topic Re: PenFed Credit Union - APP results and FICO SURVEY in Credit Cards

PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Tue, 07 Apr 2009 19:01:53 GMT

I have received some requests that we start a PenFed Application Results survey in order for others compare their own credit circumstances and gauge their readiness and likely outcome of an app with PenFed.

If you have applied for CC, Auto or other credit with PenFed, or have been Instant Approved online, please post your results and the following info for others to learn from. THANKS

- What did you App for (CC, Auto...)?

- Approved or Declined?

- Date of app?

- EQ FICO at app?

- # of Inquiries at app?

- Any Derogs at app:

- Oldest Account Age?

- Newest Account Age?

- AAoA at app?

- Highest CL at app?

- EQ Utilization Percentage?

- Requested CL?

- Instant Approval, LO Review or Decline?

- Income Verification Required?

- Any Counter Offer from PenFed?

- If declined, reason given?

- Any comments you think helpful?

HELPFUL TIPS: From the combined experience of the forum, PenFed appears to ONLY pulls EQ. If anybody ever gets a different pull, let us all know.

EDITED: deleted info that was confusing.

Message Edited by txjohn on 04-07-2009 12:01 PM

Re: PenFed Credit Union - FICO and APP results SURVEY

Anonymous — Tue, 07 Apr 2009 12:04:49 GMT

- What did you App for (CC, Auto...)? Visa Platinum Travel Rewards

- Approved or Declined? Approved

- Date of app? 3/24/09

- EQ FICO at app? 808

- # of Inquiries at app? 0

- Any Derogs at app: 0

- Oldest Account? 21 yrs

- AAoA at app? 5yrs 8mos

- Highest CL at app? $10k BoA

- Requested CL? $25k

- Instant Approval, LO Review or Decline? LO review

- Income Verification Required? Yes - last 2 paystubs

- Any Counter Offer from PenFed? Yes - $10k

- If declined, reason given?

- Any comments you think helpful? I received my card about 10 days from app, 1 week from approval

Re: PenFed Credit Union - FICO and APP results SURVEY

Anonymous — Tue, 07 Apr 2009 12:43:14 GMT

You're a good one - these threads are Uber-helpful! I would add which CRA they pulled. Lovely scores, by the way - good work! - and it's great to see them in contrast to the 2005 scores - way to go!

Re: PenFed Credit Union - FICO and APP results SURVEY

Anonymous — Tue, 07 Apr 2009 12:45:32 GMT

PenFed only pulls EQ....I've never heard of anyone having anything else pulled. But we can add it.

Re: PenFed Credit Union - FICO and APP results SURVEY

Anonymous — Tue, 07 Apr 2009 12:47:37 GMT

Oh - that's great to know! One more EQ ONLY card - you made my day (and it's still pretty early).

Re: PenFed Credit Union - APP results and FICO SURVEY

score_building — Tue, 07 Apr 2009 19:41:24 GMT

txjohn wrote:

HELPFUL TIPS: From the combined experience of the forum, PenFed appears to ONLY pulls EQ. If anybody ever gets a different pull, let us all know.

Also, I have gathered now, from 7 different individuals, that when they app'ed to Alliant, whatever INSTANT APPROVAL offer they got, if they then app'ed PenFed and asked for the same or slightly less CL, it was also generally INSTANT APPROVED.

Pen Fed is probably the most conservative CU and seems to object strongly to EQ inqs and new apps in most cases. so if Pen Fed is in your roster of lenders to app. as a rule of thumb it is advisable to App Pen Fed first before any other apps incl. Alliant if possible.

since both are excellent CUs there will be overlap but an Alliant approval is not a reliable predictor of Pen Fed approval. eg. Alliant has reportedly approved up to 40 - 50 uti in certain instances. whereas anything approaching 25-30% or above appears to give Pen fed the shivers.

it is not that unusual to hear posts of Pen Fed denying scores over 720 for "pyramiding" etc. whereas from what we hear, Alliant seems more likely to approve high altitude scores even with a few relatively new accts. reporting. uti is a major deciding factor and you may want to incl if possible to give a more complete picture of lender requirements.

also worth noting that pen fed seems to view 'new accounts' as any under two years old.

Message Edited by score_building on 04-07-2009 12:41 PM

Re: PenFed Credit Union - APP results and FICO SURVEY

xelda — Tue, 07 Apr 2009 18:59:42 GMT

Can we add a category for number of new accounts and debt-to-income ratio? Those also seem to be major factors in Penfed approvals.

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Tue, 07 Apr 2009 21:23:45 GMT

What did you App for (CC, Auto...)? Applied for Platinum rewards card

- Approved or Declined? Approved for CC, and was offered an auto loan.

- Date of app? Early November 2008

- EQ FICO at app? 801

- # of Inquiries at app? 11 Inquries from April 2006. All were mortgage related.

- Any Derogs at app: None

- Oldest Account Age? 19 years

- Newest Account Age? 7 years

- AAoA at app? Don't remember

- Highest CL at app? 50,000

- EQ Utilization Percentage? 2%

- Requested CL? 15,000

- Instant Approval, LO Review or Decline? Instant approval.

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given? N/a

- Any comments you think helpful. Make sure you have solid credit, verifiable income, and low utilization before wasting an Inq. I know lots of qualified folks being turned down for "pyramiding debt"

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Tue, 07 Apr 2009 22:27:34 GMT

Slightly off topic, but I had posted here at myfico on some PenFed threads when I was wondering whether to apply or not. I ended up going with Alliant instead, but before I did I got an e-mail to the account that my myfico account is registered to promoting their Visa products. Anyone else post here regarding PenFed and then get promotional e-mails? Thought it was strange, since I have an entirely different account where I recieve junk mail but this was to the e-mail I've kept fairly unknown.

Re: PenFed Credit Union - APP results and FICO SURVEY

karbon86 — Wed, 08 Apr 2009 19:29:45 GMT

What did you App for (CC, Auto...): CC plat cash rewards visa

- Approved or Declined? Approved

- Date of app? ~1/1/09

- EQ FICO at app? ~750

- # of Inquiries at app? 0

- Any Derogs at app: 0

- Oldest Account Age? 3.5 years

- Newest Account Age? 1.5 years

- AAoA at app? ~2 years

- Highest CL at app? $10,000

- EQ Utilization Percentage? less than 5%

- Requested CL? $5,000 since people said they were only opening 5K limits at the time for new customers

- Instant Approval, LO Review or Decline? Instant online approval

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given? N/A

- Any comments you think helpful? I got in too late for newlarge credit lines. They were only giving 5K new lines for new customers. They also changed their policy to a minimum of 1 year before you can request an increase. I also decided to get an auto loan a week later and was also an instant approval online. At the time the rate was 4.75% and I got it instantly for 41K. Now the rate is at 3.99%. Great credit union and I have had no need to interact with their famed A+ CS staff. Everything was quick and easy and instant online approvals.

Message Edited by karbon86 on 04-08-2009 12:29 PM

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Wed, 08 Apr 2009 22:23:54 GMT

I would be very skeptical of an email that claimed it was due to you posting on the forum about PenFed. Call CS and ask them about it....when in doubt, assume it is phishing email scam.

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 08:28:45 GMT

First, I have guided my brother to establish a great credit base. This is his penfed CC application.

- What did you App for (CC, Auto...)? Visa Classic (secured)

- Approved or Declined? Pending (GUARANTOR required)

- Date of app? 04/07/08

- EQ FICO at app? 724

- # of Inquiries at app? 1

- Any Derogs at app: 0

- Oldest Account Age? 7 months

- Newest Account Age? 7 months = two new accounts if Penfed Approves. Alliant CC Approved

- AAoA at app? 7 months - Highest CL at app? 500

- EQ Utilization Percentage? 1 %

- Requested CL? 500 = deposited 250 for secured limit.

- Instant Approval, LO Review or Decline? Pending GUARANTOR - Me

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given? Pending

- Any comments you think helpful?

Pulled bros Equifax when My Fico & Equifax was giving free FICO score. Irecommended him to app at Penfed so he can establish a relationship, for future products. Then why not use inital inquiry for a secure cc.

Brothers total CC's, 1 BoA fully secured 500cl (7 months), 1 Citi CC fully secured 500cl (7months), Alliant CC approved (4/7/08 after Penfed) 2500 cl unsecured, A great starting base, now I am jealous.

Message Edited by jjmite on 04-09-2009 01:28 AM

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 08:31:22 GMT

I had a preapproval for their card show up online right after they pulled EQ for a car loan. I accepted the offer and they pulled TU as well. When I got the check for the car loan I cancelled the loan and sent the check back to them. I now have a paid in full car loan on my report for the next 10 years.

Many people who have no debt showing on their report get a denial reason of "pyramiding debt". In these cases it means "pyramiding credit" and you have too many new accounts. For those that think available credit isn't debt, Penfed thinks it is.

Message Edited by hobojon on 04-09-2009 01:31 AM

Re: PenFed Credit Union - APP results and FICO SURVEY

score_building — Thu, 09 Apr 2009 08:31:41 GMT

so even though you cancelled the loan it reports as a pif loan?

@Anonymous wrote:
I had a preapproval for their card show up online right after they pulled EQ for a car loan. I accepted the offer and they pulled TU as well. When I got the check for the car loan I cancelled the loan and sent the check back to them. I now have a paid in full car loan on my report for the next 10 years.

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 08:40:51 GMT

@score_building wrote:
so even though you cancelled the loan it reports as a pif loan?
@Anonymous wrote:
I had a preapproval for their card show up online right after they pulled EQ for a car loan. I accepted the offer and they pulled TU as well. When I got the check for the car loan I cancelled the loan and sent the check back to them. I now have a paid in full car loan on my report for the next 10 years.
Yes, it reports as paid in full, closed, which is accurate. They gave me the loan and I paid it off. My last new car loan through NFCU 10 years ago I did the same thing although it wasn't on purpose. I got the check from them and went to the dealer with it. They had sold the vehicle I was going to buy so I returned the check and that loan was reported as paid in full, closed, and has been for 10 years. It just fell off of EQ and I expect it to fall off the other two shortly.

Message Edited by hobojon on 04-09-2009 01:40 AM

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 12:52:06 GMT

Wow. That's pretty interesting!

How does this affect AAofA? I'm not sure I understand how AAofA is calculated - is it how long each OPEN account has remained active? Or how long EVERY account remained active?

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 13:05:01 GMT

AAoA is merely the "average" age of ALL accounts reported on your CR, whether open, closed, current or derog.

When an account drops or is deleted, it is removed from the average, which is add the age of all accounts, then divide by the number of accounts. The result is your AAoA. The higher AAoA, the better.

From a FICO standpoint, often when a derog is removed or falls off, it may actually hurt your FICO because the AAoA is lowered.

Message Edited by txjohn on 04-09-2009 06:05 AM

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 13:05:37 GMT

Thanks tx. So immediately paying off a car loan will show an account with a 1 month history as long as it reports? And it can have an impact on your AAofA for that 10 years?

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 13:09:44 GMT

1 month on the first month. 5 years from now it will be 5 years. 10 years from now it will fall off.

You probably can get this account removed if you ask the CU, stating that you did not actually cash the check, thus did not take the funds. They may GW remove it.

Re: PenFed Credit Union - APP results and FICO SURVEY

Anonymous — Thu, 09 Apr 2009 13:19:37 GMT

I don't know if you have noticed this, but when you buy your scores there is an option to received promotional emails about products you may qualify for. Is it possible that you agreed to received these emails? That might explain it.

@Anonymous wrote:
Slightly off topic, but I had posted here at myfico on some PenFed threads when I was wondering whether to apply or not. I ended up going with Alliant instead, but before I did I got an e-mail to the account that my myfico account is registered to promoting their Visa products. Anyone else post here regarding PenFed and then get promotional e-mails? Thought it was strange, since I have an entirely different account where I recieve junk mail but this was to the e-mail I've kept fairly unknown.