How does is PenFed with new applications and approvals?
What do they hate to see and what is typical for denials?
EQ needs to be around 670 or above. I agree with others 43 inqs will most likely end in a denial.
Really I don't know what they look for? I got approved for a car loan with them at 2.49 APR and I was also approved a month ago for a PenFed Defender 15K at 11.99 APR, My EQ was 680 and I have a 6 1/2 year old CH13. Perfect since then, Plenty of New Accounts, I had about 11 INQ at the time, majority were from Auto/Mortgage.
My story, I was a member with them since 2006 (initially didn't approve me I can't remember why because I barely had credit and only wanted a checking account)
Fast Forward to 2012 (I remembered I had a savings with them and began using it as my main savings).
Dec 2014, I was looking for an auto loan and they gave me the best rate. (tried to get a card same pull denied)
July 2015- Closed on a house through PenFed (Middle Score 703-mortgage fico)
June 2015, Decided to make them my primary bank and got a defender (same HP from the mortgage)!
I hear a lot of stories from others about PenFed being a hard lender, I think they are but they also take some risk based on your history and relationship. If you have anything suspect I say just wait it out to open with them but if you have significantly rebuild -go far it. The further the better (5-6 Major Bk, etc. 2+ years late payment). I've heard stories of people with far less and then some with excellent scores and denied. So... IDK what to tell you.. Take a shot and see if it's a CU for you depending on your needs, consider NFCU or Alliant too.
