question before applying for Penfed or NFCU

[Vu]

I have 2 cards with NFCU and 2 cards with PenFed.

NFCU Cash Reward Visa - $20,000 SL on 10/2019 and now is at $28,000.

NFCU Platinum - $23,000 SL just applied this month.

PenFed back-to-back application: $17,500 PCR and then $7,500 Platinum Reward last month.  This may be due to the maximum $25K limit for the new member.

Based on my personal experience, as long as you have low utilization, good DTI, decent income, good FICO scores, you should have no problem getting $10K+ SL with NFCU and PenFed. 

[AverageJoesCredit]

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@Anonymous wrote:

Thanks for the replies.

The Penfed offer code doesn't show a CL before it asks you to accept the offer.

I'm not expecting anywhere close to $50,000 for a new account, but I'm hoping to avoid anything under $10,000. Do starting CL with Penfed or NFCU typically fall into a range for people with good income and clean reports? I know Penfed has a rep for being conservative but some reports here have shown $10,000 to $20,000 in starting CL.

Thanks again.

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No one can actually determine who gets what or how much from Navy despite credit score or income. There are people with extremely high income, good credit get welcomed to NFCU with $1k  while other people with bk7 or many derogs jump out the gate with 25K.  Dont believe it read Navy thread lol. 

My main asvice is if you actually can join Navy , do it ! Most people cant access them and for those of us who can have been very satisfied

[Anonymous]

There are dozens and dozens of threads here re Penfed and Navy FCU but I couldn't find an answer. Are credit cards with Penfed and Navy considered open as soon as they're approved, like at Chase and most other banks, or does an approved applicant have to formally accept the offer/account after approval? Thanks.

[Anonymous]

I was recently approved for a Navy card, and the new card appeared in my dashboard within a couple of days.  However, the card has not reported to the bureaus as I am waiting to receive my card.  Based on my other cards with Navy, once the card is reported, the date opened will report as the date the applicant was originally approved.

Hope this helps.

[Anonymous]

Thanks for your reply.

Can anyone tell me if Penfed works the same way?

[FinStar]

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@Anonymous wrote:

Thanks for your reply.

Can anyone tell me if Penfed works the same way?

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If approved, the account will display within 24-48 hours once the application status changes from Approved to Funded. 

[Anonymous]

Thanks. And that happens automatically, with no further actions required by the applicant after the app is submitted?

[FinStar]

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@Anonymous wrote:

Thanks. And that happens automatically, with no further actions required by the applicant after the app is submitted?

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Unless it's a conditional approval which may require additional information such as identity verification or POI, for instance.  They will inform you in either case.

[rostrow416]

My PenFed card showed up a couple days after I sent in POI (brand new member).

I can honestly say PenFed was looser for me than Navy.

MoreRewards opened on July with 1k

Early this month got denied Flagship but got MoreRewards cli to 3k

Opened PenFed account and apped for Platinum rewards, got same day conditional approval for 10k.  Had to send in docs before it was put through and showed up.

[Anonymous]

Very helpful. Thanks for the replies.