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PenFed

Frequent Contributor

PenFed

Hi All,

 

I am currently evaluating all of my banking relationships.  I am at a point where I have banking products spread across multiple financial institutions.  My goal is to whittle my relationships down to two banks.

 

It is my intent to remain with BofA where I have a good chunk of my deposit and investment accounts.  I am considering a credit union as a secondary banking option; primarily to compensate for products not offered by BofA (e.g. unsecured line of credit).   

 

Does anyone have experience with obtaining a line of credit from PenFed? 


Thanks.

Message 1 of 5
4 REPLIES
Super Contributor

Re: PenFed


TrueGeminiNC wrote:

Hi All,

 

I am currently evaluating all of my banking relationships.  I am at a point where I have banking products spread across multiple financial institutions.  My goal is to whittle my relationships down to two banks.

 

It is my intent to remain with BofA where I have a good chunk of my deposit and investment accounts.  I am considering a credit union as a secondary banking option; primarily to compensate for products not offered by BofA (e.g. unsecured line of credit).   

 

Does anyone have experience with obtaining a line of credit from PenFed? 


Thanks.


Yes I have personal lines of credit with Penfed as well as with other institutions.

 

It's all been good.


FICO8 EQ 769 TU 796 EX 764 Total revolving limits 569900 (484900 reporting)






Message 2 of 5
Moderator

Re: PenFed

I have the max $25K LOC that they offer and it was a very easy process to get it.  Additionally they recently sent me a preapproval for a $25K personal loan.  This is in addition to several other credit products that I have with them.  If your credit is in order, PenFed can be fantastic

Message 3 of 5
Frequent Contributor

Re: PenFed


Irish80 wrote:

I have the max $25K LOC that they offer and it was a very easy process to get it.  Additionally they recently sent me a preapproval for a $25K personal loan.  This is in addition to several other credit products that I have with them.  If your credit is in order, PenFed can be fantastic


 

Thanks for sharing.  I received a 23K personal loan, 5K line of credit and 5K credit card.  This is amazing - all with only 1 inquiry!  

 

I wanted to ask for more on the LOC, however I read here that PenFed does not counter.  I will give it 6 months and then try to bump both the credit card and line of credit up to 10K.  

 

I am looking forward to a great banking relationship.

Message 4 of 5
Highlighted
Valued Contributor

Re: PenFed


Irish80 wrote:

I have the max $25K LOC that they offer and it was a very easy process to get it.  Additionally they recently sent me a preapproval for a $25K personal loan.  This is in addition to several other credit products that I have with them.  If your credit is in order, PenFed can be fantastic


I got one of these last week too. The only credit i have with them is the Cash Rewards Visa. I also never see any "offers" when I log on the their portal.

Ray

** Every Card has a Job, and Every Card does its Job **
Message 5 of 5