payments and then see talk to a LO. This will have established a cash account relationship, a loan with payments (which will report to your credit) and a payment history on top of your regular deposits.

If you really want to get in good, sign up for a direct deposit if you have the ability. They love DD and to see savings. Combined with a personal loan that you you pay off in 6 to 12 months will get you a lot of mileage with CU's.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 18:00:53 GMT

TXJohn, do you have any idea how many inquiries or new accounts your brother and SIL had when they applied?

Duplex, was that 4 inquiries or 4 new accounts in the past 12 months? Thanks for sharing your situation, it does help me figure out when to apply.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 18:04:49 GMT

Brother had no inquiries in last 1 year, had 7 over 1 year old but within 2 years. Had an auto loan 12/2007.

His wife had 1 inquiry from recent auto loan, nothing else.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 18:07:06 GMT

I had 4 inquiries. The only other active accounts I have is a car loan, which is 8 months old now and a Chase cc which is 6 months old now. I guess they like to see some well established active accounts.

Re: Chances with PenFed?

Anonymous — Mon, 30 Mar 2009 18:11:00 GMT

Probably. Has anyone ever asked PenFed if they will issue a CC against a secured savings account? It might be worth the call to a LO and ask about it. If you are going to be putting money with them anyway, see how you can leverage it.....never assume anything.....get informed, sometimes you get a surprise you might like!