PENFED: after 6 months, I graduate out of diapers ;)

[spiritcraft1]

With those scores you had to suffer a 6 month funds hold?   I have not heard of that with any lender.

[haulingthescoreup]

It seems to be a new-ish thing with PenFed. They got really hot over the last 1 1/2 - 2 years, and it seems that they've gotten burned by some of their new members.

This wasn't in effect when I joined in Feb 2008, thank goodness.

[DI]

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@haulingthescoreup wrote:
It seems to be a new-ish thing with PenFed. They got really hot over the last 1 1/2 - 2 years, and it seems that they've gotten burned by some of their new members.

This wasn't in effect when I joined in Feb 2008, thank goodness.

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I think myfico is responsible for making  PenFed known outside of the DELMARVA region.  

Message Edited by DI on 10-20-2009 05:45 PM

[Anonymous]

I would have never know about them, nor would I have cared if it wern't for myFico.

I really don't mind the hold thing too much, just be sure to ask for a high enough credit line to cover all of your charges while they take their sweat time to poste your payments.

[pattycake]

Yep, I don't charge more than a few hundred a month, then PIF on PenFed. My CL is $10K, so it's not an issue for me, but it really is more a matter of principle.

I pay them via mycheckfree and the payment just goes through ten days before the due date. I do the same with other bills, including WalMart and now AMEX.

[creditwherecreditisdue]

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@DI wrote:

I think myfico is responsible for making  PenFed known outside of the DELMARVA region.  

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Pentagon Federal Credit Union is now, and has been for a consdierable period of time, the third largest US Credit Union. (The largest is NFCU.) I seriously doubt that myFICO put either one of these institutions "on the map".

[haulingthescoreup]

Well, there was a lot of buzz about PenFed here and many other credit boards. Trends sweep through forums, and they do make an impact. And there's nothing like free publicity.

I'm pretty sure that there was some impact on their membership. I remember when I app'd, the CSR asked how I had heard about PenFed. I told her it was on the myFICO forums, and she answered, Oh, we've been hearing about you guys.

[creditwherecreditisdue]

Pentagon Federal Credit Union:

• Federally Chartered in 1935
• 932,708 Members
• $13.9 Billion in Assets

If myFICO was responsible for adding 1000 new members (which I am sure is wildly high) that would represent about 0.1% of their total membership.

[DI]

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@creditwherecreditisdue wrote:

Pentagon Federal Credit Union:

• Federally Chartered in 1935
• 932,708 Members
• $13.9 Billion in Assets

If myFICO was responsible for adding 1000 new members (which I am sure is wildly high) that would represent about 0.1% of their total membership.

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MYFICO is responsible for making me and so many other members aware of PenFed.  I am not going to back down on that claim.  MYFICO serves more than its intentional purposes.  I appreciate the website.