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Lookiing to join PenFed and get either a LoC or education loan. Does anyone know what score numbers PenFed looks for?
They are getting more dificult. Used to be 680 was good enough now might be 720.
Well I've been looking at PenFed for 3 years now. Always been too afraid to try. Just signed up for the savings account (had to do the NMFA $20 sign up) with $100 deposit. Guess I can't apply for a Credit Card till I get the welcome packet and send it back signed. Kind of sucks, I thought it would let me apply right after I signed up.
Guess I got a week or so to keep wondering if I will be able to make it or not. My EQ Fico is only about 690 but I don't have any INQs except a car loan back in June (already paid off). Only negative is a Paid medical collection from 6 1/2 years ago. Other then that nothing else negative. I don't carry balances on any of my credit cards, only thing with a balance is my mortgage.
Guess we shall see.
@nicemann wrote:Well I've been looking at PenFed for 3 years now. Always been too afraid to try. Just signed up for the savings account (had to do the NMFA $20 sign up) with $100 deposit. Guess I can't apply for a Credit Card till I get the welcome packet and send it back signed. Kind of sucks, I thought it would let me apply right after I signed up.
Guess I got a week or so to keep wondering if I will be able to make it or not. My EQ Fico is only about 690 but I don't have any INQs except a car loan back in June (already paid off). Only negative is a Paid medical collection from 6 1/2 years ago. Other then that nothing else negative. I don't carry balances on any of my credit cards, only thing with a balance is my mortgage.
Guess we shall see.
with low utl and a 6.5 year old medical collection as the only neg score would generally be higher than 690
there's no indication that a 690 would be sufficient for pen fed loan products with any combo of inq and new accts., etc.
@score_building wrote:
with low utl and a 6.5 year old medical collection as the only neg score would generally be higher than 690
there's no indication that a 690 would be sufficient for pen fed loan products with any combo of inq and new accts., etc.
Well that is my only negative item on my credit report. There are no lates or anything else on my report. So you are saying with a 690, I am wasting my time, there is no way PenFed will give me a card? I've have a 25k CL with BoA.
If you want to try it as a 'reach' app, and are w/i the 90 days w/o additional pull, otherwise successful apps do seem to at least carry 700s to start,
with your current score looks like you'll be there soon.
Well since from what I have read on here, they pull a INQ for the savigns account and we can apply within 90 days for anything else without an additional pull, I guess it doesn't hurt. Now there seems to be mixed reviews on the 90 days w/o another INQ, do you know if it is only over the phone or does the rule apply for online too?
Thank you
90 day rule should apply either way, it does for most applicants apparently, but it is not guaranteed.
They double pulled w/i the same week for me (and denied) for whatever reason.
@nicemann wrote:Well since from what I have read on here, they pull a INQ for the savigns account and we can apply within 90 days for anything else without an additional pull, I guess it doesn't hurt. Now there seems to be mixed reviews on the 90 days w/o another INQ, do you know if it is only over the phone or does the rule apply for online too?
Thank you
When I spoke to PenFed, they said 30 days (apparently for online).
What does the board think- I have a 706 EQ now, according to EQ if I get the util down next month, it could be anywhere from 726+ to 756+ depending on util.
I have 2 INQ last year & 5 in last 2 years.
I am applying in hopes of getting a student loan to cover summer tuition, but I can float it for a few months if needed.
Apply now, wait for new reporting cycle, or join & wait?
Been holding off on pulling my Fico Score for awhile. Figured I would pull it this morning. Score is at 694. Guess I will try and see what happens.
Number of your accounts with a missed payment
0 accounts
Ratio of your revolving balances to your credit limits
1%
Number of collections on your credit report
1 Collection
Your oldest account was opened
5 Years, 11 Months ago
Average age of your accounts
2 years
Your applications for credit in the past year
1 inquiry