High 500s and low 600s are not getting approved at PenFed. I don’t know where that information is coming from but that is incorrect. They are very conservative when it comes to credit cards.
Great video, I am a penfed member again joined years ago and closed my account and rejoined them this year a dumb move on my part, if I would have stayed I would have had over 10yrs of a relationship with them, but I am back and not going anywhere. I think that the pathfinder cc is a sleeper and is better than the Navy Federal Flagship. Keep the content coming
I love my Pathfinder! It was my first PenFed card. I am waiting for my inquiry to fall off next year and then I will double dip and get the rewards and the gold. Then do a product change to the Power Cash. Is there still a 3 card limit?
Idk if you are referring to weekend days but I usually have my payday available on Wednesday evening (2 days early from actual date for Friday) and do the payment to credit card from their checking and get the availability instantly, with the payment posted that Friday morning to bring down the actual balance. To me, that was about the standard time from posting a payment with all my other cards for it to post the payment on the balance.
They are very slow with external transfers from other checking accounts when using multiple banks to move money around. They would wait 5 business days (week) to make available funds transferred from another checking account using their transfer from external account with checking. Direct deposits are available the 2 days before posting date but usually around 7-8p at night on the Wednesday before payday Friday
I opened an account with Penfed in May 2023, with a balance of 10K, a Fico score is 776, and applied 2 times for a credit card but still got denied, 1 after 6 months of open account and 1 just last week, not easy like all UA-camr said
50K CC's are a thing of the past at PFCU, there is a card limit of $25,000 and aggregate limit of $50k. You might want to change that thumbnail. (Edit, you won't be seeing many 25Ks issued on top of that)
@@ariesdr5502 There is no reason to send account closure notices as those accounts are not being utilized- the ones being closed are open lines of credit with no activity for 6 months to a year or more.
Thank you for this updated video. I just opened my NFCU account but maybe I should be building with PenFed instead. I’m really interested in getting a PLOC.
Applied & got approved for 2 Penfed credit cards back in March with no pull at all. Both for 3500$ each. Now it's November, I'm going to apply for a third, maybe even both of the remaining cards & also ask for limit increases on both cards that I have now. Wonder if I can use 1 pull for all request (if I do get one). I'll follow up with the outcome.
I was pre aproved for all their cards for 3500$ each,and didn’t take any offer,fast forward today 3 months later I apply again for the cash rewards,having set up also a direct deposit with them,a better credit score and 0 credit card use from all the other cards that I have,I don’t have any new cards since my first preaprovals or new hard inquiries why then am I being denied now? Credit score 780 TransUnion Fico 9 790 Also served in the military.
@@josuemedina4967 lol I actually applied for an increase for both. It was one hard pull for both and they decrease one card to 1600 because I didn’t activate the card immediately.
You say Equifax but the Just Money channel says Experian. So which is it? Secondly, my Equifax score is in the 660s and my Experian is in the 690s yet I got denied while doing a pre-qual. Something is not adding up.
It’s a lie they pull from one but if you have all locked they deny. Technically they want to view the other 3 and approve based on 1 so everyone thinks that’s what they are using as determining factor just lies.
My issue is. I have high score of 818 or higher. The issue is I want to reach beyond that, and lock in a really good personal loan rate, then what I've been offered.
i just dont like that they dont have shared branches.. my card was frozen do to fraud and i could not access my money.. i had to zelle it to myself.. other than that i do like pen fed.. i also use NFCU, and SDFCU and DCU i like all 4 a lot.. unify is also good.
24 Credit Cards, >300K CL, ~800 CS Across the board, >$100K+ annual income... PenFed sent a pre-approval, I applied for shits 'n grins... DECLINED! Called in to request a review and found two of the rudest CSR's ever encountered. No Thank You!!!
@@NaamWynn with all due respect, the answer to his question is "Yes, they do offer share secured loans (SSL)." You must have the money for the SSL (in NFCU it's the Pledge Loan) deposited into your share account for at least 30 days prior to soliciting the loan. The minimum monthly payments for the term must add up to at least $25. Due to the $25/month minimum payment rule, you can get a PenFed SSL with a term of 10 years for the same $3,000 that will only get you a 5-year term at NFCU with their Pledge Loan. The maximum term PenFed offers for an SSL is currently 144 months (12 years). Aside from that, it functions exactly the same way the Pledge Loan does. Call in and ask a rep to get started or for more information. I don't blame you for not knowing because, just as with NFCU's SSL, there is nothing posted about it on the site and you essentially have to call in and ask about it to get the info. If you'd like, you can search UA-cam for "PenFed SSL" and you will see several videos on the topic.
Yes they do have share loan I have 3 the only difference is your money have to sit in your account for 30 days before you can apply with a share loan and your money is deposited immediately after every payment 🎉
Why did you delete my comment? I wasn't trying to be rude. PenFed does offer a SSL it's just not advertised on the site. You have to call. They require that you have the funds in the savings account for at least 30 days prior to using them to secure a loan and the minimum they will approve is $25 per month of the desired term. So, with $3,000 you could get a 10-year (120 month) share secured loan ($3,000/$25=120 months).
Care Credit is terrible....do NOT open a card with them. They close it for no reason. You can reopen but then they will close it again. It is the most insane card I've ever had. Definitely not worth it. Just use your other Visa or Mastercards for healthcare--it is pointless to have that card.
PLEASE STOP IT!!! Enough is Enough!! Stop with the credit card madness from Navy Federal Credit Union!!! Do you not realize or understand credit cards are debt once used. HOWEVER, buying a home is an INVESTMENT, as you pay your mortgage each month you are actually paying yourself, this is called equity. Think about it, NFCU will approve you for a credit card BUT not a home mortgage???
You don’t own your house, unless you paid cash like my husband and I. Stop home shaming ppl, the States run off a debt system no credit cards you have no worth to most banks. My husband never believed in credit because he’s not from here. Also a surgeon and can afford to pay cash his credit score was horrible. I had to teach him credit and how it works. He was like that’s insane and yes it is. I have had credit since 13 he was baffled when building the surgery center is when he really understood me. So he uses credit now for everything. It’s about responsibility when using credit that’s important.if you are not paying cash you need a good score to get good rates if you can’t pay cash which is all of America
Debt is how our economy works. The problem is people don’t understand how to use debt to secure assets and instead they splurge and buy liabilities. Or they abuse it. Encourage financial literacy 💕
This was a great video to watch. If you can, can you make a video on PenFed on line of credit especially on HELOC?
Definitely going to try this credit union! I only have Chase now, but I keep hearing more and more about credit unions. Thank you!
It's completely insane that more people don't know about credit unions and the important differences between the two
I have accounts with both PenFed and Navy Federal, and PenFed is definitely outperforming Navy Federal!
How? I also have PenFed but stopped using it because all integration with plaid is broken. How’s it with navy federal??
What is "integration with plaid"?
Pen fed turned me down numerous times. That bad credit part isn't true. My credit is way better now than when I applied before. Still no luck.
Thank you for that info. I have both NFCU & Pen Fed but wasn’t aware that PF has better rates. I will be checking them out.
It really depends on time of application. NFCU promotes having better rates, but when I applied for both I had better rates with PenFed.
😊
@@NaamWynnis there still a 3 card limit or can you get all 4.
I used them for about 3 years then closed the accounts. I gave them a chance to lock me down as a long term customer. They failed miserably..
How did they fail?
I have Penfed but I need to take more advantage of all the benefits
High 500s and low 600s are not getting approved at PenFed. I don’t know where that information is coming from but that is incorrect. They are very conservative when it comes to credit cards.
I got approved with a 630 credit score been banking with them for 6 months before i applied 4k limit
Great video, I am a penfed member again joined years ago and closed my account and rejoined them this year a dumb move on my part, if I would have stayed I would have had over 10yrs of a relationship with them, but I am back and not going anywhere. I think that the pathfinder cc is a sleeper and is better than the Navy Federal Flagship. Keep the content coming
I love my Pathfinder! It was my first PenFed card. I am waiting for my inquiry to fall off next year and then I will double dip and get the rewards and the gold. Then do a product change to the Power Cash. Is there still a 3 card limit?
PenFed doesn’t post payments fast enough for me. 3-5 days processing when transferring from PenFed checking is ridiculous.
Oh wow that's not good. Navy do it the same day.
Idk if you are referring to weekend days but I usually have my payday available on Wednesday evening (2 days early from actual date for Friday) and do the payment to credit card from their checking and get the availability instantly, with the payment posted that Friday morning to bring down the actual balance. To me, that was about the standard time from posting a payment with all my other cards for it to post the payment on the balance.
They are very slow with external transfers from other checking accounts when using multiple banks to move money around. They would wait 5 business days (week) to make available funds transferred from another checking account using their transfer from external account with checking. Direct deposits are available the 2 days before posting date but usually around 7-8p at night on the Wednesday before payday Friday
PenFed has been good to me. Relationship banking and gardening was fruitful for me.
I opened an account with Penfed in May 2023, with a balance of 10K, a Fico score is 776, and applied 2 times for a credit card but still got denied, 1 after 6 months of open account and 1 just last week, not easy like all UA-camr said
Does your drivers license address match your current address? Sometimes that can be a limiting factor
Luckily I have both PenFed & NavyFed ❤❤❤
Could u send me the invitation code??
50K CC's are a thing of the past at PFCU, there is a card limit of $25,000 and aggregate limit of $50k. You might want to change that thumbnail. (Edit, you won't be seeing many 25Ks issued on top of that)
Also they have been closing accounts w/o notice
@@ariesdr5502 There is no reason to send account closure notices as those accounts are not being utilized- the ones being closed are open lines of credit with no activity for 6 months to a year or more.
NFCU does reimburse you for ATM fee's with the Flagship Checking account.
Thank you for this updated video. I just opened my NFCU account but maybe I should be building with PenFed instead. I’m really interested in getting a PLOC.
Navy Federal has gone to the dumps
Thank you for explaining everything without the unnecessary hype 😊
Great content, amazing CU, I'm a member since 2008
🙌
@@NaamWynn2017
I got denied with a 715 score
715 you bum 😂
The checkings account is good
I appreciate you sharing this information
what about lines of credit. what are the data points
Applied & got approved for 2 Penfed credit cards back in March with no pull at all. Both for 3500$ each. Now it's November, I'm going to apply for a third, maybe even both of the remaining cards & also ask for limit increases on both cards that I have now. Wonder if I can use 1 pull for all request (if I do get one). I'll follow up with the outcome.
Follow up?
How long have you been with them?
I was pre aproved for all their cards for 3500$ each,and didn’t take any offer,fast forward today 3 months later I apply again for the cash rewards,having set up also a direct deposit with them,a better credit score and 0 credit card use from all the other cards that I have,I don’t have any new cards since my first preaprovals or new hard inquiries why then am I being denied now?
Credit score 780 TransUnion
Fico 9 790
Also served in the military.
@@BruceDavis2301 i was with them one month prior to applying. Set up a direct deposit for that month to build rapport.
@@josuemedina4967 lol I actually applied for an increase for both. It was one hard pull for both and they decrease one card to 1600 because I didn’t activate the card immediately.
PenFed rewards points expire, that’s the only downside I don’t like.
Same
Naam, pulling 100% credit limit will affect the one card CUR, but not the overall CRU from all u credit cards.
Got 2 cc. Both $15000 each
Didn't know that you offered credit repair content.
I just launched a DIY software program!
@Naam Wynn
Did they want a picture of your ID?
I thought you said no documentation.
Great info! Excellent video thanks
I use to have penfed like 12yrs ago... wonder if i still have an acct
Lol. How many drugs do you use?
PenFed has been good with lending and credit products for me...but the banking side🤦🏾♀️
Thank you for the information it was very helpful. I plan to join that institution in the nare future
Sure! Any further question?
do best and snd it to:
GmaiI
naamwynn62
The penfed power cash/ pathfinder combo is superior to the navy fed flagship.
They fucking denied me
You say Equifax but the Just Money channel says Experian. So which is it? Secondly, my Equifax score is in the 660s and my Experian is in the 690s yet I got denied while doing a pre-qual. Something is not adding up.
There deferent fico score
It’s a lie they pull from one but if you have all locked they deny. Technically they want to view the other 3 and approve based on 1 so everyone thinks that’s what they are using as determining factor just lies.
They pull Equifax for credit cards and experian for loans
got approved only for a few thousand dollars, good credit but not what you claim that high limit
Which credit bureaus do they pull from?
Thanks so much for this information. I appreciate it.
My issue is. I have high score of 818 or higher. The issue is I want to reach beyond that, and lock in a really good personal loan rate, then what I've been offered.
Just an FYI, you are generally required to update your address on your ID or driver's license as soon as possible. It is a dumb move to not do that.
why? Many of us live in multiple states.
@@A42yearoldARAB you never heard that you're required to update your license?
@ChrisC30 you're not required if you have multiple addresses. I believe that's what A42 is referring to
Does anybody with a penfed acct have an m1 finance acct? I can't seem to link my penfed acct with them and it us getting frustrating
I love this video ❤
How can you get in PenFed? Bc with navy federal you have to know someone to be added with a code.
Anyone can be a member
Ok I got approve for it and just added $1000
Great credit union!
i just dont like that they dont have shared branches.. my card was frozen do to fraud and i could not access my money.. i had to zelle it to myself.. other than that i do like pen fed.. i also use NFCU, and SDFCU and DCU i like all 4 a lot.. unify is also good.
Good Content
24 Credit Cards, >300K CL, ~800 CS Across the board, >$100K+ annual income... PenFed sent a pre-approval, I applied for shits 'n grins... DECLINED! Called in to request a review and found two of the rudest CSR's ever encountered. No Thank You!!!
Ouch! Thats unfortunate.
Because you got 100 inquiries
Do we need to freeze account before using your repair software?
To get a car refinance can I apply online or I need to call them? Thank you for the info
For personal loans from PenFed do they pull from Experian or Equifax, because you did say Equifax first?
Do they offer an overdraft service ?
In comparison to NFCU auto lending process, does PenFed issue you a check to purchase your vehicle?
Yes they do that too
Another cool perk of Navy Fed is that you can make transfers between your credit card and checking account. Is that a thing at PenFed?
@@42Butterflies Yes, cash advance from a CC is possible
I just tried to join and it declined me. 🤷♀️
Dang, did they give you reason?
Why?was your credit low
@@chucalissa9231 it’s not great, but not that low.
I got approved for my account what next how long should I wait before applying
@@phyllisgraham4188 Anytime you want. But there's nothing wrong with building a relationship with direct deposit for about 6 months first... :)
PENFED, have great signature loans.
Don’t go here 😢if live in Florida! Only one bank here!
I applied and I did get a hard credit pull
Did you get approved?
do they take itin?
They do go by credit. And if u have bad credit you will not a get card.
i live in new york and they asked me for poof of income for their credit card (the orange one)
Wish me luck I will want to get a $30k loan tomorrow
Aw, man PenFed did not aprove me.. what give? (sad)
Are there Pledge\Secured loans?
No, Penfed does not offer credit-builder loans.
@@NaamWynn with all due respect, the answer to his question is "Yes, they do offer share secured loans (SSL)."
You must have the money for the SSL (in NFCU it's the Pledge Loan) deposited into your share account for at least 30 days prior to soliciting the loan. The minimum monthly payments for the term must add up to at least $25. Due to the $25/month minimum payment rule, you can get a PenFed SSL with a term of 10 years for the same $3,000 that will only get you a 5-year term at NFCU with their Pledge Loan. The maximum term PenFed offers for an SSL is currently 144 months (12 years). Aside from that, it functions exactly the same way the Pledge Loan does. Call in and ask a rep to get started or for more information.
I don't blame you for not knowing because, just as with NFCU's SSL, there is nothing posted about it on the site and you essentially have to call in and ask about it to get the info. If you'd like, you can search UA-cam for "PenFed SSL" and you will see several videos on the topic.
Yes they do have share loan I have 3 the only difference is your money have to sit in your account for 30 days before you can apply with a share loan and your money is deposited immediately after every payment 🎉
Why did you delete my comment? I wasn't trying to be rude. PenFed does offer a SSL it's just not advertised on the site. You have to call. They require that you have the funds in the savings account for at least 30 days prior to using them to secure a loan and the minimum they will approve is $25 per month of the desired term. So, with $3,000 you could get a 10-year (120 month) share secured loan ($3,000/$25=120 months).
these credit unions are mostly relationship banks if you don't have a direct deposit with them they not going to show you as much love.
penfed or navy federal which is better for refinancing with a credit score in the low 600 ?
Depending on relationship. But you might have better odds with PenFed
Penfed denied me with a 715 score
Can anyone apply or do u have to be military
Anyone can join
They asked for my income 2 weeks back...
@AndyWelsh94 Did they ask for income for a personal loan product?
@@juamalik No, I was just applying for a credit card
Alliant or Penfed for a car loan?
Care Credit is terrible....do NOT open a card with them. They close it for no reason. You can reopen but then they will close it again. It is the most insane card I've ever had. Definitely not worth it. Just use your other Visa or Mastercards for healthcare--it is pointless to have that card.
You need a 700 score for a penfed card....
Source?
This is available in Canada?
I just need a car loan of 3-5K to do Uber.
Bruh I got denied😮
Giving insane credit limits to people whose only job skills are killing people. What could go wrong?
Semper Fi
What are you saying bro
انا صبر في الدولتي وحالتي انا بلا علم في العلم الكمبيوترات المالي لا خرجني بشيء لأجل ذالك بلا علم ونادي ليساعدني لا نستيحة كل البنك اسلامية
Pen fed is horrible
🙏🏽✝️♥️🌎🌖🚙🏡♥️
PLEASE STOP IT!!! Enough is Enough!! Stop with the credit card madness from Navy Federal Credit Union!!! Do you not realize or understand credit cards are debt once used. HOWEVER, buying a home is an INVESTMENT, as you pay your mortgage each month you are actually paying yourself, this is called equity. Think about it, NFCU will approve you for a credit card BUT not a home mortgage???
Stop yappin woman
Sooo tell me you dont know how to use credit it with out telling me you dont know how to use credit..
You so passionate about being wrong
You don’t own your house, unless you paid cash like my husband and I. Stop home shaming ppl, the States run off a debt system no credit cards you have no worth to most banks. My husband never believed in credit because he’s not from here. Also a surgeon and can afford to pay cash his credit score was horrible. I had to teach him credit and how it works. He was like that’s insane and yes it is. I have had credit since 13 he was baffled when building the surgery center is when he really understood me. So he uses credit now for everything. It’s about responsibility when using credit that’s important.if you are not paying cash you need a good score to get good rates if you can’t pay cash which is all of America
Debt is how our economy works. The problem is people don’t understand how to use debt to secure assets and instead they splurge and buy liabilities. Or they abuse it. Encourage financial literacy 💕