Pentagon Federal Credit Union Data Share

[cashorcharge]

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@Aspireto850 wrote:

Hi myFico'ers,

Can someone provide insight as to Penfed's underwriting on it's current credit cards from 'easiest' to 'hardest' to get approval related to their underwriting criteria? 

• PowerCashRewards Visa Sig
• Pathfinder Visa Sig
• Penfed Gold
• Platinum Rewards

I look through the thread but didn't see anything recent. Thanks for the help.

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Great question...Thanks for asking!

@coldfusion Thanks for the breakdown.  I wasn't aware of the UW levels you mentioned, good to know.

Both my Gold and PCR started at $15K each and am eyeing Pathfinder soon or at least this year.

[Anonymous]

Product approved and Limit: PenFed Gold Visa $3500 17.99% APR
EQ Fico Score: 684
Penfed Nextgen Score: n/a
AAOA: 4 years
Derogs?: CH 7 BK Discharged March 2018 
Total EQ Inquiries: 5

Last 12 months: 0

Last 6 months: 0
New Accounts in last 12 months: 1

Last 6 months: 2

[mgood]

In December I applied for a 2nd Gold card, kinda/sorta by accident. I was trying to get CLI on the 1.6k card I had. Got insta-approved for a 2nd Gold at 6.5k. That same day I applied for a Platinum. Took a few days of review, but got approved for 5k on that. . . . Since I was on a roll, I crossed my fingers and cancelled the 2nd Gold card, which had arrived in the mail by then but I hadn't actually activated, and applied for the PCR. After review it was approved for 5k. Then I applied for a CLI on my old 1.6k Gold card, which was what I was trying to do to begin with. After yet another review, they bumped it up to 6.5k. This was all on ONE HP over the course of a few weeks.

Here's the original PenFed Luv thread. This is all in that discussion, but I figured I should add it to the mega-thread here.

They wouldn't give me a $10k card no matter how hard I tried, but apparently they'd give me all the $5k cards I wanted, lol.

Product(s) approved and Limit: Gold was 1.6k got CLI to 6.5k, new Platinum 5k, new PCR 5k
EQ 08 Fico: 696
Penfed Nextgen: 709

Instant or Review?: 1 instant, several reviews

POI?: Sent copies of last two paycheck stubs

AAOA: 3.8 yrs
Derogs?: None

Util: 26%

Total EQ Inquiries:

                Last 12 months: 4

                Last 6 months: 2
New Accounts in last 12 months: 3
                                 Last 6 months: 2

[razzy116]

Where on there website will i see credit card approvals.Thank you and be safe.

[mgood]

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@razzy116 wrote:

Where on there website will i see credit card approvals.Thank you and be safe.

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You'll get an email.

If you have an account with PenFed, you can go to the page showing your accounts and click on the "applications" tab.

[razzy116]

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@mgood wrote:

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@razzy116 wrote:

Where on there website will i see credit card approvals.Thank you and be safe.

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You'll get an email.

If you have an account with PenFed, you can go to the page showing your accounts and click on the "applications" tab.

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I had a charge off back in 2013 that i paid. are they forgiving? Thank you for your response.

[mgood]

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@razzy116 wrote:

I had a charge off back in 2013 that i paid. are they forgiving? Thank you for your response.

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That I don't know.

[Anonymous]

PenFed approval Mar 2020

Credit Score at the time: ~TU 713, ~EQ 720 , EX: Probably low 700 at the time. Approval of $6250 SL, $16.99 APR

Instant Approval

No POI

AAoA: 6 years 10? (TU) and 6 years 8 (EQ) .

No Derog

util at the time: Below 30%. I couldn't remember. Around 24% to 26%.

At the time:

TU 4 HP 4 (last 12), EQ HP 3 (last 12)

[Anonymous]

Hey MF family,

I have been with PenFed since 2019 and carried small balances in checking and saving accounts.

Signature Loan (20K), Platinum Rewards (15K), Power Cash Rewards (17.5K)

EQ 08 Fico: 750
Penfed Nextgen: 

Instant or Review: Instant

POI: No

AAOA: 3YRS
Derogs?: 0

Util: 14%

Total EQ Inquiries: 28

                Last 12 months: 5

                Last 6 months: 1
New Accounts in last 12 months: 1
                                 Last 6 months: 0

[SB_F]

Penfed Power Cash Rewards ($25K)

EQ 08 Fico: 850
Penfed Nextgen: 

Instant or Review: Overnight

POI: No

AAOA: 12YRS
Derogs?: 0 showing but BK13 discharged June 2019 fell off late 2020

Util: <7%

Total EQ Inquiries: 2  (1 was Penfed opening Savings in 2019 - gardening 15 mo since then)

                Last 12 months: 0

                Last 6 months: 0
New Accounts in last 12 months: 0
                                 Last 6 months: 0

Finally feeling the love. First credit product w/ Penfed. Responded to email so HP I'm sure. Nothing ever in offers except TurboTax. Have had Premium Savings since 2019 (<$10K). Added Premium Checking recently (<$1K).

Did do SP prequal for Penfed PL last week (saw online, not in my acct offers) and was offered $20K at 9.99 APR for 30 mo, but have not pulled the trigger on that. Thinking instead of refi for paid off SUV for upcoming $10K expense. Turns out they are one of a handful that will refi lien free autos.

[SB_F]

Penfed Power Cash Rewards ($25K)

EQ 08 Fico: 850
Penfed Nextgen: 

Instant or Review: Overnight

POI: No

AAOA: 12YRS
Derogs?: 0 showing but BK13 discharged June 2019 fell off late 2020

Util: <7%

Total EQ Inquiries: 2  (1 was Penfed opening Savings in 2019 - gardening 15 mo since then)

                Last 12 months: 0

                Last 6 months: 0
New Accounts in last 12 months: 0
                                 Last 6 months: 0

Finally feeling the love. First credit product w/ Penfed. Responded to email so HP I'm sure. Nothing ever in offers except TurboTax. Have had Premium Savings since 2019 (<$10K). Added Premium Checking recently (<$1K).

Did do SP prequal for Penfed PL last week (saw online, not in my acct offers) and was offered $20K at 9.99 APR for 30 mo, but have not pulled the trigger on that. Thinking instead of refi for paid off SUV for upcoming $10K expense. Turns out they are one of a handful that will refi lien free autos.