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PenFed - What is a "relationship"?

longrf01
New Member

PenFed - What is a "relationship"?

Does anyone have any data points about what constitutes a "relationship" and how it affects lending decisions?  It's frequently stated on these boards that PenFed (and Navy) are relationship-driven, but seldom elaborated upon.

 

  • Length of membership?
  • Average daily balance?
  • Number of products?
  • Amount of activity (i.e., are we your primary financial institution?)
  • ???

 

Message 1 of 9
8 REPLIES 8
chloewinter
Established Member

Re: PenFed - What is a "relationship"?

Navy for sure likes relationships, for instance, direct deposit, acquiring one of their pledge loans or a host of other things. I just opened my PenFed account two weeks ago and I haven't really invested any time into researching their culture yet.

Message 2 of 9
BrutalBodyShots
Super Contributor

Re: PenFed - What is a "relationship"?

Not just specific to PenFed, what constitutes a relationship I think is pretty standard across lenders.  The bullet points you listed in the original post of course all contribute to that.  The element of time is one of the strongest driving forces of relationship though.  You could have a ton of different accounts with a lender... multiple deposit accounts, a loan, a CC, etc. but if you've only had all of them a couple of months, that's not much of a relationship yet.  Contrast that to someone that's been with a lender for years, no doubt that relationship is going to be viewed differently.  How much that impacts future lending decisions is always open for debate.

Message 3 of 9
kittycreditmeow
Frequent Contributor

Re: PenFed - What is a "relationship"?

I've also seen people post on here how they just opened a NFCU, applied for a credit card same day and got approved for a decent amount. My NFCU account is pending, had to find some documentation of my Dad serving in the Air Force. 

 

I just opened a penfed account, so far I like them but I am just building my relationship with them. Going to switch my direct deposits and do the majority of my banking with them so I can build a relationship. Obviously they'll want to see good standing, no overdrafts or bounced checks and proof of steady income. I don't plan to apply for any of their products until November of 2022 after all these inquiries fall off my report. 

 

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Message 4 of 9
Howaboutthat
Regular Contributor

Re: PenFed - What is a "relationship"?

When I joined Penfed in January I opened a savings account then I financed a used car in January 2020. I then apped for and got the Pcr in September 2020 then I apped for and got the Platinum Rewards card, both with good SLs of $7500 & $6500. It doesn't take long to establish a relation with them. 


@kittycreditmeow wrote:

I've also seen people post on here how they just opened a NFCU, applied for a credit card same day and got approved for a decent amount. My NFCU account is pending, had to find some documentation of my Dad serving in the Air Force. 

 

I just opened a penfed account, so far I like them but I am just building my relationship with them. Going to switch my direct deposits and do the majority of my banking with them so I can build a relationship. Obviously they'll want to see good standing, no overdrafts or bounced checks and proof of steady income. I don't plan to apply for any of their products until November of 2022 after all these inquiries fall off my report. 

 


 

Message 5 of 9
M_Smart007
Epic Contributor

Re: PenFed - What is a "relationship"?


@longrf01 wrote:

Does anyone have any data points about what constitutes a "relationship" and how it affects lending decisions?  It's frequently stated on these boards that PenFed (and Navy) are relationship-driven, but seldom elaborated upon.

 

  • Length of membership?
  • Average daily balance?
  • Number of products?
  • Amount of activity (i.e., are we your primary financial institution?)
  • ???

 


@longrf01, IMHO .. Penfed Relationship;

Open a checking and savings, make some deposits for 6 months.

And then Heart .. (as long as you do not have any skeleton's in your credit closet)

 

I believe that they are relationship driven ..IME

Message 6 of 9
bettercreditguy1
Established Contributor

Re: PenFed - What is a "relationship"?

I applied for a cc and was approved. As cc statements arrived monthly and were paid, inserts for pre approved personal and car loans were stuffed in the same envelope and on the member log in page.  Later, I applied for an auto loan. It was seemless,  funds approved rapidly. A purchase occured, I made the car loan payments on time.  Later a cc limit increase was requested, they were instantaneously approved when  I talked to a customer service rep. I've been a client of their services for over ten years and extremely happy with every facet of their organization. I give them six stars!

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 7 of 9
JoeLuvsHisCredit
Valued Contributor

Re: PenFed - What is a "relationship"?


@M_Smart007 wrote:

@longrf01 wrote:

Does anyone have any data points about what constitutes a "relationship" and how it affects lending decisions?  It's frequently stated on these boards that PenFed (and Navy) are relationship-driven, but seldom elaborated upon.

 

  • Length of membership?
  • Average daily balance?
  • Number of products?
  • Amount of activity (i.e., are we your primary financial institution?)
  • ???

 


@longrf01, IMHO .. Penfed Relationship;

Open a checking and savings, make some deposits for 6 months.

And then Heart .. (as long as you do not have any skeleton's in your credit closet)

 

I believe that they are relationship driven ..IME


 AMEN Brother AMEN LOL

You are my brother from a different mother lol.

It is funny how we are alike how we think and say stuff lol Smiley Happy

Message 8 of 9
babygirl1256
Valued Contributor

Re: PenFed - What is a "relationship"?

I have a new relationship with PenFed and NFCU. I opened a new NFCU Mastercard account on 4/2/2021; they hard-pulled TransUnion and my score was 813. I received a starting limit of $23,100.00 so I am very happy with them. I joined through my husband who was in the Air Force. On Friday, 4/23/2021, I applied for the PenFed Platinum Rewards Visa Signature Card; they hard-pulled Equifax and my score was 790; the agent stated that my application went to "review" and I would receive a response within 24-48 hours and I'm still waiting for a decision. I thought my PenFed application went to review because of my new Navy Federal credit card but it isn't showing on either of the 3 Credit Bureaus. If PedFed is declined . . . I'm ok . . . no big deal . . . I won't apply for any additional credit for 2 years and thereafter plan to apply for the Chase Marriott Bonvoy in 5/2023 once my current inquiries drop off.

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 9 of 9
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