Product(s) approved and Limit(If approved for multiple products please include date if not immediate) Power Cash Rewards - $3,500 - 17.99%
EQ 08 Fico: 665
Penfed Nextgen: N/A
Instant or Review?: Instant
POI?(If yes, what type of proof of income) No
AAOA: ~7 years (I apped on the 31st, only checked today, so it may be slightly off)
Derogs?: (If you have a BK please list type and discharge date!) CH7 Discharged 10.22.2020
Util: around ~10-11% utilization when my last statement cut
Total EQ Inquiries: 2
Last 12 months: 2
Last 6 months: 2
New Accounts in last 12 months: 3
Last 6 months: 3
Misc Data Points:
EQ (FICO 9?) Provided by PenFed when they pulled was 676.
PenFed Savings opened with $5 somewhere in the beginning of March 2021, so new relationship to them overall
Hope this helps. Let me know if anyone needs any other data points!
I'll try to update AAOA soon. Done.
Edit: added APR
Edit2: Updated AAOA
@Mr_Mojo_Risin wrote:
@angelofmusic86 wrote:Product(s) approved and Limit(If approved for multiple products please include date if not immediate) Power Cash Rewards - $3,500 - 17.99%
EQ 08 Fico: 665
Penfed Nextgen: N/AInstant or Review?: Instant
POI?(If yes, what type of proof of income) No
AAOA: ~7 years (I apped on the 31st, only checked today, so it may be slightly off)
Derogs?: (If you have a BK please list type and discharge date!) CH7 Discharged 10.22.2020Util: around ~10-11% utilization when my last statement cut
Total EQ Inquiries: 2
Last 12 months: 2
Last 6 months: 2
New Accounts in last 12 months: 3
Last 6 months: 3Misc Data Points:
EQ (FICO 9?) Provided by PenFed when they pulled was 676.
PenFed Savings opened with $5 somewhere in the beginning of March 2021, so new relationship to them overall
Hope this helps. Let me know if anyone needs any other data points!
I'll try to update AAOA soon.Done.
Edit: added APR
Edit2: Updated AAOA
Congratulations on your Power Cash approval!
I joined close to the same time as you with only savings account. I've been going back and forth on apping, so indecisive. Lol
Thank you! I was pleasantly surprised. I didn't even have PenFed on my radar until about a week before I joined, so I was very happy. Definitely makes me want to build more of a relationship with them.
@ZenMan wrote:
- Product(s) approved and Limit: Personal Loan $10,000 @ 6.49%, 24-month term
- EQ 09 Fico: 745
- Penfed Nextgen: Do Not Know
- Instant or Review?: Instant
- POI? No
- AAOA: 8 years, 3 months
- Derogs? BK7 discharged April 2017
- Total EQ Inquiries: 0 within last 12 months on any bureau
- New Accounts in last 12 months: 0
A thousand apologies if this is already common knowledge, but I found out something about my new PenFed loan just this morning that I thought I'd share with the board. (Don't worry, it's good news!)
Even though my first payment wasn't due until 5/5/2021, last night, I pushed a payment from my NFCU account to PenFed to this new loan, just to ensure that the linkage between the two institutions was working. The payment was received this morning by PenFed and I noticed that my due date was changed to 6/5/2021. (I was expecting the due date to remain unchanged, and for the account to show only that the minimum payment had been satisfied.) I telephoned PenFed and spoke with a Member Services Representative to ask precisely how overpayments are handled on this type of loan, and she told me that overpayments are applied to future payments. So if I had sent, say, a $5,000 payment, that would've pushed my next due date out to about June 2022, with no payments expected until then. And until that next due date, the loan would report favorably to all the credit bureaus. In short, overpaying the loan in any given month doesn't reduce the term of the loan (24 months in my case).
I mention this because for anyone who is looking for an installment loan product that allows you to borrow and pay virtually all of it back at once -- similar to the NFCU Shared Secured Loan and the retired Alliant Shared Secured Loan -- and enjoy months of favorable reporting, then this might be a great product to consider, especially if NFCU membership is not an option for you.
Product(s) approved and Limit: PCR $7,500 16.99%
EQ 08 Fico: 675
Penfed Nextgen: Not sure what this is?
Instant or Review?: Review - Took about 5 days, I had to call about 3 times for updates and upload proof of ID, but several very helpful agents helped me get it approved!
POI?: No, but I make 145K yearly (if that DP helps)
AAOA: 9 yrs, 9 mths (I'm assuming this is Average Age of Accounts?)
Derogs?: (If you have a BK please list type and discharge date!): BK discharged 6/2020 (w/10 late payments from prior to BK)
Util: 1% (but I have over 200K in student loans 
if that DP helps someone)
Total EQ Inquiries: 4 (including PenFed)
Last 12 months: 4 (including PenFed)
Last 6 months: 2
New Accounts in last 12 months: 4 (including Penfed)
Last 6 months: 2
Misc dps: I joined and opened a savings account in January 2021 and funded with $2500; opened a checking account today to get full cashback rewards on PCR card.
Starting FICO 8: 6/2020: EX 546 - TU 507 - EQ 596
@Mizqtpye wrote:Product(s) approved and Limit: PCR $7,500 16.99%
EQ 08 Fico: 675
Penfed Nextgen: Not sure what this is?Instant or Review?: Review - Took about 5 days, I had to call about 3 times for updates and upload proof of ID, but several very helpful agents helped me get it approved!
POI?: No, but I make 145K yearly (if that DP helps)
AAOA: 9 yrs, 9 mths (I'm assuming this is Average Age of Accounts?)
Derogs?: (If you have a BK please list type and discharge date!): BK discharged 6/2020 (w/10 late payments from prior to BK)Util: 1% (but I have over 200K in student loans
Total EQ Inquiries: 4 (including PenFed)
Last 12 months: 4 (including PenFed)
Last 6 months: 2
New Accounts in last 12 months: 4 (including Penfed)
Last 6 months: 2Misc dps: I joined and opened a savings account in January 2021 and funded with $2500; opened a checking account today to get full cashback rewards on PCR card.
Very nice approval, thanks for posting and adding your DP's!