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PenFed customer reviews

Valued Contributor

PenFed customer reviews

I've been pondering PenFed for a little while now. My interest surrounds refinancing my auto loan and possibly a personal loan in order to consolidate some debt. After reading various customer reviews online, I am now a bit unsure. I am unsure because what I read about this CU here on the board is completely different than the online reviews. 

 

Could you guys that have had experience with PenFed provide me some feedback:

 

- Your overall view/experience with them

- what credit bureau do they use

- what type of credit score needed

- are they inquiry sensitive

- what type of deposit needed intially

- how they feel about new accounts/multiple credit cards

 

and anything else I might need to know.

 

Thanks!!

American Express Business Gold(NPSL 10k) AmexPlat (NPSL 35K) Chase CSP (25k) BofA BBR (18.8k) Amex BCP(18k) Lowes (17K) BofA CR Siggy (15k) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (12k) Venture WMC (10.25k) Hilton Honors Ascend (10K) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Pier 1(9.5k) Discover(9k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (7000) Overstock (7000) J Crew( 6.9k) Fidelity® Rewards Visa Signature® Card (6500) Citi Diamond (6k) PenFed PCR (5K) Kohls (3k) Amex Everyday (1k) Mortgage May 2017 - 2 Penfed auto loans May 2017

FICO 8 Scores EX 693(20) EQ 675(22)TU 693(23) AAOA 2.9yrs TCL=299,350
Message 1 of 5
4 REPLIES
Valued Contributor

Re: PenFed customer reviews - DISREGARD


doinit1 wrote:

I've been pondering PenFed for a little while now. My interest surrounds refinancing my auto loan and possibly a personal loan in order to consolidate some debt. After reading various customer reviews online, I am now a bit unsure. I am unsure because what I read about this CU here on the board is completely different than the online reviews. 

 

Could you guys that have had experience with PenFed provide me some feedback:

 

- Your overall view/experience with them

- what credit bureau do they use

- what type of credit score needed

- are they inquiry sensitive

- what type of deposit needed intially

- how they feel about new accounts/multiple credit cards

 

and anything else I might need to know.

 

Thanks!!


I actually found the PenFed data share thread here on the forum....disregard this post...thanks!!

American Express Business Gold(NPSL 10k) AmexPlat (NPSL 35K) Chase CSP (25k) BofA BBR (18.8k) Amex BCP(18k) Lowes (17K) BofA CR Siggy (15k) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (12k) Venture WMC (10.25k) Hilton Honors Ascend (10K) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Pier 1(9.5k) Discover(9k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (7000) Overstock (7000) J Crew( 6.9k) Fidelity® Rewards Visa Signature® Card (6500) Citi Diamond (6k) PenFed PCR (5K) Kohls (3k) Amex Everyday (1k) Mortgage May 2017 - 2 Penfed auto loans May 2017

FICO 8 Scores EX 693(20) EQ 675(22)TU 693(23) AAOA 2.9yrs TCL=299,350
Message 2 of 5
Established Contributor

Re: PenFed customer reviews

Super glad you found it doingit! Thanks to baller4life for starting such an awesome thread full of knowledge on such an awesome CU! 😊
Message 3 of 5
Valued Contributor

Re: PenFed customer reviews


GiJane007 wrote:
Super glad you found it doingit! Thanks to baller4life for starting such an awesome thread full of knowledge on such an awesome CU! 😊

Agreed!!

American Express Business Gold(NPSL 10k) AmexPlat (NPSL 35K) Chase CSP (25k) BofA BBR (18.8k) Amex BCP(18k) Lowes (17K) BofA CR Siggy (15k) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (12k) Venture WMC (10.25k) Hilton Honors Ascend (10K) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Pier 1(9.5k) Discover(9k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (7000) Overstock (7000) J Crew( 6.9k) Fidelity® Rewards Visa Signature® Card (6500) Citi Diamond (6k) PenFed PCR (5K) Kohls (3k) Amex Everyday (1k) Mortgage May 2017 - 2 Penfed auto loans May 2017

FICO 8 Scores EX 693(20) EQ 675(22)TU 693(23) AAOA 2.9yrs TCL=299,350
Message 4 of 5
Super Contributor

Re: PenFed customer reviews


doinit1 wrote:

I've been pondering PenFed for a little while now. My interest surrounds refinancing my auto loan and possibly a personal loan in order to consolidate some debt. After reading various customer reviews online, I am now a bit unsure. I am unsure because what I read about this CU here on the board is completely different than the online reviews. 

 

Could you guys that have had experience with PenFed provide me some feedback:

 

- Your overall view/experience with them

Excellent

- what credit bureau do they use

Equifax

- what type of credit score needed

No one really knows; they use the EQ NG2 score model, which isn't available anywhere.

- are they inquiry sensitive

No they're not

- what type of deposit needed intially

Nominal

- how they feel about new accounts/multiple credit cards

Sometimes they deny applications for too much new recent credit; they use the term 'pyramiding

of debt' even though it might not be debt at all. [On MyFiCO if someone says they're an "Egyptian"

they mean they've been initially denied by PenFed for 'pyramiding'. ] But after recon they granted

my application. They're very very serious about providing quality service to customers, and after they

turn you down they will really really reconsider if you ask them to.

 

and anything else I might need to know.

 

They're a little tougher than NFCU, but charge lower interest rates

 

Thanks!!


 

Current FICO8 EQ 774 TU 794 EX 772
Message 5 of 5