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PenFed Inquiries

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Anonymous
Not applicable

PenFed Inquiries

How sensitive is PenFed to inquiries? 

Message 1 of 7
6 REPLIES 6
babygirl1256
Senior Contributor

Re: PenFed Inquiries

Greetings Jmack476 ~ I had no inquiries on my file when I applied for PenFed -and- PenFed was the first. How many inquiries do you have? I think PenFed is probably like many lenders and "may" not approve you after you have too many new inquiries (6 is usually too many) no matter what your score is.  Having a large numbers of inquiries just raises a flag for lenders and they "may" also consider the requestor as a greater credit risk.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 2 of 7
Horseshoez
Valued Contributor

Re: PenFed Inquiries


@babygirl1256 wrote:

Greetings Jmack476 ~ I had no inquiries on my file when I applied for PenFed -and- PenFed was the first. How many inquiries do you have? I think PenFed is probably like many lenders and "may" not approve you after you have too many new inquiries (6 is usually too many) no matter what your score is.  Having a large numbers of inquiries just raises a flag for lenders and they "may" also consider the requestor as a greater credit risk.


Hmmm, bizarre, when I applied for my PenFed card back in March I had somewhere between 12 and 15 hard pulls in the previous 12 months (dating back to my Chapter 13 discharge in March of 2020) and yet they instantly approved me for the card.  Go figure.  The only other factor in my case may have been the fact I had a significant amount of money sitting in one of their savings accounts; some folks have opined the money made no difference, others have suggested it made all the difference in the world.  Me?  I have no freakin' clue.

I categorically refuse to do AZEO!
Message 3 of 7
babygirl1256
Senior Contributor

Re: PenFed Inquiries

Wow . .. thank incredible . ..  it must be your large deposit account -and- that's great!!! Wishing you continued success!

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 4 of 7
blindambition
Senior Contributor

Re: PenFed Inquiries

PenFed, like Navy isn't necessarily adverse to inquiries. Many DP with approvals and lots of inquiries. It's profile specific. I believe M_Smart007 had excessive inquiries on his last PL and card.

PenFed isn't what I would consider conservative. Especially now open to anyone!

Smiley Happy

Message 5 of 7
Anonymous
Not applicable

Re: PenFed Inquiries


@Anonymous wrote:

How sensitive is PenFed to inquiries? 


They told me no go early this year.  Said I had to much outstanding credit.  Utilization was only around 15%!

Message 6 of 7
Horseshoez
Valued Contributor

Re: PenFed Inquiries


@Anonymous wrote:

@Anonymous wrote:

How sensitive is PenFed to inquiries? 


They told me no go early this year.  Said I had to much outstanding credit.  Utilization was only around 15%!


Just for grins and giggles, do you have a few thousand to toss into a PenFed savings account?  I'd be interested to hear if they change their tune if you do.

I categorically refuse to do AZEO!
Message 7 of 7
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