Finally joined PenFed

[Harmony12]

So I took a gamble by trying to join PenFed today. I thought if I was approved then it would be a restricted account. However, PenFed suprised me. I was granted a membership with a savings, checking, and LOC (only $500 but it was something). They pulled Equifax but I'm not sure which verison. My Equifax 8 score is 612.

I was denied my auto refinance based on the below items: (Is there a recon number I can call)

• Too many accounts with balances (I do have a high utlization right now)
• Proportion of loan balances to loan amounts is too high (I have my student loans and car loan that is 1 year old)
• Serious delinquency, and deragatory public record or collection filed (I haven't had a late payment since May 2018)

I also apped for the Visa Power Cash Rewards but it is waiting for a review currently.

[gdale6]

Great on getting in with them and getting a LOC approved.

[Harmony12]

I called to recon my auto refi application and I was denied again. I'm still waiting to hear back about the cc though.

[Anonymous]

Yessir... Congrats on the foot in the door with the CLOC. That's 1 TL so far for you. PenFed can be a bit tight from what I gather from recent threads. Best of luck on the CC.

[Jnbmom]

Congrats with getting in with them. I like them , but not as much as navy of course.  They are a little more stingy with approvals and CLI.

Just remember their checking requires either 500 to stay in the account or 500 in DDs a month or they charge 10.00 a month 😡

My DDs go in one day earlier than my other banks/CU, so that is a plus, they pull EQ for all their products, honestly though I don't think your score is high enough right now for any credit products.  Its good you got in with them, I would work on your scores , it appears you may have some baddies? 

[Medic981]

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@Harmony12 wrote:

• Serious delinquency, and deragatory public record or collection filed (I haven't had a late payment since May 2018)

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15 months is a short time in the FICO world. I doubt that any recon effort would succeed.

[Anonymous]

Did you app online or over the phone?  and do you know how many hard pulls they did? Traditionally a hard pull with Penfed was good for a while. Now it seems you get one hard pull for every product even if you app on the same day.

[Harmony12]

I joined online around 6:30am and apped for everything mentioned online. I did everything within 30 minutes...savings (join), checking and LOC at the same time, Credit Card, then auto refinance. I received 1 hard pull on Equifax.

[Harmony12]

Update

I was declined the Visa credit card.

[FireMedic1]

Sorry about that. PF isn't like USAA. They are a tough bunch for a CU. Give it some time paying down the loan. Let things age. Better luck next time.