Penfed possibilities

[Anonymous]

I have been working on my credit for a while and I finally made some big progress. I am thinking of applying to their Promise Card but a bit nervous and wanted to get some input. Below is some of my data, I just want some feedback advice before I app. I can get utlization down to below 30%, but will have to wait until next month.

EQ 08 Fico:674

EQ Bankcard: 690

AAOA: 8 years 7 months

Derogs?:1

 Util: 41%

Total EQ Inquiries: 

Last 12 months: 0

Last 6 months: 0

New Accounts in last 12 months: 0

 Last 6 months: 0

[Anonymous]

You look good. No new

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@Anonymous wrote:

I have been working on my credit for a while and I finally made some big progress. I am thinking of applying to their Promise Card but a bit nervous and wanted to get some input. Below is some of my data, I just want some feedback advice before I app. I can get utlization down to below 30%, but will have to wait until next month.

EQ 08 Fico:674

EQ Bankcard: 690

AAOA: 8 years 7 months

Derogs?:1

 Util: 41%

Total EQ Inquiries: 

Last 12 months: 0

Last 6 months: 0

New Accounts in last 12 months: 0

 Last 6 months: 0

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No new IQs and no new Accts. Not an Egyptian. 

[Anonymous]

Sorry half my post is missing. 

You should be great. 

As always ymmv 

I joined with less then your scores and they were more then generous

good luck. 

[Anonymous]

Good to know... Ive been cautious and looking to get a new card. If Im not military affiliate all i need to do is make a donation correct?

[Anonymous]

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@Anonymous wrote:
Good to know... Ive been cautious and looking to get a new card. If Im not military affiliate all i need to do is make a donation correct?

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Me neither. And yes you have two options to donate to I believe. I've read some stories here from people who got in with less than stellar credit and PenFed keeps you in that bucket. It doesn't grow for them. I got in with lates, had to recon my approval as they didn't like my UTI but have been able to grow that 5K to 20K. They also refinanced my auto loan at 2.49%. I'm now maxed at with them with how much unsecured credit they want to give me. But honestly, if I ever have to use more than 20K from any card , I have bigger problems to worry about! 

[SBR249]

If you work for the the federal government at all even as a contractor (I believe), you should be able to join without a donation. Their website application has options to select most executive branch departments. If not, then you will need to donate I think. 

[SomewhereIn505]

Best donation I have ever made! Note they do work off FICO9 score. I was able to get in, but my FICO9 was 2 points short for promise consideration. I did go ahead and move my accounts there. There is a few newbie rules you have to abide by for 6 months. However the customer service has been fantastic and worth the hassle. I’m looking forward to the next quarterly account review and see what is offered to me. I should have those 2 points covered by then if not already.

[Ardecko]

What was the FICO 9 threshold they wanted for the Promise?

[Anonymous]

I joined PenFed in late September at the end of a month-long app spree that had reduced my Equifax 08 score to the 660s (MyFICO for late September reported EQ at 663; CreditCheckTotal showed EQ at 666).  I made a donation of $17 to National Military Family Association to become eligible for membership (the NMFA ranks very highly on Charity Watch).  I opened both checking and savings accounts with minimal amounts then applied for credit products.  I was turned down for the Power Cash Rewards and Visa Signature cards; the denial letters citing that I had insufficient history with them.  However, I was approved for the Promise Visa with a SL of $15,000 and a Overdraft Line of Credit for $500.  The letter sent after the Promise Visa approval said my score, presumably EQ FICO 9, was 715.  I had lower EQ 08 scores than yours but my utilization was about 5 percent at that time.

I'm undecided whether to hit them up for a CLI before the hard pull expires at end of December; or wait until January to see if they give me any offers after the November account review. So right now I'm continuing to PIF all my credit cards and keep my utilization low so my profile looks good for the account review at the end of this month.