PENFED PRE approval

The-Credit-Disciple · ‎01-09-2020

Good evening My FICO Fam!!😀 I got a pre approval offer in the mail from this credit Union today, they sound like a really good Credit union. Whats the criteria for joining? What's my chances of getting approved? I was pre approved for the Penfed Gold card. My data points are as follows:
Trans: 723 Ex 717 EQ 708
6 baddies on Ex they are medical bills , trans and Equifax are clean. Thanks for your Help 😀

AllZero · ‎01-09-2020

They pull EQ9. Expect hard pull for membership. Expect another hard pull for CC application.

They may do secondary soft pull on your other CRA.

If your inquiries and new accounts are not obscene, you may be approved. Hard speculate without knowing the whole picture.

They're a great credit union. Some might consider them very conservative. They are adverse to pyramiding debt.

mikesonthemend · ‎01-09-2020

@The-Credit-Disciple wrote:
Good evening My FICO Fam!!😀 I got a pre approval offer in the mail from this credit Union today, they sound like a really good Credit union. Whats the criteria for joining? What's my chances of getting approved? I was pre approved for the Penfed Gold card. My data points are as follows:
Trans: 723 Ex 717 EQ 708
6 baddies on Ex they are medical bills , trans and Equifax are clean. Thanks for your Help 😀

Dunno. They pull Equifax so that is in your favor. Believe they pull EQ9. They double pulled EQ on me when joining and applying. I went for the Signature and they didn't counter. Said my profile didn't support requested limit. 695 EQ, my guess it was Fico 9 not sure if it was bank card or straight. I had 708 Fico8 at last update but it was a few weeks old.

Living through Darwinism is so much worse than learning about about it in school.

FinStar · ‎01-09-2020

If your DTI, income, and overall profile is pretty strong, sure. How many accounts and/or inquiries in the past 6-12 months? How does your overall/individual utilization look like?

The results on these mailers (with or without PenFed relationship) have been mixed at best, so YEMV.

The-Credit-Disciple · ‎01-10-2020

My inquiry in the last 12 months is 12
My overall utilization is 11%
New accounts opened in the last 6 months is 3

FinStar · ‎01-10-2020

Based on the information you shared above, I'd hold off. That said, you know your profile best, so the decision to join and/or pull the trigger is ultimately up to you.

Meanmchine · ‎01-10-2020

Good luck

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching

Anonymous · ‎01-22-2020

I got approved for pen fed too. They are a good company!

thornback · ‎01-22-2020

@The-Credit-Disciple wrote:
My inquiry in the last 12 months is 12
My overall utilization is 11%
New accounts opened in the last 6 months is 3

I'd suggest waiting til you are 0/6 for new accounts and inquiries - for better approval odds. They may very well approve you now if your DTI is good, but the terms may not be great by way of a higher APR or low SL given the current number of new accounts and inquiries (12/12 is a lot - considered high risk).

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.

disney2 · ‎01-22-2020

I've been with them for years with almost no activity in my account and always got turned down. I recently app'd and was approved for 15k. It's my largest approval and I have a lot of inquiries, 29% uti, and a lot of new cards. No idea why they finally came through but I was happy!