cancel
Showing results for 
Search instead for 
Did you mean: 

Penfed membership

Yasselife
Frequent Contributor

Penfed membership

I recently joined Penfed and would like to share with others that doing it online was very easy fast process, the steps are clear. Prior to applying, I read stories of people having difficulty when doing it on the phone with a representative, and later needing to provide some requests while dealing with slow service + "45" minutes in line waiting on the phone, it sounded like a big headache and made me doubt if I should try them. BTW I joined by choosing the $5 shared savings, it's not necessary to open a checking which requires $500 min balance to avoid maintenance fee.
   I joined Navy and Marcus online too, both went smooth... so, online is my preferred method for applying.

Is applying by phone becoming old fashioned like snail mail checks? 

my rate for Penfed so far: ⭐️⭐️⭐️⭐️⭐️
I have not applied for any other product.

 



Message 1 of 11
10 REPLIES 10
BearsCubsOtters
Frequent Contributor

Re: Penfed membership


@Yasselife wrote:

I recently joined Penfed and would like to share with others that doing it online was very easy fast process, the steps are clear. Prior to applying, I read stories of people having difficulty when doing it on the phone with a representative, and later needing to provide some requests while dealing with slow service + "45" minutes in line waiting on the phone, it sounded like a big headache and made me doubt if I should try them. BTW I joined by choosing the $5 shared savings, it's not necessary to open a checking which requires $500 min balance to avoid maintenance fee.
   I joined Navy and Marcus online too, both went smooth... so, online is my preferred method for applying.

Is applying by phone becoming old fashioned like snail mail checks? 

my rate for Penfed so far: ⭐️⭐️⭐️⭐️⭐️
I have not applied for any other product.

 


Yes.....I would argue for the past 10 years applying online was the norm. I joined PenFed in 2009 online....

 

My rate for Penfed after 12 years: ⭐️

 

They used to be great. 

Message 2 of 11
Ilinferno
Frequent Contributor

Re: Penfed membership

That's great thanks for the info! This is going to be my next CU to join.

Message 3 of 11
Yasselife
Frequent Contributor

Re: Penfed membership

@BearsCubsOtters 

Thanks for your feedback. Would you share what you dislike about Penfed?



Message 4 of 11
tcbofade
Community Leader
Super Contributor

Re: Penfed membership

Can't remember when I joined... I also joined online... I've got four credit cards through them, and am on my second personal loan with them.  They've been fine by me. 

12/01/21 Fico 8: EX 746, EQ 766, TU 760.
11/03/21 Fico 9: EX 745, EQ 758, TU No idea.

Zero percent financing is where the devil lives...
Message 5 of 11
chiefone4u
Established Contributor

Re: Penfed membership


@Yasselife wrote:

I recently joined Penfed and would like to share with others that doing it online was very easy fast process, the steps are clear. Prior to applying, I read stories of people having difficulty when doing it on the phone with a representative, and later needing to provide some requests while dealing with slow service + "45" minutes in line waiting on the phone, it sounded like a big headache and made me doubt if I should try them. BTW I joined by choosing the $5 shared savings, it's not necessary to open a checking which requires $500 min balance to avoid maintenance fee.
   I joined Navy and Marcus online too, both went smooth... so, online is my preferred method for applying.

Is applying by phone becoming old fashioned like snail mail checks? 

my rate for Penfed so far: ⭐️⭐️⭐️⭐️⭐️
I have not applied for any other product.

 


You can also avoid the fee with $500 a month in direct deposits.... I push money from my BECU account (free to send and receive) and PenFed considers that transfer a direct deposit waving the maintenance fee (I use PenFed checking to pay my PenFed accounts mostly, and the extra 0.5% cash back from my Power Cash Rewards for having the checking account makes it worth the extra couple minutes a month shuffling money).

Goodwill Saturation Technique

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


Take the myFICO Fitness Challenge

Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal:
August 2022 and reach 0/24
Message 6 of 11
BearsCubsOtters
Frequent Contributor

Re: Penfed membership


@Yasselife wrote:

@BearsCubsOtters 

Thanks for your feedback. Would you share what you dislike about Penfed?


@Yasselife Nothing major really. I just feel that they have declined in recent years. They used to offer SP "approved" credit offers that, once accepted, did not result in a HP and they told you what your loan amount/credit line would be. Maybe they still do, but I never see that anymore. 

 

They started HP EX for personal loans whereas everything used to be EQ or none at all (i.e. SP "approved" offers). 

 

A CSR there hung up on me once because he did not know how to answer my question. Inflexible about APRs and product changes (and that is not unique to PenFed of course). 

 

Again, nothing major. I've had two personal loans in the past and I have a Visa and never any issues. They are not a bad CU overall, just hard to explain...they aren't like they were when I first joined and its been disappointing to see it happen as I used to love being a member. Having said that, I am still with them so clearly they are good to keep around. Their personal loan and car loan rates are often the best offered. 

Message 7 of 11
Yasselife
Frequent Contributor

Re: Penfed membership

@BearsCubsOtters 

I think my question made you reflect on Penfed more deeply; maybe reconsider your one ⭐️ rate for them? 



Message 8 of 11
BearsCubsOtters
Frequent Contributor

Re: Penfed membership


@Yasselife wrote:

@BearsCubsOtters 

I think my question made you reflect on Penfed more deeply; maybe reconsider your one ⭐️ rate for them? 


Na, just trying to be fair. I have just had a really bad taste in my mouth for them over the past two years. When something used to be great and then you see it erode, its difficult and it makes it seem worse than it is. But it could be a lot worse. 

 

I will give them ⭐️⭐️⭐️ LOL. 

Message 9 of 11
Yasselife
Frequent Contributor

Re: Penfed membership

@BearsCubsOtters 

 Everything has been affected negatively in the past two years, and I know that if we keep a conversation going I can earn one more star from you, fairly.

I wish you gain lots of Fico points next year. 💜



Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.