cancel
Showing results for 
Search instead for 
Did you mean: 

Penfed

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Contributor

Penfed

Who exactly is penfed and is it just like applying for a bank credit card? I keep reading about them approving people with large starting limits and so forth.

What are the requirements for getting approved? Can anybody apply as long as you have a clean and good credit report?

29 REPLIES 29
Valued Contributor

Re: Penfed

Welcome to the boards. Pentagon federal credit union in what every one refers to. Open a small a

savings and donate 10 bucks or so. They will pull your Fico NextGen for membership. Use that same pull for up to 90 days on their credit products. 

Good limits and great rates. Auro financing is top notch. 


(10/05/18)
Message 2 of 30
Super Contributor

Re: Penfed

Penfed is the 3rd largest credit union in the country. And anyone can join by donating to one of the organizations listed on their website. With a 689 Fico you are in the strike zone of getting good approvals. They are awesome!

Message 3 of 30
Senior Contributor

Re: Penfed

They are simply amazing, I joined today!!
Message 4 of 30
Established Contributor

Re: Penfed

 

OP

 

If you have not seen it yet....  Contributor Baller4Life started an amazing thread on PenFed Datapoints which is over 200 pages long currently.  

When I say amazing I mean amazing.  

 

I too did not know anything about PenFed - I kept seeing a post here and there approved or deeply desire etc. 

When I found out it was a credit union - I started reading Baller4Life's thread when it was 110 pages long. 

Like I said it is currently north of 200 pages.  Its a good read! 

 

I found myself rooting for people that were applying and guessing their approval amount.  

Then cheering on the underdogs that received denials but reconned and approved ! 

If they were not approved on the recon... they would go in for the Survey Hail Mary for another recon. 

 

If you are not aware of what datapoints mean yet.... 

People actually give you an idea where their credit is at .. at the time of application. 

For example:  Credit Score, Inquiries, Open Accounts, Baddies etc. 

What they apped for ... what they were approved for... Was it instant etc. 

 

Head on over to the below thread and you will get the gist quite quickly... 

Read it and you will get a better understanding about PenFed Products. 

There you will find you answer to App or Not to App w/PenFed!

Hope that Helps Smiley Wink 

 

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td...

 photo AllCC.jpg11/22 FICO8: EX/697 TU/721 EQ/700 ~ Tip Toeing thru the Tulips in my Garden since 6/21
Message 5 of 30
Frequent Contributor

Re: Penfed

Do they do a SP for their initial membership/savings account?

AmEx Platinum - AmEx BCP - Chase Freedom - NFCU Platinum - Chase Amazon Prime - Citi Costco - Citi Best Buy
Message 6 of 30
Community Leader
Mega Contributor

Re: Penfed

Hi OP, welcome to the forum and definitly check out all the great info found on Penfed!Smiley Happy

Real quick question as i know i should probably search deep but since its related to topic and op can learn as well. The Penfed PLOC, when is the best time to apply for it or and if possible , how is it used.? If there is a link to this answer fully appreciated if not any info on it would be great to know for future reference . Thanks everyone, nice scores OP, Good luck!!
#ChaseCreditCardHobby Enthusiast
2022
!
Message 7 of 30
Established Contributor

Re: Penfed


@AverageJoesCredit wrote:
Hi OP, welcome to the forum and definitly check out all the great info found on Penfed!Smiley Happy

Real quick question as i know i should probably search deep but since its related to topic and op can learn as well. The Penfed PLOC, when is the best time to apply for it or and if possible , how is it used.? If there is a link to this answer fully appreciated if not any info on it would be great to know for future reference . Thanks everyone, nice scores OP, Good luck!!

AverageJoesCredit, 

 

Quick answer to your Quick Question... Smiley Wink

 

I apped for the PLOC apx 1 week after my approval for the Platinum Rewards Card.  

I received an immediate decline for my PLOC... so I emailed them a reconsideration asking for just 2k. 

I swear by the next morning I was approved for a 2k Ploc.  I probably could of asked for more... 

But I really just wanted 2k for in case of emergency and needed cash quick. 

 

So that is my story... 

I hope it helped. 

 

I will app again maybe for something before my 90 days are up .. hoping they will use the same HP. 

 

 photo AllCC.jpg11/22 FICO8: EX/697 TU/721 EQ/700 ~ Tip Toeing thru the Tulips in my Garden since 6/21
Message 8 of 30
Established Contributor

Re: Penfed


@MontegoMack wrote:

Do they do a SP for their initial membership/savings account?


MontegoMack, 

 

PenFed does the hardpull on the initial membership.. 

USUALLY and I mean USUALLY they use that same hardpull for other products ie Credit Cards, PLOC etc. 

But sometimes and I mean sometime they will do another hardpull.  

But typically that 1 hardpull is good up to 90days.  

Again, there are exceptions to the rule where they may do another hardpull. 

 

Read the thread I posted up a few posts.. that shows you the link to the AWESOME BIG Datapoints thread... 

I think you will find answers to many questions that you have and will have... 

 

PS I would like to add that PenFed has an AMAZING Customer Service Staff. 

I thought it was just people saying that they did and were lucky... but they really are empathetic and very personable. 

 

Hope that helps. 

 photo AllCC.jpg11/22 FICO8: EX/697 TU/721 EQ/700 ~ Tip Toeing thru the Tulips in my Garden since 6/21
Message 9 of 30
Frequent Contributor

Re: Penfed

I'd like to have a relationship with them, but I'm afraid of another HP. I just did the 2-for1 at AmEx (Platinum and BCP), but with only 663 for an EX score. I'm trying to get a morgage in about a year and I don't want too many HPs nor do I want to decrease my AAoA by too much. I'm around 5 years right now, but the 2 AmEx lines will bring that down - I'm sure. 

 

What do you think?

 

Do I take the risk and have the HP to open an account and app for a CC to create a relationship with them now? 

 

OR

 

Do I wait to until I'm ready to app for a mortgage in a year and start holding hands with them then?

AmEx Platinum - AmEx BCP - Chase Freedom - NFCU Platinum - Chase Amazon Prime - Citi Costco - Citi Best Buy
Message 10 of 30
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.