Tips on Building a Relationship with PenFed?

[VanderSnoot]

PenFed seems to be a relationship type lender. While I am not in a hurry to get any of their products, I'd like to open the door to getting something with them down the road. What's the best way to establish a history and build a relationship with them?

[Jnbmom]

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@VanderSnoot wrote:

PenFed seems to be a relationship type lender. While I am not in a hurry to get any of their products, I'd like to open the door to getting something with them down the road. What's the best way to establish a history and build a relationship with them?

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I don't think it takes much. I have savings and checking very minimal balances and have 3 cards from them , got 2 immediately after open banking accounts and picked up third card after year and a half. 42K total lines.

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[Viva-LV]

I joined  with a minimal savings acct deposit.  App'ed for a PLOC, approved for $2k.  Couple weeks later, app'ed for Plat Rewards: approved for $15k sl.  18 mon later, requested cli to 20k, approved.  Opened Power Cash Rewards two years later: $6500 sl.  I use PF for 0% balance tranfers, with lots of regular payments. always have had good service.

[VanderSnoot]

That's good to hear. I opened a savings account with them recently and will contribute small amounts regularly and see where that leads.

[M_Smart007]

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@VanderSnoot wrote:

That's good to hear. I opened a savings account with them recently and will contribute small amounts regularly and see where that leads.

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@VanderSnoot  .. I think you are on the right track.

[Anonymous]

The two biggest things with Penfed is:

time since negative (if any)

and

new accounts/inquires 

[AverageJoesCredit]

Dont have low income , lots of credit, and debt. They wont care about relationship imo. If they like your profile they can be good to you. If not, not worth the hassle imo. Very hp eccentric so choose wisely

[Namaste7]

I agree with most of the posts:

1. Long duration since last derog increases chances of approval
2. Low EQ INQs and new accounts in last 12-24 months increases chances of approval--especially if dirty
3. Low utilization--especially if dirty
4. Higher FICO 09 scores increases chances of approval and higher limits
5. Higher income can yield higher limits