PenFed Score Requirements?

[armymom]

The lower your util the better.  I would get it under 10% if possible. 

[Anonymous]

With PenFed score alone is never the issue.

They look really hard at number of INQs, number of new accounts (new = under 3 years old) and AAoA.  I am not sure at what age negatives don't look so bad to them, though.

[silveroak]

No idea what requirements are. Here's my recent experience with Penfed:

1. Joined Military Family Assoc to get membership with Penfed in February 2010 and got member number a few days later

2. 3/31/10: Deposited $10.00 into a Share Savings account to join the CU

3. 3/31/10: Applied for the Cashback Platnium VISA over the phone

4. 3/31/10 Instantly Approved for $16,500 VISA Cashback Platnium (no docs required, 773 Equifax score, AAofA is 6 years, 20ish% utilization, no baddies , 16 year credit history, highest active credit line prior to that was $3500 with Cap One, income between 80-100k) I did not ask for a specific amount and accepted what was offered

5. 4/1/10-logged onto website to find a 35k car loan approved at 3.9%

6. 4/10/10 called and spoke to CSR and accepted car loan which locked in rate and approved amount "up to 35k" for 90 days

7. Just need to find a car!

Thanks!

[nicemann]

Well I got my signature card in the mail today.  I called to setup a pin number and the lady asked me if I heard about their great credit cards.  I said I did and she let me apply right then.  She took all my information, said I was "tenatively approved" and I just needed to fax in my last two paystubs and my W2.  Not a problem since I didn't lie about it (especially since you guys told me they request docs a lot).

So maybe I do have a shot.  Not getting my hopes up too high yet though.

[nicemann]

Anyone know if you check the status of the credit card app online if you applied over the phone?

[nicemann]

Never mind found it.....just made my night.  Guess they do still accept people with a under 700 score.  From what I read on the forums here Transferred means approved and sent over to make the card!  When I Apped they didn't ask me for a CL amount so I am happy with what I got. 

For years I have been scared of PenFed.  Never thinking I would get approved by them.  Thanks to you all I have approved my score by 200 points over the last couple of years!

Action	Status		Product	Amount	Date Received
	TRANSFERRED 04/16/2010		VISA Platinum Cash Rewards	$17,500.00	04/16/2010

[Anonymous]

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@nicemann wrote:

Never mind found it.....just made my night.  Guess they do still accept people with a under 700 score.  From what I read on the forums here Transferred means approved and sent over to make the card!  When I Apped they didn't ask me for a CL amount so I am happy with what I got. 

For years I have been scared of PenFed.  Never thinking I would get approved by them.  Thanks to you all I have approved my score by 200 points over the last couple of years!

Action	Status		Product	Amount	Date Received
	TRANSFERRED 04/16/2010		VISA Platinum Cash Rewards	$17,500.00	04/16/2010

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Congratulations!

I know they look at INQs and account ages.  Care to share your profile?

[Anonymous]

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@score_building wrote:

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@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.

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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.

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Actually, that's not true. A 6.5yr old medical collection will certainly keep the score below 700. I had perfect payment history, 1% util (just for scoring purposes) and my scores were stuck around 680. As soon as it dropped I shot up to around 740!  That's for sure what its keeping the OP down. I'd wait until it dropped off. You'll see a nice return when it's gone!

[Anonymous]

Oh, I didn't read the whole thread. Congrats Nicemann!

[nicemann]

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@Anonymous wrote:

Congratulations!

I know they look at INQs and account ages.  Care to share your profile?

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Only had one INQ when they pulled my EQ.  Fico Score 694, Oldest account 5 years 10 months, AAoA 2 years, last open account ws a car loan back in July 2009 (already paid off).