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PenFed Question

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

PenFed Question

So I have been a PenFed member since like, 2015? When I joined I had some derogs showing on my report.. I didn't really start trying to work on or even understand credit until this time last year and have been cleaning up my file. Depending on which report I have raised my score 120-150 points since then. My question is since I opened my PenFed account (just share savings) did I shoot myself in the foot from ever getting prequals? I've heard that if you join with derogs the chances of ever getting any credit product from them is slim to none?


Message 1 of 12
11 REPLIES 11
New Member

Re: PenFed Question

I joined with several Charge Offs and they approved me immediately when I applied on line for a 10,000 limit.  When I applied, my credit score was 760

Message 2 of 12
Frequent Contributor

Re: PenFed Question

You should start seeing PenFed prequals about two years after your credit reports go clean.
Message 3 of 12
Community Leader
Super Contributor

Re: PenFed Question

Im of belief once you join dirty, you will be considered Atlantian for lifeSmiley Wink. Im 3 years plus and no offers nor do i ever expect to get one.
Charter Member of the Discover " No Cli For You " Club !

Chase Never/24 Squad Leader
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#JustSayNo2Comenity
Officially S.O.G.O.T.P
Message 4 of 12

Re: PenFed Question

I joined PenFed back in January the month after joining NFCU. Looking at their financial profile and being in the top 15 of U.S. credit unions I said "why not". I understand now why they are in top 15. They have 99 cents of every $ they have taken in!! ... "tighter than Dick's hatband" as my grandfather used to say!! ... I wrote a somewhat scathing email to their CEO multiple apps and denials/recons on their basic credit products. I was not nice in my wordage, let's just state it that way Smiley Tongue ... anyway, long story short, I could see my relationship with them was never going to amount to a hill of beans so I filed for divorce and was granted an anullment earlier in the month. We did the property settlement for $5 in savings Smiley Very Happy ...

 

I agree with AJC on PenFed ... they are (edited for content)%%&#@!!^^$# (parental guidance suggested) ... Smiley LOL

Message 5 of 12
Valued Member

Re: PenFed Question


@nfcunewbie66 wrote:

I joined PenFed back in January the month after joining NFCU. Looking at their financial profile and being in the top 15 of U.S. credit unions I said "why not". I understand now why they are in top 15. They have 99 cents of every $ they have taken in!! ... "tighter than Dick's hatband" as my grandfather used to say!! ... I wrote a somewhat scathing email to their CEO multiple apps and denials/recons on their basic credit products. I was not nice in my wordage, let's just state it that way Smiley Tongue ... anyway, long story short, I could see my relationship with them was never going to amount to a hill of beans so I filed for divorce and was granted an anullment earlier in the month. We did the property settlement for $5 in savings Smiley Very Happy ...

 

I agree with AJC on PenFed ... they are (edited for content)%%&#@!!^^$# (parental guidance suggested) ... Smiley LOL


That made my morning! I guess I'll give them to the end of the year and see if we can get this relationship figured out, otherwise I'm going to go rescue my savings from them.


Message 6 of 12
Valued Member

Re: PenFed Question

Have been a member for 6 + years (could be 9, but don’t remember). Only ever had a Savings account with them and never noticed any “offers”. Last year, decided to open a checking account, LOC, and personal loan. Got approvals on LOC and PL within the same month for max amounts. 

 

However, I’ve not had derogs. 

Message 7 of 12
Valued Contributor

Re: PenFed Question

I joined 4/2017 with one or two unpaid COs showing

1/2018 got CLI which doubled my original SL

1/2018 Last baddie falls off reports

4/2018 got preapprovls for all car, boat and RVs new or used

 

Nothing since

 

 

 




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>06/2019 CCT EX 829 TU 848 EQ 831
Thus will it come to pass. The Dying Leader will know the truth of the Opera House. The missing Three will give you the Five, who've come from the Home of the Thirteenth. You are the Harbinger of Death, Kara Thrace. You will lead them all to their End. End of line.
Message 8 of 12
New Visitor

Re: PenFed Question

That absolutely made me laugh out loud.

 

I had an account with them for 3 years, was denied 3 times for their Visa with a 707 fico, 2% util, AAoa of 13 years, and the only baddie showing was a medical bill for 360 dollars from 2 years ago (that I'm still fighting) and a BK from 2012.

 

Last month after my latest denial with them, I told 'em to pound sand, and I closed up shop. I'll stick with Amex, Discover, and my others.

 

Nothing personal with them, but there are waaaaay better credit unions out there...

Message 9 of 12

Re: PenFed Question

What is so infuriating with PenFed is while I had the account and the plethora of denials I didn't hear a peep from them ... ***crickets*** ... now that my account has been closed and they sent my $5 back to me, my inbox is being flooded with "As a valued customer you are invited to apply for 1.99% vehicle loan" --- "Since you are a valued customer why not apply for a low-interest Promise Visa?" ... Smiley Mad ... sent copies of the emails to same CEO/COO (whatever he was) with the just the subject header, "Screw you and the horse you rode in on!" ... hit unsubscribe ... Smiley Mad

Message 10 of 12