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Penfed Score

Dan2089911
Established Member

Penfed Score

Hello everyone!
This is my first post here, lots of knowledge and awesome info on here. I have a question about the score penfed used on their app. Now I know it's supposed to be fico 9. I'm rebuilding and heard alot of good things about them so I decided to pull the trigger on the promise on 11-29-18 and got approved for 9500. I'm signed up with the 3 reports and ongoing monitoring from fico and my equifax fico 9 score was 614. After I was approved I looked at the letter they had sent me to my penfed profile subject read risk based pricing, and they said my score was 659 out of 850 which is way higher than what my fico 9 is. That being 614 out of 850. My fico eq bankcard 5 was 659 out of 900 at the time of approval so I guess I'm kinda confused and wonder if anyone had a similar scenario? Is it possible there was some strange mistake and they will soft pull me and see maybe there was some type of mistake? Thx for the input
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Queen_Etherea
Valued Contributor

Re: Penfed Score

The PenFed rep I spoke to said they will only approve someone with an EQ score of 650 or higher. I asked about collections and he said they usually don't approve people who have any collections on their reports. When my last collection fell off my EQ report, I immediately applied for the PenFed Gold card and was approved for $8,000. I also applied for the PowerCash Rewards and was again approved for $8,000. I did this over the phone and asked the rep what my score was and he said he technically wasn't allowed to tell me, but it was about 3/4 past 6 or something like that lol. My other reports showed my EQ score as A LOT lower than 675.

 

If you're worried that they're going to realize they made a mistake, I highly doubt it. Correct me if I'm wrong, but I believe PenFed has their own internal scoring system? My current "FICO 9 EQ" score is 714, which is higher than any of my other scores. Congrats on your approval! PenFed is usually pretty generous once you've established a relationship with them.

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
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Dan2089911
Established Member

Re: Penfed Score

I'm not sure if they have their own but all I know is my eq scores are in the low 600s except bankcard 5
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Achieving
Frequent Contributor

Re: Penfed Score

I have been a PenFed convert for a while now. I was initially denied a PenFed auto loan, in Nov of 2017. I had a charge off on my report and my FICO could not have been higher than 640. I wrote a letter to be reconsidered and thoughtfully went through and pointed out that I had never been late on any auto related loan, or anything in over 5 years.  In fact, I think I still have a copy of the letter I wrote somewhere.

 

End result: approved for $35k, at the lowest possible APR which at the time was 3.5%.  It was really what gave me hope that I could turn around my credit circumstances and I still even to this day have parked that loan there, excuse the pun.

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