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@juniornj23 wrote:
No not me
It wasn't you but same idea
Semi-off-topic but did Penfed drop their underwriting criteria?
Haven't paid attention but reading some siggy lines and thinking "huh?" when before I would've thought "no chance in hell" with Penfed UW?
@Revelate wrote:Semi-off-topic but did Penfed drop their underwriting criteria?
Haven't paid attention but reading some siggy lines and thinking "huh?" when before I would've thought "no chance in hell" with Penfed UW?
That really seems to be the case in the last 6 months. I was denied with a 790 Fico score a few years ago. They seem to be more willing to approve people with older negatives lately.
@B335is wrote:
Penfed cards have the same underwriting criteria. There is no easier one to get.
While I suppose the underwriting might be the same, there are different requirements for different products. I was declined for both the Platinum rewards and the Travel AMEX they offer. The Platinum requires a minimum 5K line which is why I was declined, not sure about the Travel card. I was approved for the Promise however with a 4K line.
Since they use the same HP it's not that big of a deal though imo, apply for whatever you want most, if it's denied then try another.
Scores aren't everything
Penfed used to be known to deny based on pyramiding debts, which is a fancy way of saying too many new accounts. For years they were known to be more generous with established, clean reports. So as others have said, even with a 790 Fico they didn't like my new accounts enough to give me a card (but they did approve membership).
If you really want one of their cards, you need to take the hard pull for membership regardless, but for the best chance get your reports clean first so when the membership is approved, they can also approve a card. Otherwise you'll have to wait for the 90 day window to pass and take an additional hard pull.