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Pentagon Federal Credit Union Data Share

cashorcharge
Valued Contributor

Re: PenFed Underwriting


@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.


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.

Message 5821 of 5,922
AZnotorious
New Contributor

Product approved and Limit: PenFed Gold Visa $3500 17.99%...

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

Message 5822 of 5,922
mgood
Frequent Contributor

Re: Pentagon Federal Credit Union Data Share

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

 


GOAL:

Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 769, TU8 777, EX8 758
Goal Score: EQ8 780, TU8 780, EX8 780


Take the myFICO Fitness Challenge
Message 5823 of 5,922
razzy116
Frequent Contributor

Re: Penfed Approvals Please Post Your Data For Others

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

Starting Score: 663
Current Score: c669
Goal Score: 800


Take the myFICO Fitness Challenge
Message 5824 of 5,922
mgood
Frequent Contributor

Re: Penfed Approvals Please Post Your Data For Others


@razzy116 wrote:

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


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.

penf accounts.png


GOAL:

Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 769, TU8 777, EX8 758
Goal Score: EQ8 780, TU8 780, EX8 780


Take the myFICO Fitness Challenge
Message 5825 of 5,922
razzy116
Frequent Contributor

Re: Penfed Approvals Please Post Your Data For Others


@mgood wrote:

@razzy116 wrote:

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


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.

penf accounts.png


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

Starting Score: 663
Current Score: c669
Goal Score: 800


Take the myFICO Fitness Challenge
Message 5826 of 5,922
mgood
Frequent Contributor

Re: Penfed Approvals Please Post Your Data For Others


@razzy116 wrote:

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


That I don't know.


GOAL:

Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 769, TU8 777, EX8 758
Goal Score: EQ8 780, TU8 780, EX8 780


Take the myFICO Fitness Challenge
Message 5827 of 5,922
benreily
Established Contributor

Re: Pentagon Federal Credit Union Data Share

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)

Starting Score: (Nov 13) EQ 650, EXP 750, TU 750
Score: (Dec 16, 2017)EQ > 720, EXP ?, TU > 730
From myfico.com EQ Score: (Mar 3, 2021) From myfico.com EQ Fico 8 792, Fico 9 816, TU Fico 8 789, EX Fico 8 768
Feb 1, 2021 AoOA 18 years, 10 months, AAoA 7 years, 10 months




Message 5828 of 5,922
Grind2Greater
Established Member

Re: Pentagon Federal Credit Union Data Share

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





Starting Score: 657
Current Score: 727
Goal Score: 760


Take the myFICO Fitness Challenge
Message 5829 of 5,922
SB_F
New Contributor

Re: Pentagon Federal Credit Union Data Share

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.

 
BK13 filed 11/2013 discharged 6/2019
Oct 2019 EQ 672 TU 643 EX 663
Mar 2021 EQ 850 TU 837 EX 839
Message 5830 of 5,922
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