topic Re: Penfed/Navy Federal in General Credit Topics

Penfed/Navy Federal

Anonymous — Wed, 27 Feb 2019 16:56:23 GMT

Currently I am working on rebuilding my credit

fico is 580 currently

Has anyone ever had a Line of credit opened with a score so low?

Re: Penfed/Navy Federal

SouthJamaica — Wed, 27 Feb 2019 16:57:49 GMT

@Anonymous wrote:
Currently I am working on rebuilding my credit
fico is 580 currently

Has anyone ever had a Line of credit opened with a score so low?

I would wait if I were you.

Re: Penfed/Navy Federal

Anonymous — Wed, 27 Feb 2019 17:00:41 GMT

ok, I was thinking wait until i got my charge offs cleaned up, I did not want a hard pull

Thank you sir

Re: Penfed/Navy Federal

Queen_Etherea — Thu, 28 Feb 2019 19:00:38 GMT

I was able to get a car loan through PenFed when my scores were in the 580's, but it was only for $13,000. Opening a credit card with them is a completely different story. When I called and spoke to one of the CSR's, he said they usually won't approve anyone for a credit card/loan unless your EQ score is 670 or higher. They also usually won't approve people with any kind of collections. I waited until all the collections fell off my EQ report before I applied for a credit card with them and also waited until my scores were 675.

Hope this helps!

Re: Penfed/Navy Federal

CreditInspired — Fri, 01 Mar 2019 13:15:38 GMT

Continue rebuilding first. Work on getting any negatives removed, PFD collections if any, and doing GW letters.

Re: Penfed/Navy Federal

Anonymous — Sun, 03 Mar 2019 14:14:49 GMT

I recently applied for a NFCU cc denied of course, went ahead and got the 1,000 secured and changed direct deposit to NFCU.

Also applied for Penfed, got notified my account was limited, since my scores are low, only allowed me a savings account. I have never heard of that or been denied a checking account due to a low score. Curious if anyone has ever expierienced that. They said I could transfer money to my savings and do a secured loan for 6 months while rebuilding, in order to "qualify" for a checking account. Very rude and in a rush to get off the phone, before all of my questions had been answered. Compared to how navy treated me, wondering if it is even worth it.

Re: Penfed/Navy Federal

Hex — Mon, 04 Mar 2019 05:21:50 GMT

My DS signed up with Pedfed 8/17 with a restricted savings only account and he let it sit while he got Navy and Cap1 accounts. His sicore was 530
On 6/18 he was up to 680 and they gave him checking and a $500 promise card.
Last month he wa 682 and got a power Cash Rewards for 3.5Lk
I think PenFed likes to reward progress but it’s not fast.

Re: Penfed/Navy Federal

Queen_Etherea — Sun, 03 Mar 2019 23:46:21 GMT

@Rwigely83

I’m surprised you had such a bad experience with their Customer Service! I’ve never had anything but super nice people. The dude who helped me with my credit card was amazing and got me approved for 2 cards both at $8,000. I’ve since closed one and combined the limit because I applied for the wrong card the first time lol.