Penfed membership question

[sccredit]

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@ddemari wrote:

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@Revelate wrote:

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@ddemari wrote:

When I joined the forums there was a big PenFed CC/ membership thing going on. I didn't know much about Credit Unions, all I knew is all the local ones near me didn't except me. So I was reading about how CU's are great for people looking to establish credit, get big lines of credit and LOW apr's. So I was thinking ok great! I can join PenFed with a 9 year old BK mid 650's FICO's and see what happens. 

So I joined, Hardpull on EQ for entry. But that hard pull is good for 30 days. So once you join, you can apply for any of their products using that pull for 30 days.

They use FICO Next Gen EQ score. PenFed is STRICT on their underwriting. Its like a layered combo of US Bank and Citi underwriting criteria. They hate lots of inquiries, they hate anything negative and they will manually review your apps. 

Also, I have read that joining PenFed with anything negative on your CR will create a hinderance for you to get any preapproved offers with them down the road. I have had a share account with them for a while now. They are not interested in me at all. EXTREMELY CONSERVATIVE. 

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Doubt that DD; they dropped their underwriting shorts maybe at the beginning of this year or so.  Also I think their preapprovals are based on AR data, and they don't do any sort of AR's with just a share account.

My dirty birdy file was approved for a 20K PLOC instantly, I damned near fell off my couch in shock.

Don't know if I necessarily buy the wait till you're ready to apply option - length of membership does count for a lot of lenders / credit unions, and it might with penfed.  I know I took the HP for membership back when I started, and only just recently wound up applying for any of their products... much on the same theory as you, conservative as hell lender, but then looking at the approval data, that wasn't bearing out anymore.

They're finally starting to act like the top 5 CU by assets they are.

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Congrats!! Good to know, I have been seeing lots of approvals and pre-approvals, I definitely have been jaded on them lol. 

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You're jaded on PenFed because you jumped early and didn't like the result?  I think you should take a step back and look at it objectively.

[ddemari]

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@sccredit wrote:

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@ddemari wrote:

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@Revelate wrote:

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@ddemari wrote:

When I joined the forums there was a big PenFed CC/ membership thing going on. I didn't know much about Credit Unions, all I knew is all the local ones near me didn't except me. So I was reading about how CU's are great for people looking to establish credit, get big lines of credit and LOW apr's. So I was thinking ok great! I can join PenFed with a 9 year old BK mid 650's FICO's and see what happens. 

So I joined, Hardpull on EQ for entry. But that hard pull is good for 30 days. So once you join, you can apply for any of their products using that pull for 30 days.

They use FICO Next Gen EQ score. PenFed is STRICT on their underwriting. Its like a layered combo of US Bank and Citi underwriting criteria. They hate lots of inquiries, they hate anything negative and they will manually review your apps. 

Also, I have read that joining PenFed with anything negative on your CR will create a hinderance for you to get any preapproved offers with them down the road. I have had a share account with them for a while now. They are not interested in me at all. EXTREMELY CONSERVATIVE. 

---

Doubt that DD; they dropped their underwriting shorts maybe at the beginning of this year or so.  Also I think their preapprovals are based on AR data, and they don't do any sort of AR's with just a share account.

My dirty birdy file was approved for a 20K PLOC instantly, I damned near fell off my couch in shock.

Don't know if I necessarily buy the wait till you're ready to apply option - length of membership does count for a lot of lenders / credit unions, and it might with penfed.  I know I took the HP for membership back when I started, and only just recently wound up applying for any of their products... much on the same theory as you, conservative as hell lender, but then looking at the approval data, that wasn't bearing out anymore.

They're finally starting to act like the top 5 CU by assets they are.

---

Congrats!! Good to know, I have been seeing lots of approvals and pre-approvals, I definitely have been jaded on them lol. 

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You're jaded on PenFed because you jumped early and didn't like the result?  I think you should take a step back and look at it objectively.

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I was jaded on PenFed because they have been very well known to be a conservative lender. I was not up to date on them lowering their underwriting standards. Glad I did become up to date though, I was instantly approved for $17,500.00 CL on an amex travel rewards cc last week. 

[sccredit]

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@ddemari wrote:

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@sccredit wrote:

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@ddemari wrote:

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@Revelate wrote:

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@ddemari wrote:

When I joined the forums there was a big PenFed CC/ membership thing going on. I didn't know much about Credit Unions, all I knew is all the local ones near me didn't except me. So I was reading about how CU's are great for people looking to establish credit, get big lines of credit and LOW apr's. So I was thinking ok great! I can join PenFed with a 9 year old BK mid 650's FICO's and see what happens. 

So I joined, Hardpull on EQ for entry. But that hard pull is good for 30 days. So once you join, you can apply for any of their products using that pull for 30 days.

They use FICO Next Gen EQ score. PenFed is STRICT on their underwriting. Its like a layered combo of US Bank and Citi underwriting criteria. They hate lots of inquiries, they hate anything negative and they will manually review your apps. 

Also, I have read that joining PenFed with anything negative on your CR will create a hinderance for you to get any preapproved offers with them down the road. I have had a share account with them for a while now. They are not interested in me at all. EXTREMELY CONSERVATIVE. 

---

Doubt that DD; they dropped their underwriting shorts maybe at the beginning of this year or so.  Also I think their preapprovals are based on AR data, and they don't do any sort of AR's with just a share account.

My dirty birdy file was approved for a 20K PLOC instantly, I damned near fell off my couch in shock.

Don't know if I necessarily buy the wait till you're ready to apply option - length of membership does count for a lot of lenders / credit unions, and it might with penfed.  I know I took the HP for membership back when I started, and only just recently wound up applying for any of their products... much on the same theory as you, conservative as hell lender, but then looking at the approval data, that wasn't bearing out anymore.

They're finally starting to act like the top 5 CU by assets they are.

---

Congrats!! Good to know, I have been seeing lots of approvals and pre-approvals, I definitely have been jaded on them lol. 

---

You're jaded on PenFed because you jumped early and didn't like the result?  I think you should take a step back and look at it objectively.

---

I was jaded on PenFed because they have been very well known to be a conservative lender. I was not up to date on them lowering their underwriting standards. Glad I did become up to date though, I was instantly approved for $17,500.00 CL on an amex travel rewards cc last week. 

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Congrats!!  I have had great luck with them.  Auto loan, credit card and a PLOC.  

[ddemari]

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@sccredit wrote:

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@ddemari wrote:

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@sccredit wrote:

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@ddemari wrote:

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@Revelate wrote:

---

@ddemari wrote:

When I joined the forums there was a big PenFed CC/ membership thing going on. I didn't know much about Credit Unions, all I knew is all the local ones near me didn't except me. So I was reading about how CU's are great for people looking to establish credit, get big lines of credit and LOW apr's. So I was thinking ok great! I can join PenFed with a 9 year old BK mid 650's FICO's and see what happens. 

So I joined, Hardpull on EQ for entry. But that hard pull is good for 30 days. So once you join, you can apply for any of their products using that pull for 30 days.

They use FICO Next Gen EQ score. PenFed is STRICT on their underwriting. Its like a layered combo of US Bank and Citi underwriting criteria. They hate lots of inquiries, they hate anything negative and they will manually review your apps. 

Also, I have read that joining PenFed with anything negative on your CR will create a hinderance for you to get any preapproved offers with them down the road. I have had a share account with them for a while now. They are not interested in me at all. EXTREMELY CONSERVATIVE. 

---

Doubt that DD; they dropped their underwriting shorts maybe at the beginning of this year or so.  Also I think their preapprovals are based on AR data, and they don't do any sort of AR's with just a share account.

My dirty birdy file was approved for a 20K PLOC instantly, I damned near fell off my couch in shock.

Don't know if I necessarily buy the wait till you're ready to apply option - length of membership does count for a lot of lenders / credit unions, and it might with penfed.  I know I took the HP for membership back when I started, and only just recently wound up applying for any of their products... much on the same theory as you, conservative as hell lender, but then looking at the approval data, that wasn't bearing out anymore.

They're finally starting to act like the top 5 CU by assets they are.

---

Congrats!! Good to know, I have been seeing lots of approvals and pre-approvals, I definitely have been jaded on them lol. 

---

You're jaded on PenFed because you jumped early and didn't like the result?  I think you should take a step back and look at it objectively.

---

I was jaded on PenFed because they have been very well known to be a conservative lender. I was not up to date on them lowering their underwriting standards. Glad I did become up to date though, I was instantly approved for $17,500.00 CL on an amex travel rewards cc last week. 

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Congrats!!  I have had great luck with them.  Auto loan, credit card and a PLOC.  

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Thanks! I am super happy about it! One day I would like a PLOC but I am going to hold off on that for a bit. 

[p-]

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@CreditCuriousity wrote:

Ok PenFed is coming on my radar since they seem to be very generous lately even with a bit of a tattered profile...  Is it a SP or HP to join penfed?  Not apply for any Credit product at this point, just membership.   My EQ is clean with exception of very old lates. Temptation is starting to get to me.

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+1 for waiting ntil you have an app in mind.  I used my join hard pull to refi a car loan, and have used them for several other things since.  Most recently was a home refi.  So far they have never pulled anything but EQ for me.

[Revelate]

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@p- wrote:

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@CreditCuriousity wrote:

Ok PenFed is coming on my radar since they seem to be very generous lately even with a bit of a tattered profile...  Is it a SP or HP to join penfed?  Not apply for any Credit product at this point, just membership.   My EQ is clean with exception of very old lates. Temptation is starting to get to me.

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+1 for waiting ntil you have an app in mind.  I used my join hard pull to refi a car loan, and have used them for several other things since.  Most recently was a home refi.  So far they have never pulled anything but EQ for me.

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I'm sort of dubious on optimizing over one inquiry on one's credit report FWIW.  Especially when can tack on the Penfed membership HP at the end of an app spree anyway.  Membership date might actually count for something there.

Anyway how was your mortgage experience with them? 

[Cstone87]

Pentagon has been pretty generous; recently approved for PLOC/Checking/Thrifty/2 CC/ and AUTO Saver (declined the last) all with same pull in July.

[p-]

Revelate wrote:  Anyway how was your mortgage experience with them? 
I'm sort of dubious on optimizing over one inquiry on one's credit report FWIW.  Especially when can tack on the Penfed membership HP at the end of an app spree anyway.  Membership date might actually count for something there.

It was great; it pretty well mirrored the car loan process in terms of organization and simplicity, but of course required more time and back-and-forth.  They used mobile everything, from the appraiser to the closing, which happened at my kitchen table.  The fees were what they said they would be, and I got the advertised rate. I'd do it again in a heartbeat.  The only real surprise was a last minute need for cash at close to fund the escrow account, but I had the cash, and got it back when the previous escrow account was finished.  

As far as when to apply with them; from what I have read they are pretty conservative and sensitive to app sprees.  I've heard of people being denied when they have a lot of other recent new credit.  I'd consider putting them at the beginning of the spree, rather than the end, but I'm also not a big fan of the app spree anyway.