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PenFed Double Approval - It's a start!

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paulesport
Contributor

PenFed Double Approval - It's a start!

I've been wanting to add a CU in my wallet mainly for the low APR. Been reading about PenFed having some high CL's so with my Equifax at 764 I thought what better time to app, esp since I was anticipating my Upstart loan to report and impact the score very soon. Signed up for membership by opening a regular savings account, and apped for the Gold Card for the lowest APR they had. I got conditional approval with a note saying my savings account was a negative balance. Well that's because PenFed's website is archaic and I couldn't do immediate verification of my checking account, even though I was able to connect it (it simply wouldn't show up as an external account). So I opted to manual verification. The next day they made two deposits which I verified, then I deposited $5 into the savings account, and I called back in to ask the status-- they pushed it through and while on hold with the agent I got a notification that I was approved! SL is $5K at 17.99% so wasn't too thrilled but I guess I need to work on my profile more. 

 

And since PenFed uses the same report within 30 days, I figured why not let's go for the Power Cash Rewards card too. Came back as "Under Review" and within an hour I got approved for the same amount and APR. I'll give these cards some love and try for CLI in 6 months. I hear the CLI's are usually generous so I've got something to work towards. (But still on the quest for that 7-8% APR)

 

Data Points:

FICO 8 Equifax 764, Inq's 1/1/3, 29% UTIL

12 Baddie lates 30-60 from 2016

6 CC accounts, 8 Private Student loans, 1 PL, 1 auto loan

 

***Update***
Just received the credit report document and looks like they clocked me at Equifax 757. Not sure why my FICO8 Equifax via the Experian app was showing 764 🤷🏻‍♂️ I was prob only 3pts away from a better APR. 

personal
biz


Start 1/1/19
Best 11/15/21
Current rebuild



14 REPLIES 14
CreditMagic7
Mega Contributor

Re: PenFed Double Approval - It's a start!

Awesome! Personally i hold PenFed CU & NFCU as a top pair as best choices from results & experience.

Congratulations on your dual card approvals with them!

Message 2 of 15
cashorcharge
Community Leader
Senior Contributor

Re: PenFed Double Approval - It's a start!

WooHoo!! Congratulations on your PenFed Approval!!👏🏼🍾🥂

As your accounts age, you become eligible for CLI offers after 6 months.  Any cardholder initiated requests for CLI will be another EQ HP

Message 3 of 15
blindambition
Senior Contributor

Re: PenFed Double Approval - It's a start!

Congrats on approvals and membership.

my funding went very similar. Manual trial deposit took 4 days. Funded Savings by phone, they waived fee, but it was held for 5 days. However, when I funded Checking from Chase it was in account next day. With immediate loan approval and no POI.

Message 4 of 15
KingRue8500
Senior Contributor

Re: PenFed Double Approval - It's a start!

Congrats on your PenFed Gold & Power Cash Rewards approvals




Message 5 of 15
CreditAggie
Community Leader
Super Contributor

Re: PenFed Double Approval - It's a start!

Congratulations on your PenFed approvals!

Current Cards (in order of approval):

         
Current FICO 8 | 9 (February 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 6 of 15
mgood
Valued Contributor

Re: PenFed Double Approval - It's a start!

Congrats!
Yes, their website . . . leaves something to be desired. FYI, the phone app usually works when the website isn't working right (which seems to be pretty often).



Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 771, TU8 762, EX8 774 as of February 28
Goal Score: EQ8 780, TU8 780, EX8 780

Take the myFICO Fitness Challenge
AZE7 - 2% Utl - New Accts: 2/6, 4/12, 6/24
Message 7 of 15
paulesport
Contributor

Re: PenFed Double Approval - It's a start!

Yes I realized I got further with the mobile app. However both desktop and mobile and app won’t show my FICO9 but takes me to the page with links about FICO. I’ll try again in a few weeks.
personal
biz


Start 1/1/19
Best 11/15/21
Current rebuild



Message 8 of 15
Elpadrino1
Valued Contributor

Re: PenFed Double Approval - It's a start!

Congratulations on your PenFed approvals!!

Message 9 of 15
babygirl1256
Senior Contributor

Re: PenFed Double Approval - It's a start!

Congrats on your PenFed Gold Card and Power Cash Rewards Card approvals!!! 

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 10 of 15
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