PenFed credit cards questions

[FISHintheTank]

Hi all, 

I'm looking for a credit union to build up the relationship and maybe getting in the door with them later.  I opend PenFed CU checking & savings account last week.  I know I have to give it sometimes for them to even look at me.  I was looking for the PenFed Cash Rewards credit card in particular.  How long should I wait before pulling the trigger?  What would be an acceptable scores hopefully for a approval?  What credit bureaus they are pulling? Any requirement or restrictions to open a PenFed credit cards? I'm linking this to @SouthJamaica as well.  Thanks in advance.

[SouthJamaica]

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@FISHintheTank wrote:

Hi all, 

I'm looking for a credit union to build up the relationship and maybe getting in the door with them later.  I opend PenFed CU checking & savings account last week.  I know I have to give it sometimes for them to even look at me.  I was looking for the PenFed Cash Rewards credit card in particular.  How long should I wait before pulling the trigger?  What would be an acceptable scores hopefully for a approval?  What credit bureaus they are pulling? Any requirement or restrictions to open a PenFed credit cards? I'm linking this to @SouthJamaica as well.  Thanks in advance.

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1. There's not necessarily any reason to wait. Don't wait for them to "look at" you They're a big institution.

2.  I really can't say about the scores.  I haven't applied for anything from them in quite a while. I would guess that if you're at 720 or higher in your EQ FICO 8's and 9's you might as well go for it. If between 700 and 720 it might be a tossup.

3. I'm pretty sure they always pull EQ.

4. No special requirements for a credit card.

5.  If you apply and get denied, don't take that as the final word. They take 'recons' more seriously than most institutions

Hopefully some folks with more recent PenFed experience will chime in and give you more useful answers than I have. It's been more than 5 years since I've applied for anything there.

[FISHintheTank]

@SouthJamaica Thanks for the insights.  I currently have a few collections accounts in dispute.  Maybe I should give it sometimes while waiting for the collections result.  This could boost my scores up quite a bit if it gets deleted. I'm currently at around 700 on EX and Trans, but a little lower on EQ.  

[coreyb80]

If you can afford a HP then I say go for it.  I was able to obtain 3 Penfed cards while in Chapter 13 last year.  This was with a sub 700 score.  I only had a savings account with them for a few years that I never used.

[TRC_WA]

I got the PenFed Gold a couple months ago... they told me my EQ was 696... which was FICO 9... not FICO 8.

Basically if you are in the 700 ballpark you should be golden.  I still have 5+ year old baddies related to my Ch 13 on my reports.

I opened a savings with them and then applied for the card a week later.

[FISHintheTank]

@TRC_WA That sounds so tempting to pull the trigger.  But I think I should wait until my EQ Fico scores looks better and the collections account updated. That way if got denied, I have more excuses to say to the recons department. Thanks for the DPs.