Can someone explain what PenFed is?

[Anonymous]

I know that they are a credit union and nothing I find online really helps.

I see all types of posts about how great they are but... who are "they"?

Is there anything special you have to do to join?

Obviously Id imagine your credit report matters, but what makes them different than a regular bank/credit card company like Chase or Amex?

Im sorry for sounding dumb but Ive been curious about them for a while since seeing everyone seeming to have wonderful experiences with them.

[dragontears]

---

@Anonymous wrote:

I know that they are a credit union and nothing I find online really helps.

I see all types of posts about how great they are but... who are "they"?

Is there anything special you have to do to join?

Obviously Id imagine your credit report matters, but what makes them different than a regular bank/credit card company like Chase or Amex?

Im sorry for sounding dumb but Ive been curious about them for a while since seeing everyone seeming to have wonderful experiences with them.

---

https://www.penfed.org/

CU can have more lenient approval/CL underwriting criteria (not all of them but a lot) and this specific CU also has some good rewards cards for category that appeals to a lot of people (i.e. gas) that is the reason they are so popular.

[SouthJamaica]

---

@Anonymous wrote:

I know that they are a credit union and nothing I find online really helps.

I see all types of posts about how great they are but... who are "they"?

Is there anything special you have to do to join?

Obviously Id imagine your credit report matters, but what makes them different than a regular bank/credit card company like Chase or Amex?

Im sorry for sounding dumb but Ive been curious about them for a while since seeing everyone seeming to have wonderful experiences with them.

---

I think you're talking about PenFed, which is Pentagon Federal Credit Union.

[Anonymous]

I am, sorry. I editted the title. Thats what happens when I havent had my coffee. lol.

And thank you!

Are they worth looking into in general? Im not sure my profile would make it worth it but im kind of curious.

What criteria needs to be met?

[AverageJoesCredit]

Keeping it simple, they are a credit union that can be a wonderful alternative to banks for help with your financial needs. You often can get better rates on different products like credit cards, loans, and car loans etc. In my case, a rebuilder from a bk7, i was able to get a nice cc, low credit line (for the moment and because of my current profile) but with,for me anyway, my lowest apr rate, and they even gave me a personal loan at a rate im sure i wouldnt have gotten at a bank with my current profile. Heck, i didnt even have to provide proof of income for the loan. Everyones experience is different but i find they are dfinitely worth a look at. Good luck on your credit journey

[dragontears]

there is a huge thread on them in the application sub forum

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td...

it does have a lot of approval stats and information.

I don't have any accounts with PenFed personally so can't comment on your chances

---

@Anonymous wrote:

I am, sorry. I editted the title. Thats what happens when I havent had my coffee. lol.

And thank you!

Are they worth looking into in general? Im not sure my profile would make it worth it but im kind of curious.

655 Equ.

677 Trans

665 Exp.

37% util total (about to be down to 25% by the end of September)

17 inquiries equ.

24 inquiries trans

21 inquiries exp.

No baddies.

No missed payments ever.

AAoC: 12 months

Oldest card: 2 1/2 years

Im only 21, and got started on credit at 18.

Any input is appreciated

---

[Anonymous]

Thank you so much for the information!

I was able to finally get the page to load and I'm not sure if I'd qualify sadly. 

I dont work in any of those places (surprised my job isnt listed but its all good) and the other stuff kind of confuses me tbh lol

[dragontears]

---

@Anonymous wrote:

Thank you so much for the information!

I was able to finally get the page to load and I'm not sure if I'd qualify sadly. 

I dont work in any of those places (surprised my job isnt listed but its all good) and the other stuff kind of confuses me tbh lol

---

you can become a member by making a donation to their charity (which is how so many people here quailify for membership with them)

[Anonymous]

Oh cool!
Thank you, Ill definitely look into it then!

[AverageJoesCredit]

Or if you donated blood in the last 2 years to American Red Cross, thats how i got in. If you have a rock solid profile maybe you would be able to rock the big boy/ girl toys with the monster limits but if your profile needs some work, like mine, you may have to start at the bottom but thats ok because they want to establish a relationship with you so in 6 months or so things can even get better. This is from my experience. Im coming up on my 6 months so hopefully my cl will improve as well

quick side note, even when you dont get what your looking for at first, reconning can be a nice experience. Sometimes they can overturn prior decisions based on what you have to say and even if they cant you find out first hand what they would like from you so you know how to better your postion in the future. Best regards