Penfed Credit Union Question

falcon7xx · ‎03-20-2019

I am currently in the rebuilding stages of my credit. I was looking to join PenFed and wanted feedback on if i should apply or not. I do not have any active military members in my family, so I know I cannot access NFCU. Is there any other credit unions to look at? The main purpose would be to build a relationship for a future auto loan and credit cards.

Here are my scores:

Equifax - 643 Fico

Transunion - 666 Fico

Experian - 676 Fico

Anonymous · ‎03-20-2019

@falcon7xx wrote:
I am currently in the rebuilding stages of my credit. I was looking to join PenFed and wanted feedback on if i should apply or not. I do not have any active military members in my family, so I know I cannot access NFCU. Is there any other credit unions to look at? The main purpose would be to build a relationship for a future auto loan and credit cards.

Here are my scores:

Equifax - 643 Fico
Transunion - 666 Fico
Experian - 676 Fico

Penfed is a good one to build with. They are a bit more conservative, so if your EQ9 isn't over 640 they won't consider giving you a card. Not sure if the EQ you listed was 8 or 9. If you are looking for a good place to have emergency fund (or just in general) DCU (digital credit union) has a great savings that pays between 5-6% for the first 1k in the saving account. They use EQ5 for decisions, so depending on that score, and they are conservative as well. There is alot of CU's to choose from, but NFCU, PF, and DCU are the most talked about in a good way around here.

falcon7xx · ‎03-20-2019

currently my EQ9 score is 628. Does it pay to still apply for a savings and let my credit build before applying for the PenFed Promise Card.

Anonymous · ‎03-20-2019

@falcon7xx wrote:
currently my EQ9 score is 628. Does it pay to still apply for a savings and let my credit build before applying for the PenFed Promise Card.

Yes it does. Any history will help you in the long run, esp if you ever have to recon. If your right on the verge, but you have a year or 2 of history, then that could help you. DCU would be good for that as well, and the savings has a higher earn rate too.

falcon7xx · ‎03-20-2019

ok and with PenFed i just have to join National Military Family Association to be able to apply to Penfed?

Anonymous · ‎03-20-2019

@falcon7xx wrote:
ok and with PenFed i just have to join National Military Family Association to be able to apply to Penfed?

There is a few organization you can join for PF i think, i have military, so i didnt have to do that part. I have heard it's easy to do tho.

falcon7xx · ‎03-20-2019

thanks for the help! Besides the savings account on DCU and other reason for joining DCU if I apply to PenFed?

Anonymous · ‎03-20-2019

@falcon7xx wrote:
thanks for the help! Besides the savings account on DCU and other reason for joining DCU if I apply to PenFed?

I have several CU's. More the Merrier PF is better card wise, but DCU with the 5-6% on the first 1k can't be beat anywhere and they do have low loan APR's when rate shopping as well. That savings is killer tho and It's nice to have something stashed away that you don't regularly see as well. IMHO

Anonymous · ‎03-20-2019

I'm rebuilding too but Penfed didn't like my profile enough to give me credit. My EQ 9 was 696 but I had a baddie less than 24 months old at the time I applied. Penfed is much more generous to clean files.

I am lucky enough to be eligible for NFCU though so I'm focusing my credit efforts there for now.

I have done plenty of looking around for other CUs and picked up membership with a few along the way.

I'm a member of Alliant, Andrews FCU, Boeing Employees CU, DCU, NFCU and Penfed.

Some others that have interesting products are Langley, State Department, NASA FCU and First Tech.

It's a bit overkill but I like having my options open for the future.

Anonymous · ‎03-21-2019

@falcon7xx wrote:
.... I do not have any active military members in my family, so I know I cannot access NFCU ...

"Active" is not a requirement of membership.

Good luck in finding a good CU.