Penfed Question??

[gemini282]

So I've been lurking on here for about 6months and have gained quite a bit of knowledge, which has translated into great success credit wise (EQ from 500-646 beginning Oct 13). I've placed myself in the garden until I purchase a new home next year buuut I want to know what's so great about Penfed.
I learned about NFCU from you all and that has awarded me with an additional $17,500 in credit lines!!! Is Penfed as generous as NFCU or are they more on the strict side?

[coldnmn]

I have no experience with them but I searched the board and got these results hopefully you will find something useful until someone posts on your thread.

edit:Welcome to the forum!

http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=labels%2Clocation&location=foru...

[Anonymous]

Penfed is relatively special for a few reasons.

Most notably, 5% gas cards.  There Platinum Cash Back card gives 5% back on all gas purchases, no cap, all year.  And they also have Platinum Rewards Sig, which offers 5x points on gas, 3x points on supermarkets (but these points are less than 1c now).  They also have some other interesting cards.

Like NFCU, they do sometimes offer high CLs, but they are also much more conservative, often rejecting people for having too many recent (and no so recent) inquiries.

They also from to to time have great offers on Certificates of Deposits, currently have two and three years certs with rates way above the competition  at the time.

[B335is]

Penfed used to have a really good Cash Rewards card (5% back at the pump if you qualify for the "Plus" level), but they added some additional requirements to that product this year.  Most of their cards don't have a foreign transaction fee (FTF) and they have some very low rate auto loans. 

Penfed is a whole different animal from NFCU.  Penfed is about as conservative as a bank can get and commonly denies people for pyramiding debt.  They like gardeners with big incomes.

[gemini282]

Thank you for your responses. Im actually relieved to hear that they're conservative in their initial lending decisions...makes it easier to keep the course in the garden of no new apps. My new relationship with NFCU is more than I ever imagined and it's just beginning