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Penfed approval likelihood

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isaac0505
Established Member

Penfed approval likelihood

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?
Start of Rebuild 1/1/20
EX - 494
EQ - 470
TU -479

Current 7/2/2020
EX - 582
EQ - 569
TU - 583
TOTAL 2020 Pt. Increases EX +88 EQ +99 TU +104
Message 1 of 12
11 REPLIES 11
JR_TX
Valued Contributor

Re: Penfed approval likelihood

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! 

New cc TLs : 0/6 ; 0/12 ; 0/24 | HPs EX 3 EQ 3 TU 4 | AAoA 7y10m | UTIL 1% - 4% | $300K+ Total Limits

Message 2 of 12
M_Smart007
Legendary Contributor

Re: Penfed approval likelihood


@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.

Message 3 of 12
Anonymous
Not applicable

Re: Penfed approval likelihood

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.

Message 4 of 12
Meanmchine
Super Contributor

Re: Penfed approval likelihood

I've heard recent reports that Penfed membership is no longer a HP and now open to everyone.

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 5 of 12
randomguy1
Valued Contributor

Re: Penfed approval likelihood


@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. 

Message 6 of 12
805orbust
Valued Contributor

Re: Penfed approval likelihood

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. 



Message 7 of 12
CYBERSAM
Senior Contributor

Re: Penfed approval likelihood


@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!







                
Message 8 of 12
CreditobsessedinFL
Established Contributor

Re: Penfed approval likelihood


@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. 

Message 9 of 12
Anonymous
Not applicable

Re: Penfed approval likelihood

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. 

Message 10 of 12
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