@M_Smart007 wrote:
@K-in-Boston wrote:
@M_Smart007 wrote:One question, does Penfed ever give instant CC approvals? ..My PCR was manual, and I don't remember seeing an instant?
Both my Defender and Power Cash Rewards were instant approvals.
Thanks K! .. Defender no longer an option, I do not see it.?
Discontinued for new applications. It was still available for some of the affinity partner cards for a little while after, but now I don't see it even listed on the partner pages. The Wayback Machine still has the page for the card. Had to be active duty, Guard, Reserves, or veteran to even apply. It was also offered in an Amex network version. It doesn't have fees for anything (including cash advance or BTs), and while not the greatest for dragging out a BT compared to a 3% fee and 0% APR offer, it does have a permanent 4.99% for 12 months offer with no fee. Rewards are a fairly lackluster 1.5%, though, and the sideways card design is... unusual (like the old Chase Slate cards).
@TheBoondocks wrote:
Hey K, who's your primary bank for DD? I have NFCU but thinking about switching to Penfed.
Bank of America. My only other checking is NFCU and that's just a small distribution.
@K-in-Boston wrote:
@M_Smart007 wrote:
@K-in-Boston wrote:
@M_Smart007 wrote:One question, does Penfed ever give instant CC approvals? ..My PCR was manual, and I don't remember seeing an instant?
Both my Defender and Power Cash Rewards were instant approvals.
Thanks K! .. Defender no longer an option, I do not see it.?
Discontinued for new applications. It was still available for some of the affinity partner cards for a little while after, but now I don't see it even listed on the partner pages. The Wayback Machine still has the page for the card. Had to be active duty, Guard, Reserves, or veteran to even apply. It was also offered in an Amex network version. It doesn't have fees for anything (including cash advance or BTs), and while not the greatest for dragging out a BT compared to a 3% fee and 0% APR offer, it does have a permanent 4.99% for 12 months offer with no fee. Rewards are a fairly lackluster 1.5%, though, and the sideways card design is... unusual (like the old Chase Slate cards).
'
"It was also offered in an Amex network version"
@AverageJoesCredit wrote:
I didnt want to but ok i will
Just as a fyi , getting quarterly offers is NOT gaurenteed . Many members including myself have been members for YEARS and do not get anything but the famous Turbo Tax offer . Even some members who get them have waited a long time and might only see car or boat at first. As @tcbofade mentioned, PF is a coin toss. They will either like your profile or not. Ill just add having a high income is definetly a plus with them though
What are we considering a high income here? for the state and area i live in my income is pretty decent around 80k a year could be higher depending how much i want to live at work. and everyone here has me thinking of holding off on penfed for till summer. Are they similiar in to NFCU in the aspect of DTI seems to be important?
If you want to join...join. lol
I'm also a member of both as well as many, many others. Lol
There's a couple of things either(Penfed/NFCU) does better than the other.
You can get a higher rate savings account with Penfed. You can pay your CCs from outside bank accounts.
The last one drives me nuts with NFCU!
I hate not being able to link external accounts to my CC's. So I can set auto pay up and not worry about missing a payment.
Your income is fine OP. Let me ease your mind.
My individual income is lower than yours.
I have two CCs with them totalling $50k. On top of that I have roughly $800,000 in TCLs reporting. It took me two years to get SP offers. Some members get them right from the start.
I have SP offers in my account right now for auto loans. For some they are conservative for others , they open the penthouse up to you!
Like @Gmood1 says, doesnt hurt to join, though it will be a hp. Imho, 80k is the kind of income they like. Heck , if you dont have alot of credit I'd wager they'll like you even more. I know part of my disdain for their reluctance toward my profile based on my income is partially my fault for having debt so i accept that. Its still good to have options with different CU so please dont let us, or me haha, scare you away from a lender that msy help your financial needs. One really must experience their own experience first hand and not necessarily based on the interwebz as @Remedios would say
When I joined they weren't using EQ9. I don't remember the old scoring system.
My EQ8 was in the 670 range when I joined Penfed a little over 5 years ago.
My limits started at $12k each on two different CCs.