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On an ordinary day I'd suggest for your most recent derog to be at least 2 years old and EQ F9 of at least 660 with no more than 1 inq and 1 new acct in the last 12 months.
But with the uncertainty of the current economic climate and pandemic, I'd say be better than the above.
Best of Luck!
@isaac0505 wrote:
Hi All, I am curious as to what EQ9 should be before I bother applying for a full Penfed relationship. I joined in 1/2020 but was only granted a limited savings account. In an email communication they said enough time had passed that I could apply in writing for full membership (HP). My current EQ9 is 509 and EQ8 is 549. I know that is unlikely to be approved, more curious as to what score threshold I need to reach before I will have a reasonable chance of being accepted?
I agree with @JR_TX ...
Want to add .. If you are not a current Penfed Member?, I would sign up now, and build a relationship with them.
Wait on applying for Credit products. Just my $0.02 worth.
I wouldn't waste the hard pull. My score was a little bit better and all I got was a savings account. Your best bet is to get a secured credit card like discover or capital one and a credit builder loan like self or kikoff. I wouldn't try until the high 600s or a 700. I have learned that credit unions make their own scores because PenFed nextgen score is a very abstract score lol. No where near my scores. I'm waiting until I get to 700.
I've heard recent reports that Penfed membership is no longer a HP and now open to everyone.
@Meanmchine wrote:I've heard recent reports that Penfed membership is no longer a HP and now open to everyone.
True my p2 got one a couple weeks ago.
OP, tbh I would say chances are slim to none to get approved for a cc.
Haven't heard Nexgen mentioned in a minute. Penfed pulled EQ9 for me, and thats what the site claims they use these days. Ymmv of course, but id wait till mid 600's.
@Meanmchine wrote:I've heard recent reports that Penfed membership is no longer a HP and now open to everyone.
I just became a Penfed member last week with SP only. Same with NFCU yesterday, SP!
@CYBERSAM wrote:
@Meanmchine wrote:I've heard recent reports that Penfed membership is no longer a HP and now open to everyone.
I just became a Penfed member last week with SP only. Same with NFCU yesterday, SP!
Penfed is definitely YMMV, I tried to join, right after joining Langley and a few months after NFCU and they wanted to do a HP, I passed. Maybe it was too close to my Langley SP, but I wasn't risking it.
I joined Penfed last week. It was a HP on EQ.
A few days later, I realized I had a way into NFCU but what is done is done.