topic Re: PenFed Score Requirements? in Credit Cards

PenFed Score Requirements?

Anonymous — Sat, 10 Apr 2010 22:08:16 GMT

Lookiing to join PenFed and get either a LoC or education loan. Does anyone know what score numbers PenFed looks for?

Re: PenFed Score Requirements?

smallfry — Sat, 10 Apr 2010 22:37:41 GMT

They are getting more dificult. Used to be 680 was good enough now might be 720.

Re: PenFed Score Requirements?

nicemann — Sun, 11 Apr 2010 08:21:47 GMT

Well I've been looking at PenFed for 3 years now. Always been too afraid to try. Just signed up for the savings account (had to do the NMFA $20 sign up) with $100 deposit. Guess I can't apply for a Credit Card till I get the welcome packet and send it back signed. Kind of sucks, I thought it would let me apply right after I signed up.

Guess I got a week or so to keep wondering if I will be able to make it or not. My EQ Fico is only about 690 but I don't have any INQs except a car loan back in June (already paid off). Only negative is a Paid medical collection from 6 1/2 years ago. Other then that nothing else negative. I don't carry balances on any of my credit cards, only thing with a balance is my mortgage.

Guess we shall see.

Re: PenFed Score Requirements?

score_building — Sun, 11 Apr 2010 10:40:06 GMT

@nicemann wrote:
Well I've been looking at PenFed for 3 years now. Always been too afraid to try. Just signed up for the savings account (had to do the NMFA $20 sign up) with $100 deposit. Guess I can't apply for a Credit Card till I get the welcome packet and send it back signed. Kind of sucks, I thought it would let me apply right after I signed up.

Guess I got a week or so to keep wondering if I will be able to make it or not. My EQ Fico is only about 690 but I don't have any INQs except a car loan back in June (already paid off). Only negative is a Paid medical collection from 6 1/2 years ago. Other then that nothing else negative. I don't carry balances on any of my credit cards, only thing with a balance is my mortgage.

Guess we shall see.

with low utl and a 6.5 year old medical collection as the only neg score would generally be higher than 690

there's no indication that a 690 would be sufficient for pen fed loan products with any combo of inq and new accts., etc.

Re: PenFed Score Requirements?

nicemann — Sun, 11 Apr 2010 13:27:08 GMT

@score_building wrote:

with low utl and a 6.5 year old medical collection as the only neg score would generally be higher than 690
there's no indication that a 690 would be sufficient for pen fed loan products with any combo of inq and new accts., etc.

Well that is my only negative item on my credit report. There are no lates or anything else on my report. So you are saying with a 690, I am wasting my time, there is no way PenFed will give me a card? I've have a 25k CL with BoA.

Re: PenFed Score Requirements?

score_building — Sun, 11 Apr 2010 13:49:55 GMT

If you want to try it as a 'reach' app, and are w/i the 90 days w/o additional pull, otherwise successful apps do seem to at least carry 700s to start,

with your current score looks like you'll be there soon.

Re: PenFed Score Requirements?

nicemann — Sun, 11 Apr 2010 14:10:15 GMT

Well since from what I have read on here, they pull a INQ for the savigns account and we can apply within 90 days for anything else without an additional pull, I guess it doesn't hurt. Now there seems to be mixed reviews on the 90 days w/o another INQ, do you know if it is only over the phone or does the rule apply for online too?

Thank you

Re: PenFed Score Requirements?

score_building — Sun, 06 Mar 2011 04:24:44 GMT

90 day rule should apply either way, it does for most applicants apparently, but it is not guaranteed.

They double pulled w/i the same week for me (and denied) for whatever reason.

Re: PenFed Score Requirements?

Anonymous — Sun, 11 Apr 2010 14:30:29 GMT

@nicemann wrote:
Well since from what I have read on here, they pull a INQ for the savigns account and we can apply within 90 days for anything else without an additional pull, I guess it doesn't hurt. Now there seems to be mixed reviews on the 90 days w/o another INQ, do you know if it is only over the phone or does the rule apply for online too?

Thank you

When I spoke to PenFed, they said 30 days (apparently for online).

What does the board think- I have a 706 EQ now, according to EQ if I get the util down next month, it could be anywhere from 726+ to 756+ depending on util.

I have 2 INQ last year & 5 in last 2 years.

I am applying in hopes of getting a student loan to cover summer tuition, but I can float it for a few months if needed.

Apply now, wait for new reporting cycle, or join & wait?

Re: PenFed Score Requirements?

nicemann — Sun, 11 Apr 2010 14:32:31 GMT

Been holding off on pulling my Fico Score for awhile. Figured I would pull it this morning. Score is at 694. Guess I will try and see what happens.

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
1%

Number of collections on your credit report
1 Collection

Your oldest account was opened
5 Years, 11 Months ago

Average age of your accounts
2 years

Your applications for credit in the past year
1 inquiry

Re: PenFed Score Requirements?

armymom — Sun, 11 Apr 2010 14:42:14 GMT

The lower your util the better. I would get it under 10% if possible.

Re: PenFed Score Requirements?

Anonymous — Mon, 12 Apr 2010 00:52:32 GMT

With PenFed score alone is never the issue.

They look really hard at number of INQs, number of new accounts (new = under 3 years old) and AAoA. I am not sure at what age negatives don't look so bad to them, though.

Re: PenFed Score Requirements?

silveroak — Mon, 12 Apr 2010 15:30:14 GMT

No idea what requirements are. Here's my recent experience with Penfed:

1. Joined Military Family Assoc to get membership with Penfed in February 2010 and got member number a few days later

2. 3/31/10: Deposited $10.00 into a Share Savings account to join the CU

3. 3/31/10: Applied for the Cashback Platnium VISA over the phone

4. 3/31/10 Instantly Approved for $16,500 VISA Cashback Platnium (no docs required, 773 Equifax score, AAofA is 6 years, 20ish% utilization, no baddies , 16 year credit history, highest active credit line prior to that was $3500 with Cap One, income between 80-100k) I did not ask for a specific amount and accepted what was offered

5. 4/1/10-logged onto website to find a 35k car loan approved at 3.9%

6. 4/10/10 called and spoke to CSR and accepted car loan which locked in rate and approved amount "up to 35k" for 90 days

7. Just need to find a car!

Thanks!

Re: PenFed Score Requirements?

nicemann — Fri, 16 Apr 2010 16:21:48 GMT

Well I got my signature card in the mail today. I called to setup a pin number and the lady asked me if I heard about their great credit cards. I said I did and she let me apply right then. She took all my information, said I was "tenatively approved" and I just needed to fax in my last two paystubs and my W2. Not a problem since I didn't lie about it (especially since you guys told me they request docs a lot).

So maybe I do have a shot. Not getting my hopes up too high yet though.

Re: PenFed Score Requirements?

nicemann — Sat, 17 Apr 2010 05:42:01 GMT

Anyone know if you check the status of the credit card app online if you applied over the phone?

Re: PenFed Score Requirements?

nicemann — Sat, 17 Apr 2010 10:36:11 GMT

Never mind found it.....just made my night. Guess they do still accept people with a under 700 score. From what I read on the forums here Transferred means approved and sent over to make the card! When I Apped they didn't ask me for a CL amount so I am happy with what I got.

For years I have been scared of PenFed. Never thinking I would get approved by them. Thanks to you all I have approved my score by 200 points over the last couple of years!

Action	Status		Product	Amount	Date Received
	TRANSFERRED 04/16/2010		VISA Platinum Cash Rewards	$17,500.00	04/16/2010

Re: PenFed Score Requirements?

Anonymous — Sat, 17 Apr 2010 11:55:32 GMT

@nicemann wrote:
Never mind found it.....just made my night. Guess they do still accept people with a under 700 score. From what I read on the forums here Transferred means approved and sent over to make the card! When I Apped they didn't ask me for a CL amount so I am happy with what I got.

For years I have been scared of PenFed. Never thinking I would get approved by them. Thanks to you all I have approved my score by 200 points over the last couple of years!

Action Status Product Amount Date
Received
TRANSFERRED 04/16/2010 VISA Platinum Cash Rewards $17,500.00
04/16/2010

Congratulations!

I know they look at INQs and account ages. Care to share your profile?

Re: PenFed Score Requirements?

Anonymous — Sat, 17 Apr 2010 12:53:13 GMT

@score_building wrote:

@nicemann wrote:
Well I've been looking at PenFed for 3 years now. Always been too afraid to try. Just signed up for the savings account (had to do the NMFA $20 sign up) with $100 deposit. Guess I can't apply for a Credit Card till I get the welcome packet and send it back signed. Kind of sucks, I thought it would let me apply right after I signed up.

Guess I got a week or so to keep wondering if I will be able to make it or not. My EQ Fico is only about 690 but I don't have any INQs except a car loan back in June (already paid off). Only negative is a Paid medical collection from 6 1/2 years ago. Other then that nothing else negative. I don't carry balances on any of my credit cards, only thing with a balance is my mortgage.

Guess we shall see.

with low utl and a 6.5 year old medical collection as the only neg score would generally be higher than 690
there's no indication that a 690 would be sufficient for pen fed loan products with any combo of inq and new accts., etc.

Actually, that's not true. A 6.5yr old medical collection will certainly keep the score below 700. I had perfect payment history, 1% util (just for scoring purposes) and my scores were stuck around 680. As soon as it dropped I shot up to around 740! That's for sure what its keeping the OP down. I'd wait until it dropped off. You'll see a nice return when it's gone!

Re: PenFed Score Requirements?

Anonymous — Sat, 17 Apr 2010 12:56:32 GMT

Oh, I didn't read the whole thread. Congrats Nicemann!

Re: PenFed Score Requirements?

nicemann — Sat, 17 Apr 2010 13:08:46 GMT

@Anonymous wrote:
Congratulations!

I know they look at INQs and account ages. Care to share your profile?

Only had one INQ when they pulled my EQ. Fico Score 694, Oldest account 5 years 10 months, AAoA 2 years, last open account ws a car loan back in July 2009 (already paid off).