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Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

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Anonymous
Not applicable

Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

Dear PenFed Peeps,  What Products did you App for that you Love &/or Loathe and Why? 

 

As PenFedder's we all know that its just 1 HP on Equifax for 3 months for most products. 

Mind you I still have 3 months to think about it...  

I already app'd for the Rewards Card, but I have some questions. 

 

 

  1. What did you app?
  2. Why? 
  3. Are you happy w/your choice or would you app for something different? 

PS .. also very interested in the pros and cons on any of their products .. and especially the pros of PLOC? 

 

Thank you in Advance. 

Message 1 of 19
18 REPLIES 18
Anonymous
Not applicable

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

Please be aware that the 3 months with one HP is not set in stone. They can and will HP you again if they want to when you apply. You should always assume they will and be happy if they don't. In one of those that have had a HP each and every time I've applied. Good luck!

I have the promise and Platinum visa. I use them for their BT offers. I also have a car loan. I am really pleased so far.
Message 2 of 19
Anonymous
Not applicable

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?


@Anonymous wrote:
Please be aware that the 3 months with one HP is not set in stone. They can and will HP you again if they want to when you apply. You should always assume they will and be happy if they don't. In one of those that have had a HP each and every time I've applied. Good luck!

I have the promise and Platinum visa. I use them for their BT offers. I also have a car loan. I am really pleased so far.

 

Yes, I should of posted that the HP was not set in stone... especially contingent on products.  

 

Thank you for your information... you dont have to give me your APR but is your APR lower on your Promise then you received on your Platinum Rewards Visa?  I am not in the market for a car loan .. but I hear amazing things about their Car Loans and their Car Loan refinances.  Which is something that I want to have in my back pocket. 

 

 

Message 3 of 19
Gmood1
Super Contributor

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

I have Cash rewards and love the no hassle cash back. It's my primary gas card!

I recently applied for an auto loan. I used the same HP a month later to purchase another vehicle. Two auto loans on one pull is great! 

Message 4 of 19
Loquat
Moderator Emeritus

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

Just to toss it out there...PenFed showed me a lot of luv over the past few months...but in a call to them yesterday, I got 2 flat out "no's" and this was from a supervisor/loan officer.  Asked if I should try for a CLI towards the end of my 90 days and was told that 90 days isn't enough history for them...they're wanting to see 6 months.  Well we all know that puts one outside of the typical 3 month HP pull that some experience.  Looks like my limits will be sitting right where they are unless I get a preselected offer down the road.  Not going to take another HP.  He advised me to rob from my Promise if I need to bump a limit on my Travel Rewards or my Plantinum Reward Visa (which were the 2 I was trying to bump).

 

And as it was mentioned upthread, don't be fooled by the 3 month HP...I was pulled twice in one week with PenFed.  If you app and they feel the need to review, they're going to do it...and they did.  Just go into it thinking it'll be an HP and be thankful if it isn't.  

 

Just as an FYI for those wanting to know...my NextGen score is pretty decent and my FIco 08 are 750+ across the board. My utilization is less than 1%...I'm currently carrying a balance on only one of my cards which is Lowes ($341 of $12k) and $115k+ in total available credit.   It could be my history that they're not liking anymore because it certainly isn't my scores or utilization.   Just some food for thought...

Message 5 of 19
Anonymous
Not applicable

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

I was approved at the highest APR for both products but my ch7 was only 25 months old and each one was a $10k approval. Very generous, imo. When I've been with them a little longer, I'll call in to see if I can get an apr reduction.

I'm only using them for BT's right now, I think their ongoing BT offers are a good bonus if you need to take advantage of them.

I just like to warn others on the HP thing, it's always ymmv.
Message 6 of 19
nycplayboy78
Regular Contributor

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

PenFed Products:

 

NextGen Score - 812

 

HP - 5/9/2016

 

Access America Checking

 

PLOC - $15,000

 

Auto Loan - $49,000 @ 1.49% for 60 months

 

PenFed Platinum Rewards Visa Signature Credit Card - $43,000

 

Overall I am EXTREMELY please with PenFed's products and services. Also it helps that I live in Washington, DC and PenFed is a local CU for me. I LOVE the fact that I can do everything online and it's even better that I can conduct business in person as well Smiley Happy


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 7 of 19
Anonymous
Not applicable

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

Did you get your PLOC with the same hardpull? 

Oh and what % did you get with your PLOC? 

 

 

 


@nycplayboy78 wrote:

PenFed Products:

 

NextGen Score - 812

 

HP - 5/9/2016

 

Access America Checking

 

PLOC - $15,000

 

@Anonymous Loan - $49,000 @ 1.49% for 60 months

 

PenFed Platinum Rewards Visa Signature Credit Card - $43,000

 

Overall I am EXTREMELY please with PenFed's products and services. Also it helps that I live in Washington, DC and PenFed is a local CU for me. I LOVE the fact that I can do everything online and it's even better that I can conduct business in person as well Smiley Happy


 

Message 8 of 19
nycplayboy78
Regular Contributor

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?


@Anonymous wrote:

Did you get your PLOC with the same hardpull? 

Oh and what % did you get with your PLOC? 

 

 

 


@nycplayboy78 wrote:

PenFed Products:

 

NextGen Score - 812

 

HP - 5/9/2016

 

Access America Checking

 

PLOC - $15,000

 

@Anonymous Loan - $49,000 @ 1.49% for 60 months

 

PenFed Platinum Rewards Visa Signature Credit Card - $43,000

 

Overall I am EXTREMELY please with PenFed's products and services. Also it helps that I live in Washington, DC and PenFed is a local CU for me. I LOVE the fact that I can do everything online and it's even better that I can conduct business in person as well Smiley Happy


 


Yes everything with the same HP on 5/9/2016 I went to my local branch after completing my application online and my personal banker she set me up quite nicely. I completed all the insurance forms as well as the other paperwork necessary once you get a loan etc etc...

 

My PLOC is at 10.15% and I use it very sparingly I simply transfer a $100 into my checking account and when I see the due date pop up online I pay it off with my USAA checking account. PenFed LOVES to see usage and PIF so I do that with my credit card as well charge something a few thousand and then pay it off when I see the due date online...Also my credit card is at 12% with PenFed...


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 9 of 19
Anonymous
Not applicable

Re: Dear PenFed Peeps, What Products did you App for that you Love &/or Loathe and Why?

1. Defender Visa

2. Because I wanted to dump CapOne.

3. Ask me after I try for a CLI.

Message 10 of 19
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