Pentagon Federal Credit Union Data Share

[FinStar]

@kidink1911 - please reference the posts upthread for some guidance.  The Approval forums can provide some additional DPs.

[Openwater]

Product(s) approved and Limit: PCR 20K
EQ 08 Fico: 690
Penfed Nextgen:

Instant or Review?: Instant

POI? None

AAOA: 8 years
Derogs?: BK 7 Discharged 12/14

Util: <3%

Total EQ Inquiries:

                Last 12 months: 1

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

[Openwater]

Product(s) approved and Limit: PCR 20K
EQ 08 Fico: 690
Penfed Nextgen:

Instant or Review?: Instant

POI? None

AAOA: 8 years
Derogs?: BK 7 Discharged 12/14

Util: <3%

Total EQ Inquiries:

                Last 12 months: 1

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

[cashorcharge]

Congratulations @Openwater 

[WavysMommy]

Product(s): Gold Visa, $2500 17.99%

EQ 08 Fico: 658 (as of 12/8/20)
Penfed Nextgen: Unknown
Instant or Review?: Instant
POI? No
AAOA: 7.5 years
Derogs?: BK7 Discharged August 2019
Util: 7% currently
Total EQ Inquiries:
               Last 12 months: 6
               Last 6 months: 5
New Accounts in last 12 months: 9 (w/ Wayfair which is closed)
                Last 6 months: 6

[2ski]

Congratulations on the success of your rebuild!

[WavysMommy]

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@2ski wrote:

Congratulations on the success of your rebuild!

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Thanks! 😁

[Shaw83]

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@oorhett wrote:

DECLINED! This will be my 2nd try with PenFed.  Opened a Saving and Checking account with them Oct 26th Was declined for the PCR then, have had a small DD going into the Checking since then. App'd for the PCR, Instant Decline - Received the Declined email after the application spinner resulted in a 500 etc Error

EQ 08 Fico:655
Penfed Nextgen: Unknown

Instant or Review?: Instant

POI?(If yes, what type of proof of income) N/A

AAOA: 4 YRS 4 Months
Derogs?: (If you have a BK please list type and discharge date!): BK7 discharged Sep 2019

Util: 1%

Total EQ Inquiries: 6

                Last 12 months: 6

                Last 6 months: 3 all Penfed
New Accounts in last 12 months: 4
                                 Last 6 months: 3

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This doesn't make sense to me, the post above yours the person had a more recent BK and a 654 or whatever score. And you were denied, so I'm scared to apply.

[WavysMommy]

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@Shaw83 wrote:

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@oorhett wrote:

DECLINED! This will be my 2nd try with PenFed.  Opened a Saving and Checking account with them Oct 26th Was declined for the PCR then, have had a small DD going into the Checking since then. App'd for the PCR, Instant Decline - Received the Declined email after the application spinner resulted in a 500 etc Error

EQ 08 Fico:655
Penfed Nextgen: Unknown

Instant or Review?: Instant

POI?(If yes, what type of proof of income) N/A

AAOA: 4 YRS 4 Months
Derogs?: (If you have a BK please list type and discharge date!): BK7 discharged Sep 2019

Util: 1%

Total EQ Inquiries: 6

                Last 12 months: 6

                Last 6 months: 3 all Penfed
New Accounts in last 12 months: 4
                                 Last 6 months: 3

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This doesn't make sense to me, the post above yours the person had a more recent BK and a 654 or whatever score. And you were denied, so I'm scared to apply.

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Not sure about your history(or the other poster) but I've been banking with Penfed since before my BK, and my oldest loan account is over 20 yrs old(not IIB), and never late. This could be a factor in my approvals.

I applied and was approved for two Penfed cards one month apart.

[Aspireto850]

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.

[coldfusion]

There haven't been a lot of data points reported for the Pathfinder since it was resurrected as a Visa but there appears to be 2 tiers.

Top Tier - Platinum Rewards, Pathfinder

2nd Tier - Gold, PCR

Platinum Rewards has always had a higher standard than the Gold and PCR as the Platinum Rewards has a mininum SL of $5K whereas the other 2 cards do not.   The relatively few data points I've seen for the Pathfinder Visa infer that it also has a mininum $5K SL; I do recall a DP where a Pathfinder applicant was counteroffered with a PCR with a less-than-$5K SL. 

This shouldn't infer that the Gold or PCR cannot be approved with a high SL (my original PCR approval was for $34.5K), only that the Platinum Rewards and Pathfinder cards have a higher mininum threshold.