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They certainly are more strict than NFCU.. You will need your scrores a bit higher than 600. They are no NFCU(very loose), but they are no CITI(very strict) either. Around 650-660 will probably get you in depending on other factors of course.
I opened a checking and savings with them early last week and immediately applied for their promise card. Went to loan officer review for two days, then denied. They sent a survey, which I filled out in the same manner as others on here after a denial, but never got a phone call, secure message, or email. The denial reason was past or present delinquencies. Showed my credit score as 653. My most recent baddie is close to three years old. Inquiries around 10.
On the plus side, they did grant me a $500 checking line of credit... So, not a total, complete loss.
I guess the takeaway from these stories is that there may not be a rhyme or reason to their approval/denial system; at least nothing obvious to mere mortals. Perhaps they suffer from split personality? With PenFed, the term YMMV cannot be more true.
I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.
@Anonymous wrote:Hello everyone,
Well, actually they are very rebuilding friendly but also very conservative when it comes to handling CC out. I have in the past tried them 3 times and were denied all times. Reasons were too many accounts recently opened. I applied online all times. The last time I went into the branch directly and spoke with a banker personally. Explained my goals and what's been going on with my CRs. After careful thought and a deep look at my CRs (all 4 of them), they decided to give me a chance. I got a Promise CC with 500 CL another 500 in a regular CL. The banker even told me that since I have enough money in my savings, I could do a share loan (a loan against your own shares/savings). I agreed to it and gave it a go, and was very pleased with the results.
So, in short, they are as long as you show that you can manage your finances. Sure, I didnt get a higer CL on my CC but hey that was something to start with.
So sorry I forgot to mention, I have been a military member for years and no problems at all. Also the Share loan I mentioned above, they gave it to me at 1.5%.
@Anonymous wrote:I might bypass the online application entirely and go into my local branch to take the bull by the horns. I generally find that the likelihood of success is higher when you're actually able to talk to someone in person and provide detailed explanations/rationales.
I would agree with this.. I have a 30k CC with PenFed along with a 67k auto loan and have banked with them for about a year and a half or so,(direct deposit goes into them) but was denied instantly for a PLOC from the system.. I called up and said what the heck.. The person was really nice on the phone and said this is why we suggest you call in or go into a branch and apply. Long story short was put on hold for about 2 mins while they spoke with an UW and the denial was turned into an approval and they appologized for the auto denial the system did. Anyways face-time or applying on the phone is always better IMO as they have the ability to do instant recon if the computer didn't like something or got something confused, etc.
This is how PenFed works.. I wouldn't suggest this with Chase or other lenders, it is all dependent upon the lender IMO on how to apply for certain products