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Let me start by saying that I have Google and researched this question already, but I either could not find direct answers to what I was looking for OR the answers appeared outdated.
I just joined PenFed two weeks ago. Cost me $5. No loophole affiliations, donations, memberships, etc. Didn't cost me a pull either.
That said, I'm just trying to collect DP's on their credit cards. I'm eye-balling the Platinum Rewards, but figured I'd aim low first and get in the door with a Promise Card. Other thing to keep in mind is I'm wrapping up a rebuild. Currently in the mid-600's and rising. I know they mostly pull EQ. I have 1 paid medical collection from late 2018 and two c/o's that were settled in Fall 2019.
I've heard they're very relational and also very strict on approvals. Also heard of approvals with similar profiles as mine. Hope to collect some more up-to-date info on them.
Thanks in advance.
For your reading pleasure. Pentagon Federal Credit Union Data Share
Penfed is kinda conservative.They pull EQ. You said your score is in the mid 600s. Is that a FICO score? Just making sure it's not from credit karma.
Honestly I think you are borderline, penfed prefers in the high 600s.
@AverageJoesCredit, Has some great data points!
maybe He'll chime in?
@AllZero wrote:For your reading pleasure. Pentagon Federal Credit Union Data Share
I actually read through there a bit. I saw the start date and it was older. Went to more recent posts and there were not a lot of DP's.
I guess I'll look deeper into the thread.
@Jnbmom wrote:Penfed is kinda conservative.They pull EQ. You said your score is in the mid 600s. Is that a FICO score? Just making sure it's not from credit karma.
Honestly I think you are borderline, penfed prefers in the high 600s.
My lowest score right now is my EQ Bankcard 8, which is around 628 and my EQ 9 is 664.
The earliest I'd apply is July, so I have time.
@Anonymous wrote:
@Jnbmom wrote:Penfed is kinda conservative.They pull EQ. You said your score is in the mid 600s. Is that a FICO score? Just making sure it's not from credit karma.
Honestly I think you are borderline, penfed prefers in the high 600s.
My lowest score right now is my EQ Bankcard 8, which is around 628 and my EQ 9 is 664.
The earliest I'd apply is July, so I have time.
If I'm not mistaken, they use EQ FICO 9 for score evaluation. That said, they seem to prefer that your financial house is in order for approvals. No aggressive credit seeking, no (at least recent) derogatories, low utilization, acceptable DTI etc. PenFed seems to be far from a slam dunk for rebuilders or new builders.
@Anonymous wrote:
@Jnbmom wrote:Penfed is kinda conservative.They pull EQ. You said your score is in the mid 600s. Is that a FICO score? Just making sure it's not from credit karma.
Honestly I think you are borderline, penfed prefers in the high 600s.
My lowest score right now is my EQ Bankcard 8, which is around 628 and my EQ 9 is 664.
The earliest I'd apply is July, so I have time.
You want at least a 680 EQ9 with PenFed. High income helps a lot as well. If you score is low because of utilization or recent lates, PenFed won't like that either.
@Anonymous wrote:
@Anonymous wrote:
@Jnbmom wrote:Penfed is kinda conservative.They pull EQ. You said your score is in the mid 600s. Is that a FICO score? Just making sure it's not from credit karma.
Honestly I think you are borderline, penfed prefers in the high 600s.
My lowest score right now is my EQ Bankcard 8, which is around 628 and my EQ 9 is 664.
The earliest I'd apply is July, so I have time.
If I'm not mistaken, they use EQ FICO 9 for score evaluation. That said, they seem to prefer that your financial house is in order for approvals. No aggressive credit seeking, no (at least recent) derogatories, low utilization, acceptable DTI etc. PenFed seems to be far from a slam dunk for rebuilders or new builders.
Yep. This is why we all go to NFCU when (re)building if we can.
@Anonymous wrote:
@Anonymous wrote:
@Jnbmom wrote:Penfed is kinda conservative.They pull EQ. You said your score is in the mid 600s. Is that a FICO score? Just making sure it's not from credit karma.
Honestly I think you are borderline, penfed prefers in the high 600s.
My lowest score right now is my EQ Bankcard 8, which is around 628 and my EQ 9 is 664.
The earliest I'd apply is July, so I have time.
You want at least a 680 EQ9 with PenFed. High income helps a lot as well. If you score is low because of utilization or recent lates, PenFed won't like that either.
Score is low due to rebuilding (too aggressively last year). If they're looking at EQ 9, then I'll be okay sooner than later. One of my three derogatories is a medical collection (it's paid and currently being disputed). The other two are C/O's that were settled in Fall 2019. Both were charged off over two years ago. AoOA is 11 months right now. 21 EQ Inquires - 1/3; 4/6; 12/12. 7 fall between Memorial Day and July 4th and three more will turn over 1 year by July.