topic Re: Andrews FCU vs PenFed for Credit Products? in Credit Cards

Andrews FCU vs PenFed for Credit Products?

tragicrex — Fri, 29 Jun 2018 19:00:06 GMT

Hi all,

I was wondering if anyone here has first hand experience of Andrews FCU and PenFed.

Currently, I'm a member of Navy FCU and Andrews. I was debating joining PenFed. I do not have any credit products with Andrews yet. I'm a little wary about credit from them, as their website isn't the most modern and they really rubbed me the wrong way when I joined online. It took about three weeks, and multiple phone calls, to get my application pushed through to actually join. I'm convinced that if I didn't keep calling, I still wouldn't be a member! It's also concerning to me that their Loans department may work like their new membership department.

I've only read good things about PenFed, and so far have only had good experiences with Navy. Thinking of kicking Andrews to the curb, despite their good offerings, and replacing with PenFed.

Any first hand experience would be appreciated! Thanks!

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Fri, 29 Jun 2018 19:46:54 GMT

I've been a member of PenFed for a long, LONG time (think: late 1970's!!!) They've been good to me for decades, even if they're chintzy about CLI's on my Power Cash Rewards Visa. No issuer is ever going to generate 100% satisfaction, and some people here will certainly report less-than-ideal experiences, but in the main, they're a very, very good CU.

Re: Andrews FCU vs PenFed for Credit Products?

pipeguy — Fri, 29 Jun 2018 19:50:42 GMT

I know PenFed typically gets high marks on these forums, but you might look at this thread:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Penfed-Declined-and-Done-with-them/m-p/5284179#M202678

Personally, I am a member of DCU and NFCU along with several others (not Andrews), but I've heard good things about Andrews and I have a friend that works in their IT department, who used to be with Belvoir FCU which was purchased by PenFed and after working there (PenFed) for a year moved to Andrews because of internal nonsense (I don't have the details).

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Fri, 29 Jun 2018 20:40:42 GMT

@pipeguy wrote:
I know PenFed typically gets high marks on these forums, but you might look at this thread:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Penfed-Declined-and-Done-with-them/m-p/5284179#M202678

Personally, I am a member of DCU and NFCU along with several others (not Andrews), but I've heard good things about Andrews and I have a friend that works in their IT department, who used to be with Belvoir FCU which was purchased by PenFed and after working there (PenFed) for a year moved to Andrews because of internal nonsense (I don't have the details).

I'd hardly call what happened to peghede as indicative of the value of PenFed as a credit union. I have lots of credit as well and never have had an issue getting anything from them. Maybe it's more a lesson not to just seek CLIs on store cards just for the sake of them. Can come back to bite you.

Re: Andrews FCU vs PenFed for Credit Products?

AverageJoesCredit — Sat, 30 Jun 2018 12:19:11 GMT

The only true way to see if Penfed works for you is to become a member and apply for credit products. We all experience different levels of satisfaction whether it be Peghede and his abundance of credit or me with excellent credit but low income to Irish with years of good experiences with them. 1st hand experience trumps 2nd hand anyday

Re: Andrews FCU vs PenFed for Credit Products?

UpperNwGuy — Sat, 30 Jun 2018 13:02:57 GMT

PenFed has been good to me for over 25 years. I recommend them highly.

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Sat, 30 Jun 2018 14:07:19 GMT

I would recommend trying Penfed, i have liked my time there so far. Nothing is perfect, and they have met my needs/expectations overall.

Re: Andrews FCU vs PenFed for Credit Products?

SOGGIE — Sat, 30 Jun 2018 14:38:13 GMT

My issue with PenFed's card products is lack of growth compaired to other card issuer's products. Major growth is of paramount importance to me.

Re: Andrews FCU vs PenFed for Credit Products?

Revelate — Sat, 30 Jun 2018 18:30:24 GMT

Only problem I ever had with Penfed is when I joined I was in some funky restricted status as a result of my credit at the time which was basically right after I found this forum, and when I got a LOC approved (easily I might add with a decent limit back in 2015 after my mortgage funded) I had to go through some shennanigans to actually be able to use it but they were absolutely professional and even apologetic during that ordeal... which is a LOT more than I can say for some of the CU's I've used over time.

Beyond that though, seriously no problems whatsoever. I have a stupid credit snafu which actually is turning out to come at a bad time (Tesla reservation came up and I pulled the trigger on it... would've been better rolling into financing a car with my former 800 credit scores) and they're going to be given a chance at financing it, though I should probably see if anyone is underwriting car loans under FICO 9 yet haha, I still don't know why that algorithm seemingly likes me but the car loan is 2-4 months out anyway.

Re: Andrews FCU vs PenFed for Credit Products?

Appleman — Sat, 30 Jun 2018 19:48:18 GMT

Isn't PenFed using FICO 9 currently?

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Sat, 30 Jun 2018 20:00:32 GMT

@Appleman wrote:
Isn't PenFed using FICO 9 currently?

Yes, Penfed and Navy are using Fico 9.

Re: Andrews FCU vs PenFed for Credit Products?

Revelate — Sat, 30 Jun 2018 20:43:53 GMT

@Anonymous wrote:
@Appleman wrote:
Isn't PenFed using FICO 9 currently?
Yes, Penfed and Navy are using Fico 9.

Oh that is fanastic news haha, thank you!

Taken right after a $15 fee reported as 30D late, EQ FICO 9 score = 774 at that time, and that's before cleaning up the balances and a few months age on the 30D which if it's like FICO 8, quite possibly a couple additional points too.

Wonder how their UW has changed with FICO 9, guess will go see! Thanks!

EDIT: Oh my actually that wasn't right after, that was right after JCB updated to $0 balance. Penfed had a 5/8 score of 740... so apparently I got 30+ points just for getting righteous on that tradeline. Interesting, saw something similar on FICO 8 but much much smaller movement.

Re: Andrews FCU vs PenFed for Credit Products?

manyquestions — Sun, 01 Jul 2018 00:26:16 GMT

I like Penfed a lot better than Andrews. Andrews to me is like a small town conservative credit union whereas Penfed has been more generous with credit for me and in my experience Penfed has better comunication compared to Andrews. My impression is based on a lot of experience with Penfed and a little experience with Andrews.

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Sun, 01 Jul 2018 01:11:31 GMT

@Anonymous wrote:
@Appleman wrote:
Isn't PenFed using FICO 9 currently?
Yes, Penfed and Navy are using Fico 9.

Where can you get FICO 9 scores? Here at myfico?

Re: Andrews FCU vs PenFed for Credit Products?

tragicrex — Sun, 01 Jul 2018 17:57:44 GMT

Thank you everyone for your input! I'm thinking down the road I might ditch Andrews. I could always reopen an account there if they happen to have a product that fits my needs in the future.

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Sun, 01 Jul 2018 18:00:55 GMT

@Anonymous wrote:
@Anonymous wrote:
@Appleman wrote:
Isn't PenFed using FICO 9 currently?
Yes, Penfed and Navy are using Fico 9.
Where can you get FICO 9 scores? Here at myfico?

Yes, only place to get your FICO 09 scores and most of the auto, bank card and mortgage versions is thru MF

Re: Andrews FCU vs PenFed for Credit Products?

pizza1 — Sun, 01 Jul 2018 22:04:48 GMT

I can't say enough good things about them! I have a 5yr BK plus negs IIB acts showing still, umpteen INQ/New acts, and they gave me a personal loan, CC (on recon at first, now sits at $5k), and $5kPLOC!

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Sun, 01 Jul 2018 22:32:42 GMT

@pizza1 wrote:
I can't say enough good things about them! I have a 5yr BK plus negs IIB acts showing still, umpteen INQ/New acts, and they gave me a personal loan, CC (on recon at first, now sits at $5k), and $5kPLOC!

Congrats Pizza.. I have heard that is not an easy feat with a BK. I like PF, just wish i could get a CLI like my navy cards. No BK, 1 pd neg, lots of inq/accts, and no suck luck. The denial letter is only about inq's and accts.

Re: Andrews FCU vs PenFed for Credit Products?

CreditDunce — Mon, 02 Jul 2018 16:17:33 GMT

@Anonymous wrote:
@Anonymous wrote:
@Appleman wrote:
Isn't PenFed using FICO 9 currently?
Yes, Penfed and Navy are using Fico 9.
Where can you get FICO 9 scores? Here at myfico?

If you have a credit product with Penfed or Navy, they will provide your EQ-09 scores every couple of months. I don't know if PF and Navy exclusively use EQ-09 for everything. WellsFargo provides me with monthly EX-09 scores. However, the model shown will vary based on the which credit products you have with WF.

Andrews shows quarterly EQ-08 scores for all members.

Re: Andrews FCU vs PenFed for Credit Products?

Anonymous — Mon, 02 Jul 2018 19:33:37 GMT

@pizza1 wrote:
I can't say enough good things about them! I have a 5yr BK plus negs IIB acts showing still, umpteen INQ/New acts, and they gave me a personal loan, CC (on recon at first, now sits at $5k), and $5kPLOC!

What were your scores when you were approved?