cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed credit card rules and DP’s

BigGib82
New Contributor

PenFed credit card rules and DP’s

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this question already, but I either could not find direct answers to what I was looking for OR the answers appeared outdated.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.

Starting Score: 486 - June 2019
Current Score: Lowest - 629 (EQ 8); Highest - 676 (EX 9)
Goal Score: 800+


Take the myFICO Fitness Challenge

Started with a 486 in early 2019. Made lots of mistakes along the way, but learned what to do by doing a lot of what I shouldn’t. That said, my top five rebuilder accounts are:
1) Self
2) Credit Strong
3) SDFCU Secured
4) H-D Visa Secured
5) Citi Diamond Secured
Message 1 of 16
15 REPLIES 15
AllZero
Mega Contributor

Re: PenFed credit card rules and DP’s

For your reading pleasure. Pentagon Federal Credit Union Data Share

Message 2 of 16
Jnbmom
Community Leader
Super Contributor

Re: PenFed credit card rules and DP’s

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.

EXP 771TU 786 EQ 756
Message 3 of 16
M_Smart007
Epic Contributor

Re: PenFed credit card rules and DP’s

@AverageJoesCredit, Has some great data points!

maybe He'll chime in?

Message 4 of 16
BigGib82
New Contributor

Re: PenFed credit card rules and DP’s


@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.

Starting Score: 486 - June 2019
Current Score: Lowest - 629 (EQ 8); Highest - 676 (EX 9)
Goal Score: 800+


Take the myFICO Fitness Challenge

Started with a 486 in early 2019. Made lots of mistakes along the way, but learned what to do by doing a lot of what I shouldn’t. That said, my top five rebuilder accounts are:
1) Self
2) Credit Strong
3) SDFCU Secured
4) H-D Visa Secured
5) Citi Diamond Secured
Message 5 of 16
BigGib82
New Contributor

Re: PenFed credit card rules and DP’s


@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.

Starting Score: 486 - June 2019
Current Score: Lowest - 629 (EQ 8); Highest - 676 (EX 9)
Goal Score: 800+


Take the myFICO Fitness Challenge

Started with a 486 in early 2019. Made lots of mistakes along the way, but learned what to do by doing a lot of what I shouldn’t. That said, my top five rebuilder accounts are:
1) Self
2) Credit Strong
3) SDFCU Secured
4) H-D Visa Secured
5) Citi Diamond Secured
Message 6 of 16
CreditSweeper
Established Contributor

Re: PenFed credit card rules and DP’s


@BigGib82 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. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 7 of 16
Anonymous
Not applicable

Re: PenFed credit card rules and DP’s


@BigGib82 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. 

Message 8 of 16
Anonymous
Not applicable

Re: PenFed credit card rules and DP’s


@CreditSweeper wrote:

@BigGib82 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. 

Message 9 of 16
BigGib82
New Contributor

Re: PenFed credit card rules and DP’s


@Anonymous wrote:

@BigGib82 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.

Starting Score: 486 - June 2019
Current Score: Lowest - 629 (EQ 8); Highest - 676 (EX 9)
Goal Score: 800+


Take the myFICO Fitness Challenge

Started with a 486 in early 2019. Made lots of mistakes along the way, but learned what to do by doing a lot of what I shouldn’t. That said, my top five rebuilder accounts are:
1) Self
2) Credit Strong
3) SDFCU Secured
4) H-D Visa Secured
5) Citi Diamond Secured
Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.