@Anonymous wrote:I've been a member of PenFed since 2018, but I haven't used my account. Recently after getting my crap together, I'm starting to expand my depository relationships with banks that are Chexsystems/EWS friendly (aka do not use). So far, i've been using NFCU's products and Amex HYSA. I'm looking to get a car loan soon and would also like to get other products PenFed offers. My credit age is quite young, 10 months but I have 13 active accounts, 2 closed accounts, 0 negatives (minus Chx/EWS), very low inquiries (minus TU), FICO8's 760-775, 1% utlz, $49k availble credit.
I am planning to deposit around $50k to spread around 3 of my accounts on PenFed. Are they as relationship based as NFCU is? Will this matter in their influencing decision making? Regardless if they do or not, their rates are quite nice for a credit union.
Would like some input. I will also post this in the Penfed thread, but wanted to have a topic of my own as it's not a very active thread.
Like most CUs, PenFed is a relationship lender too. Your length of membership should play a favorable factor in lending decisions. In general, FICO score, income, DTI Debt To Income, clean scorecard, low inquiries and low new accounts are some of the things they look at.
They will HP EQ9 for credit products.
As for depository amounts, it may or may not matter. It may not help but it doesn't hurt either.
@Anonymous wrote:I've been a member of PenFed since 2018, but I haven't used my account. Recently after getting my crap together, I'm starting to expand my depository relationships with banks that are Chexsystems/EWS friendly (aka do not use). So far, i've been using NFCU's products and Amex HYSA. I'm looking to get a car loan soon and would also like to get other products PenFed offers. My credit age is quite young, 10 months but I have 13 active accounts, 2 closed accounts, 0 negatives (minus Chx/EWS), very low inquiries (minus TU), FICO8's 760-775, 1% utlz, $49k availble credit.
I am planning to deposit around $50k to spread around 3 of my accounts on PenFed. Are they as relationship based as NFCU is? Will this matter in their influencing decision making? Regardless if they do or not, their rates are quite nice for a credit union.
Would like some input. I will also post this in the Penfed thread, but wanted to have a topic of my own as it's not a very active thread.
1. I don't know about whether it will improve your relationship, as I've never had enough money to make an impression on any financial institution. But I'm sure it can't hurt 
2. If you 'spread' your money around I suggest the high yield premium savings account, as that has a much better interest rate than the share savings account. It has a 6-business-day hold policy, other than that you can withdraw whenever and whatever. It is also much better than most savings accounts around.
3. Some of their credit rates are indeed excellent; some are good, but not great; some are not so good compared to some other credit unions. So you need to pick and choose.
My personal feeling about "relationship banking" : there is no such thing as a "relationship" with a financial institution. They will all cut you off at the knees the minute it suits them.
@Anonymous Your stats look good. Implement AZEO on your card and AU card to optimize score. Then, apply when ready.
@Anonymous wrote:
@AllZero wrote:@Anonymous Your stats look good. Implement AZEO on your card and AU card to optimize score. Then, apply when ready.
Now thats wisdom I didn't know about.. AZEO applies to the AU's too? So this whole time i've been penalized? Hehe.
You can learn all about it in the sub forum understanding FICO. Seek @Anonymous and follow his posts. Lots of wisdom.
For your reading pleasure from Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20
@Anonymous wrote:
@AllZero wrote:@Anonymous Your stats look good. Implement AZEO on your card and AU card to optimize score. Then, apply when ready.
Also: Do I have too many new accounts? Would a total credit limit of $53k with my young profile scare them? Would they even consider me at the 1 year mark for the PCR?
PenFed is a conservative lender. They are adverse to credit seeking behavior and pyramiding debt. Your latest account was Rakuten. Hopefully, enough time has past and they might be more receptive. Especially since you have been a member since 2018. Obviously, waiting for a longer AoYRA will benefit you. If you want to improve odds at approval, you can wait until your AoYRA reaches 1 year.