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@Shann0n_marie wrote:How do I locate my current offers thru PenFed?
Should be at bottom right corner of screen if on mobile. If you see Turbo Tax , you've made the "B " Squad
@Shann0n_marie wrote:Does anyone know if they are Ch 7 BK friendly (almost 1 year post discharge with re-established credit) for an auto loan?
Im not sure, bk can often hinder progress with Penfed but being an auto loan which can be taken away maybe possible. I would post this question in the auto forum for better coverage.
I called PenFed today about a APR reduction and was told they don't do that. The CSR then told me that I do have pending offers of my choice of a second card with them with a SL of $1,000. I laughed (without meaning to be rude) as my Power Cash with them has a 37K CL. That is 12K over their new 25K limit per card so that probably explains the low SL offer on another card. PenFed has been very generous to me.
Lol, getting that offer is better than being told you are too poor for one of their credit cards👉🙋♂️👈😎
I’ve been a Penfed member for almost 3 years now, have a home equity LOC my only credit product. Well, I finally have my first prequal offers: Choice of PowerCash, Promise or Visa Sig, all w/$5200 CL, and New or Used car loan. Don’t want any of their CCs and don’t need a car. Not bragging, just my opinion of Penfed.
@DaveInAZ wrote:I’ve been a Penfed member for almost 3 years now, have a home equity LOC my only credit product. Well, I finally have my first prequal offers: Choice of PowerCash, Promise or Visa Sig, all w/$5200 CL, and New or Used car loan. Don’t want any of their CCs and don’t need a car. Not bragging, just my opinion of Penfed.
Only took 3 years huh... *sigh*
Congrats on your offers - even if you don't need them / can't use them.
Haha, congerts Dave.
Yeah after wasting multiple hps , constsnt denisls and being told im too poor for their credit cards, im officially done chasing or wanting any of their cards. I even had one and they still dont trust me. Lol when a lender who has no prior history with me can give me a $8k cc on my income, i dont need a lender who gives credit through a magic 8ball
@baller4life wrote:Probably the most popular credit union on the forum next to NFCU is Pentagon Federal Credit Union aka Penfed. We have seen alot of approvals from Penfed in the past year since they loosened their once very strict underwriting criteria. These increased number of approvals have brought many questions from newer members. So, to make it easier for everyone when trying to decide whether to apply or not, a few of us thought there should be a thread specifically for Penfed approval data.
First of all, Penfed has open membership for anyone who makes a donation to one of the two organizations listed on their site. Membership is a hp on EQ and hp is typically good for 90 days for all products. There have been reports that when reconning a denial or starting limit there can be a 2nd hp. To recon denial or starting limit, the easiest way is to call and ask for a Supervisor. They are also loan officers. And can make a decision on the spot.
Another perk of Penfed membership are the quarterly preapprovals that are given for their products. It has been reported based on old data that if you join Penfed with any derogs, you never receive these preapprovals. However, that is no longer the case. Several members have in fact received these that joined with a derog. Please let us know your preapproval experience.
They are known for their "pyramiding debts" denial reason which is why you will see the Egyptian reference often here. Basically "pyramiding debts" is their interpretation of having alot of new accounts. They view that as potential debt.
Below are the questions that will be very helpful to other forum members. Thanks in advance for your valuable data!
Product(s) approved and Limit(If approved for multiple products please include date if not immediate)
EQ 08 Fico: Bankcard Score 8 (702) Score 9 (690)
Penfed Nextgen: N/AInstant or Review?: Review
POI?(If yes, what type of proof of income) None
AAOA: 3 Years 1 Month
Derogs?: (If you have a BK please list type and discharge date!) 0Util: 21%
Total EQ Inquiries:
Last 12 months: 6
Last 6 months: 4
New Accounts in last 12 months: 6
Last 6 months: 4
*New cards can be expedited for $15 fee*
I was approved for the PENFED Visa - Power Cash Rewards Visa CL $17,500.00
@Anonymous wrote:
Lollll!!!
CreditLuv-- no POI required. I am actually half and half w2 and independent contractor of sorts as a private duty nurse. It gets very complicated in nursing -- overall income varies, but averages out to be about $90k but much more if counting my partners income, which PENFED allowed.
Started at $5k. CLI to $10k after 31 days and CLI to $22.5k after under 3 months
Were the CLI requests done online?