Pen Fed Application days after a fresh AR

[credit_endurance]

I was going to post this in the PenFed dedicated thread but thought it would get buried in the shuffle. So was wondering with the next AR coming around again later this month and as we know they use that to come up with this (Next Gen) formula to grade our accounts. I am interested in applying for the Power Cash Rewards but have always waited until the actual score posts to my account to apply which is generally a month after the fresh AR. If I would to apply for a product let's say days after they pull the fresh AR will they use that actual (Next Gen) score from the fresh AR or will the use the score currently on my account?

[Anonymous]

1. Fico NexGen 2 is a version of Fico like Fico 8, Penfed didn't come up with it.

2. Unless you have a recent HP with Penfed (30-90 days), your new app will trigger a new HP, they only use the monthly nextgen soft pull for unsolicited offers.

[credit_endurance]

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@Anonymous wrote:

1. Fico NexGen 2 is a version of Fico like Fico 8, Penfed didn't come up with it.

2. Unless you have a recent HP with Penfed (30-90 days), your new app will trigger a new HP, they only use the monthly nextgen soft pull for unsolicited offers.

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I stand corrected on the Next Gen scoring model. I am trying to see which version perhaps their using. Could it be similar to a Fico bankcard version of Equifax? Where Fico 8 scoring is from 300-850 Next Gen scoring goes from 250-900.

[Anonymous]

You're confusing some terms.  Equifax is a credit bureau who provides your credit data to be plugged into formulas of different scoring models, like Fico 8 (the one most refers to when they say Fico score), Fico NextGen 2 (the one PenFed uses) or Fico Bankcard 8 (does not belong to Equifax).  NextGen 2 is similar to Bankcard 8 in that they both go up to 900 instead of 850, I do not know the details of each model. 

[credit_endurance]

True. Guess I am referring to Equifax as the credit bureau they pull for products. But when you apply for anything with them even though they pull your Equifax report they're decisions for approval or denial will be based on Equifax data but they will also use your Next Gen score as a factor. 

Guess my question was with the next AR coming up end of August if I would apply for a product ( already knowing) they will use a hp Iwill they use the score already provided on my account or would they use the new AR pull data ( Next Gen) scoring+ Equifax to approve or deny the app?

[Anonymous]

They will use the NexGen 2 score from the new hard pull from EQ at the time of your app, your PenFed quarterly AR is a soft pull from EQ and will not be used for the new app.

[AverageJoesCredit]

Im looking forward to the next PF AR like im looking forward to my next Discover cli, with as much hope as 1 can fit in a shoebox lol. 2 straight declines , if i see #3, im gonna say sayanara

[Anonymous]

I thought you dot $500 from Discover few weeks ago, no?

[AverageJoesCredit]

I did, lol, but the expectations of getting a big one are low haha. I love PF dont get me wrong, its just its,disheartening to see eveything improving yet with them, my score keeps dropping. I guess it could be my Eq but who knows. At least with Navy there is chance at a sp cli, whereas with Pf, for me seems nonexistant. I almost look at my PF visa same as my Chase Amazon card, dead in tracks at current limits no room to grow. Ah well sorry guys, must be my Friday blues lol, sorry for jacking Bruised. Back to your regular scheduled program

[trant3]

PenFed will HP EQ for new apps. However, the NextGen score from quarterly AR can be used as a guide to help you with approval odds. This is the same scoring model that is used to approve your apps.