I have read so many stories of people getting PenFed to reconsider them and then getting approved and given very generous credit lines, even with moderate to low scores.
Encouraged by what I read today, I applied and was denied. I have scores in the 600-630 range for all 3 bureaus and a 12-2016 chapter 7 bankruptcy. Still, others had similar or worse credit files than mine and were approved and they even recon'd and got their limits increased to generous amounts.
I immediately wrote the recon email and told them that I have been very responsible with my current cards and have increased my credit scores over time. I told them I want to be their customer, I have had their entry-level savings for almost 1 year, but no credit products with them.
Any guidance on them??
You should have a letter in your secure message inbox in your account showing the score they used. Keep us posted, OP, good luck.
My DD had that card. They told her it wouldn’t graduate. She cancelled it after a year.
Explains why they don't advertise it.
As others stated believe min score for credit products w/penfed is 640 to be considered. With that said PenFed has been tightening up lately as well as seen by the 10k max approval for new members and the like. Get your scores up around 680-700 and try to avoid applying for other cards much and if your income supports it they certainly can be generous although nothing like NFCU if eligible. Penfed is very much score driven and also income and DTI driven where-as NFCU if you have a pulse and can meet their membership requirements most likely you can get a good limit with good terms with them
They are using my EQ score of 604 from Feb. 4th.
Called today to ask for a loan officer for RECON. The customer service rep said "I can help you"
After a long hold, he still said no and that utilization was too high on my existing cards, score was too low, credit was too new
I asked for a member of the underwriting department. He got someone else. She said the same thing. She said that looking at my credit reports, I have good history, but the score is just not high enough for them.
I asked what score is needed? She said that cannot be given out.