topic Re: Penfed Credit Union Question in General Credit Topics

Penfed Credit Union Question

falcon7xx — Thu, 21 Mar 2019 00:42:57 GMT

I am currently in the rebuilding stages of my credit. I was looking to join PenFed and wanted feedback on if i should apply or not. I do not have any active military members in my family, so I know I cannot access NFCU. Is there any other credit unions to look at? The main purpose would be to build a relationship for a future auto loan and credit cards.

Here are my scores:

Equifax - 643 Fico

Transunion - 666 Fico

Experian - 676 Fico

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 00:49:55 GMT

@falcon7xx wrote:
I am currently in the rebuilding stages of my credit. I was looking to join PenFed and wanted feedback on if i should apply or not. I do not have any active military members in my family, so I know I cannot access NFCU. Is there any other credit unions to look at? The main purpose would be to build a relationship for a future auto loan and credit cards.

Here are my scores:

Equifax - 643 Fico
Transunion - 666 Fico
Experian - 676 Fico

Penfed is a good one to build with. They are a bit more conservative, so if your EQ9 isn't over 640 they won't consider giving you a card. Not sure if the EQ you listed was 8 or 9. If you are looking for a good place to have emergency fund (or just in general) DCU (digital credit union) has a great savings that pays between 5-6% for the first 1k in the saving account. They use EQ5 for decisions, so depending on that score, and they are conservative as well. There is alot of CU's to choose from, but NFCU, PF, and DCU are the most talked about in a good way around here.

Re: Penfed Credit Union Question

falcon7xx — Thu, 21 Mar 2019 00:57:43 GMT

currently my EQ9 score is 628. Does it pay to still apply for a savings and let my credit build before applying for the PenFed Promise Card.

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 01:03:22 GMT

@falcon7xx wrote:
currently my EQ9 score is 628. Does it pay to still apply for a savings and let my credit build before applying for the PenFed Promise Card.

Yes it does. Any history will help you in the long run, esp if you ever have to recon. If your right on the verge, but you have a year or 2 of history, then that could help you. DCU would be good for that as well, and the savings has a higher earn rate too.

Re: Penfed Credit Union Question

falcon7xx — Thu, 21 Mar 2019 01:18:04 GMT

ok and with PenFed i just have to join National Military Family Association to be able to apply to Penfed?

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 01:30:52 GMT

@falcon7xx wrote:
ok and with PenFed i just have to join National Military Family Association to be able to apply to Penfed?

There is a few organization you can join for PF i think, i have military, so i didnt have to do that part. I have heard it's easy to do tho.

Re: Penfed Credit Union Question

falcon7xx — Thu, 21 Mar 2019 01:34:44 GMT

thanks for the help! Besides the savings account on DCU and other reason for joining DCU if I apply to PenFed?

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 01:59:00 GMT

@falcon7xx wrote:
thanks for the help! Besides the savings account on DCU and other reason for joining DCU if I apply to PenFed?

I have several CU's. More the Merrier PF is better card wise, but DCU with the 5-6% on the first 1k can't be beat anywhere and they do have low loan APR's when rate shopping as well. That savings is killer tho and It's nice to have something stashed away that you don't regularly see as well. IMHO

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 04:54:35 GMT

I'm rebuilding too but Penfed didn't like my profile enough to give me credit. My EQ 9 was 696 but I had a baddie less than 24 months old at the time I applied. Penfed is much more generous to clean files.

I am lucky enough to be eligible for NFCU though so I'm focusing my credit efforts there for now.

I have done plenty of looking around for other CUs and picked up membership with a few along the way.

I'm a member of Alliant, Andrews FCU, Boeing Employees CU, DCU, NFCU and Penfed.

Some others that have interesting products are Langley, State Department, NASA FCU and First Tech.

It's a bit overkill but I like having my options open for the future.

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 22:36:49 GMT

@falcon7xx wrote:
.... I do not have any active military members in my family, so I know I cannot access NFCU ...

"Active" is not a requirement of membership.

Good luck in finding a good CU.

Re: Penfed Credit Union Question

Anonymous — Thu, 21 Mar 2019 23:35:13 GMT

@Anonymous wrote:
@falcon7xx wrote:
.... I do not have any active military members in my family, so I know I cannot access NFCU ...
"Active" is not a requirement of membership.

Good luck in finding a good CU.

Great catch @James_A

OP, definitely double check your eligibility for NFCU.

Many here here have been able to get in with just a deceased grandparent that served in WW2.

Another way is by chaining yourself to an eligible person.

Example: your wife's uncle served, making her father eligible as a sibling, he joins, making her eligible as a daughter, she joins, now you are eligible as a spouse of a member.

Re: Penfed Credit Union Question

difringe — Fri, 22 Mar 2019 05:55:51 GMT

@Anonymous wrote:
I'm rebuilding too but Penfed didn't like my profile enough to give me credit. My EQ 9 was 696 but I had a baddie less than 24 months old at the time I applied. Penfed is much more generous to clean files.

I am lucky enough to be eligible for NFCU though so I'm focusing my credit efforts there for now.

I have done plenty of looking around for other CUs and picked up membership with a few along the way.
I'm a member of Alliant, Andrews FCU, Boeing Employees CU, DCU, NFCU and Penfed.
Some others that have interesting products are Langley, State Department, NASA FCU and First Tech.
It's a bit overkill but I like having my options open for the future.

Just to piggyback on this, OP, not sure why your score is in the 600s depending on the bureau/version, but if one reason is a missed payment, collection, etc. within the past 24 months, I doubt you'll get a credit card through PenFed.

Re: Penfed Credit Union Question

CreditInspired — Fri, 22 Mar 2019 11:13:49 GMT

@falcon7xx wrote:
ok and with PenFed i just have to join National Military Family Association to be able to apply to Penfed?

Yes, that’s how I joined. I think it was $17. I also have heard that Langley FCU is a good choice.

Re: Penfed Credit Union Question

CreditInspired — Fri, 22 Mar 2019 11:16:39 GMT

@Anonymous wrote:
@falcon7xx wrote:
I am currently in the rebuilding stages of my credit. I was looking to join PenFed and wanted feedback on if i should apply or not. I do not have any active military members in my family, so I know I cannot access NFCU. Is there any other credit unions to look at? The main purpose would be to build a relationship for a future auto loan and credit cards.

Here are my scores:

Equifax - 643 Fico
Transunion - 666 Fico
Experian - 676 Fico
Penfed is a good one to build with. They are a bit more conservative, so if your EQ9 isn't over 640 they won't consider giving you a card. Not sure if the EQ you listed was 8 or 9. If you are looking for a good place to have emergency fund (or just in general) DCU (digital credit union) has a great savings that pays between 5-6% for the first 1k in the saving account. They use EQ5 for decisions, so depending on that score, and they are conservative as well. There is alot of CU's to choose from, but NFCU, PF, and DCU are the most talked about in a good way around here.

Thanks @jago22 for the info on DCU—I didn’t know anyone was giving that on savings accounts. Do you happen to know if it’s a HP for membership?

Re: Penfed Credit Union Question

Gmood1 — Fri, 22 Mar 2019 11:25:11 GMT

@CreditInspired

DCU is a SP on EQ. During the onboarding process if offered a CC and auto loan. Those use the same SP for approval.

The CC is no frills, but does offer 0 fee BTs.

Re: Penfed Credit Union Question

CreditInspired — Fri, 22 Mar 2019 11:56:46 GMT

@Gmood1 wrote:
@CreditInspired

DCU is a SP on EQ. During the onboarding process if offered a CC and auto loan. Those use the same SP for approval.

The CC is no frills, but does offer 0 fee BTs.

Thanks @Gmood1. I didn’t even look at the CCs. I didn’t want to get any CC application itch while gardening. 😂

Re: Penfed Credit Union Question

Anonymous — Fri, 22 Mar 2019 15:01:15 GMT

@Gmood1 wrote:
@CreditInspired

DCU is a SP on EQ. During the onboarding process if offered a CC and auto loan. Those use the same SP for approval.

The CC is no frills, but does offer 0 fee BTs.

+1 Thanks @Gmood1 I've had it for a while and i couldnt remember if it was SP or not. Agreed about the no frills cards, but i have heard they can be competitive on the rates for loans, so it's never a bad idea to have more of those instead of the dealerships running you thru 900 places and ruining your INQ's (this happened to me, before i knew better)

Re: Penfed Credit Union Question

CreditInspired — Fri, 22 Mar 2019 15:44:46 GMT

@CreditInspired wrote:
@Gmood1 wrote:
@CreditInspired

DCU is a SP on EQ. During the onboarding process if offered a CC and auto loan. Those use the same SP for approval.

The CC is no frills, but does offer 0 fee BTs.
Thanks @Gmood1. I didn’t even look at the CCs. I didn’t want to get any CC application itch while gardening. 😂

Update @gmood1. I got a secure message from DCU telling me they couldn’t pull my EQ report because there’s a freeze on it and they need me to unfreeze it in order to open a savings acct. Wow, glad I had my report on ice because I am so looking forward to having 0 inqs by Dec 2020. Could it be that a HP for acct opening is something new? I could understand it if I had been applying for a CC.

Re: Penfed Credit Union Question

Gmood1 — Fri, 22 Mar 2019 22:43:52 GMT

@CreditInspired

No it is a SP, since you don't have an account with them. They can't access because you have it frozen. I'm 100% positive it is a SP.

Re: Penfed Credit Union Question

Anonymous — Sat, 23 Mar 2019 00:11:06 GMT

@CreditInspired wrote:
@CreditInspired wrote:
@Gmood1 wrote:
@CreditInspired

DCU is a SP on EQ. During the onboarding process if offered a CC and auto loan. Those use the same SP for approval.

The CC is no frills, but does offer 0 fee BTs.
Thanks @Gmood1. I didn’t even look at the CCs. I didn’t want to get any CC application itch while gardening. 😂
Update @gmood1. I got a secure message from DCU telling me they couldn’t pull my EQ report because there’s a freeze on it and they need me to unfreeze it in order to open a savings acct. Wow, glad I had my report on ice because I am so looking forward to having 0 inqs by Dec 2020. Could it be that a HP for acct opening is something new? I could understand it if I had been applying for a CC.

@CreditInspired A freeze will stop an SP for a comapny that you don't already have business with in some cases, and it looks like that is what happened here. That is upto you if you want to unfreeze for an SP, but that savings rate is awesome.

Edit* I see @Gmood1 has addressed this already