topic Re: PenFed Qualifying Scores... in Credit Cards

PenFed Qualifying Scores...

Anonymous — Sun, 20 Apr 2008 23:09:49 GMT

Hello Everyone,

I read thru some of the posts this weekend and it seems

that quite a few folks have applied for PenFed products.

I checked whogavemecredit.com and the numbers seem

to be all over the place. So in the interest of clarity, I'd like

to put this info/numbers out there for forum members to

discuss.

As best as I can tell, here's what the PenFed track record looks like:

- They pull Equifax exclusively

- Qualifying FICO's are a minimum of high 660's and above for credit cards;

650 or better for an auto loan

- I counted only 4 people with a past BK who were approved for any kind of loan;

all others were turned down

- Of those approved with a past BK, FICO scores were about 700 or above

- 1 person with absolutely no baddies and 695 EQ was turned down for a

credit card, while another person with 670 EQ and 9-year old BK was approved

I'd appreciate those of you who are PenFed members to chime in here.

Based on your conversations with the PenFed customer service reps, how would you

best answer the following questions:

*** What's the minimum EQ score PenFed is looking for re credit cards and LOC's?

*** Do you find PenFed to be BK-friendly?

*** How recent can other baddies (collections, late payments, etc) be and still have

a decent shot at approval?

I realize this is not a scientific poll. I'm just trying to get a consistent feel for what PenFed

is looking for so our forum members who are interested in applying will know their chances

right up front.

Please accept my thanks and gratitude in advance for your time and comments.

CanDo

"The right attitude is everything"

Re: PenFed Qualifying Scores...

Red1Blue — Sun, 20 Apr 2008 23:22:49 GMT

I am also curious to find out your input as I am interested in Applying for LOC soon. I want to know what is best chance of me getting approved. My scores arer at 667 on EQ and 3 Hard Inq's and several new accounts in the last 12 months. My Total CL is at 50K and Util is less than $400. What are my chances of getting a LOC approved with Penfed?

Re: PenFed Qualifying Scores...

jaxstraw — Mon, 21 Apr 2008 00:57:07 GMT

OK , here's my info 724 EQ score, lates as recent as 1/08 on one account, one collection paid 3/08, 6 TL in good standing since 9/07, 3% UT on 21000 , 13 inq on EQ , and 80,000 income.
My wife tried w/ a BK from 2005, 656 EQ score, and one account 3 lates since BK, 45 % UT and was denied.

Message Edited by jaxstraw on 04-20-2008 05:57 PM

Re: PenFed Qualifying Scores...

haulingthescoreup — Mon, 21 Apr 2008 00:55:09 GMT

Approved for $5K gas card (all I asked for) with 728 EQ, 1 30-day 11 months previously, 1 90-day 24 months previously, 1% util, $65K personal income. Got online CLI about 8 weeks later to $10K, which I've been told I could have gotten initially.

edit to add: Great thread, btw!

Message Edited by haulingthescoreup on 04-20-2008 05:55 PM

Re: PenFed Qualifying Scores...

Red1Blue — Mon, 21 Apr 2008 00:47:05 GMT

I dont think I'll have a chance. I have 3 inq and 67 lates. All of them are over 3 years old. I have one paid collection. I am working on getting them removed now. I guess getting these lates removed is high priority for now.

Re: PenFed Qualifying Scores...

smallfry — Mon, 21 Apr 2008 00:48:06 GMT

Lates after a BK are a big no no.

Re: PenFed Qualifying Scores...

Red1Blue — Mon, 21 Apr 2008 00:51:04 GMT

I never filed BK. My lates are on the accounts that are already paid accounts.

smallfry wrote:
Lates after a BK are a big no no.

Re: PenFed Qualifying Scores...

smallfry — Mon, 21 Apr 2008 00:56:36 GMT

I know. Another poster did though.

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 01:30:57 GMT

That was me (while another person with 670 EQ and 9-year old BK was approved).

I also had one paid collection 3 + yrs old, no lates in over 2yrs, no inquires on eq. and

utl proubly around 5% income $90,000 I got from them the gas card $7,000 limit and $10,0000

loc. I have a regular savings and penfed checking plus money market account

I got later. Love this place been very good to me. No hassle banking.

Woody

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 02:30:02 GMT

@Red1Blue wrote:
I am also curious to find out your input as I am interested in Applying for LOC soon. I want to know what is best chance of me getting approved. My scores arer at 667 on EQ and 3 Hard Inq's and several new accounts in the last 12 months. My Total CL is at 50K and Util is less than $400. What are my chances of getting a LOC approved with Penfed?

@Anonymous, are you eligible for NFCU? They have LOC's with very good terms. They gave me a $10,000 LOC @ 12.5 percent and a $10,000 MC @ 11.9 percent with a 660 EQ.

Re: PenFed Qualifying Scores...

Red1Blue — Mon, 21 Apr 2008 02:46:57 GMT

I know NFCU has been very good to many of you. I dont think I am eligible for NFCU as I do not work for Navy and I have no relatives who works for Navy.

FretlessMayhem wrote:

Concord, are you eligible for NFCU? They have LOC's with very good terms. They gave me a $10,000 LOC @ 12.5 percent and a $10,000 MC @ 11.9 percent with a 660 EQ.

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 03:01:56 GMT

@Red1Blue wrote:
I know NFCU has been very good to many of you. I dont think I am eligible for NFCU as I do not work for Navy and I have no relatives who works for Navy.
@Anonymous wrote:

@Anonymous, are you eligible for NFCU? They have LOC's with very good terms. They gave me a $10,000 LOC @ 12.5 percent and a $10,000 MC @ 11.9 percent with a 660 EQ.

It's not only Navy, there are several categories.

http://www.navyfederal.com/about/membership_eligible.html

Re: PenFed Qualifying Scores...

Red1Blue — Mon, 21 Apr 2008 03:12:28 GMT

Thank you. I looked at the eligibility requirements and I would not meet any of the requirements they have. Looks like penfed I could if I were to join an association. It still does not help me as I have to work on some of the lates on my EQ as they pull EQ. Most of my lates are more than 3-4 year old. I just need to work on getting them off my CR.

FretlessMayhem wrote:
It's not only Navy, there are several categories.

http://www.navyfederal.com/about/membership_eligible.html

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 03:49:04 GMT

I have a 4 year old judgement. No other baddies with a 690 EQ. I got approved for a $4,000 credit card (all i asked for) and a $26,000 auto loan that I didn't even ask for.

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 12:26:25 GMT

Getting into PenFed with lower score in non-issue. Establish an account, whether savings or checking, to begin you relationship with them. A VERY good way to get one of their products is a re-fi on an automobile, currently 4.25%. THey will work with BK and the older the BK the better. I have not had a single baddie since 5/2001, which have fallen off my CRA and had a 709 EQ when I was approved for credit card in 2/2008. Prior to then, they wouldn't touch me.

Note: They HATE INQs and new TL.

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 12:40:52 GMT

Happy Monday Everyone,

Thanks so much for the great response to this thread!!!

I especially appreciate the candid feedback from current PenFed members.

Your information will do nothing but help those forum members who are

considering PenFed to make the most intelligent credit decision possible.

Since so many folks in this forum are joining PenFed and Navy Federal,

I wanted to make this brief comparison between the two that might help:

*** The PenFed membership net is a little wider. If you can't qualify based on

general requirements, you can join an affiliated organization for a modest
fee of $25.

*** PenFed's qualifying FICO's appear to be higher (650-660) but a hard inquiry

is good for 60 days. This allows you to apply for more products without
excess damage to your score.

*** In general, Navy Federal members (and families) must have some sort of

connection to the US Navy, whether it be miltary, govt civilian or govt contractor.

*** NFCU qualifying scores are much lower (600+) but each application for the

product line results in a hard pull. (Example: apply for 2 cc's = 2 hard pulls).

*** NFCU appears to be more BK-friendly.

*** Both organizations pull Equifax exclusively and offer excellent customer service.

At the very least, we encourage you to contact both CU's...and if possible, join both.

Diversity of credit sources is good and you don't want all of your eggs in 1 basket.

So for all of you current PenFed members, please keep those info testimonials

coming. Your contributions ARE making a difference. Thanks again!!!

CanDo

"The right attitude is everything"

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 12:48:31 GMT

PenFed is a GREAT CU, but they tend to more conservative than Navy. BTW, NFCU is opening their field of membership to all branches of the DOD at the end of the April.

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 12:53:17 GMT

GREAT update FaircreditguyFL!!! Thank You!!!

Widening the net will allow a lot more people to experience

the credit union difference. It's hard to go back to a bank once

you've worked with a really good CU....which PenFed and NFCU are.

Thanks again!!!

CanDo

"The right attitude is everything"

Re: PenFed Qualifying Scores...

Anonymous — Mon, 21 Apr 2008 15:21:10 GMT

CanDoAttitude wrote:
GREAT update FaircreditguyFL!!! Thank You!!!

Widening the net will allow a lot more people to experience
the credit union difference. It's hard to go back to a bank once
you've worked with a really good CU....which PenFed and NFCU are.

Thanks again!!!

CanDo

"The right attitude is everything"

I just joined PenFed last weekend, and already I feel as though I'm part of something well... different. Not slick (and I agree their website could be better)... but more like.... Bailey's Building & Loan, saving the world from Pottersville? *grin*

Sovi

Re: PenFed Qualifying Scores...

Anonymous — Tue, 22 Apr 2008 11:18:49 GMT

PenFed being definately conservative does not like Med to High Utilization; is not very BK Friendly if recent the older the better(Most denied); Likes 2 years of SOLID Credit History but will take less; does not like alot of recent Inquiries; Will deny for Pyramiding Debt if recently doing BTs without paying total debt down as well as the BTs.

All of the above is from reading this and others Forum entries.