Karen Moroz, WalletHub Mortgage Analyst
Yes, it is hard to get a PenFed credit card. All of PenFed’s main credit card offers require good or excellent credit for approval, or a score of 700+. Those include the PenFed Platinum Rewards card, Gold Visa and Power Cash Rewards card. Therefore, PenFed credit cards are hard to get for the average person, since the average credit score is only in the fair credit range. Applicants who don’t have a steady income will also find it hard to get a PenFed credit card, although PenFed doesn’t disclose a specific income needed for approval.
Another factor that makes it hard to get a PenFed credit card is that you can’t apply for the card without first becoming a member of the credit union. While doing so is free, as well as open to any U.S. citizen or permanent resident, it does require the time to fill out an extra application and open a savings account with at least $5 in it. If you don’t want to go through that trouble just to apply, especially when approval isn’t guaranteed, you may want to look elsewhere.
i had a 710 fico but my credit was new, only a year, capital one, chase, i was turned down by all the good cards, penfed gave me a chance when no one else would
ok I disagree with that. My credit score is not 750 nor has it been, it's been in the 600's and I have an open Chapter 13, and guess what they approved me for the gold card which I applied for and gave me 5000 limit. So I have no issues with them. I did a balance transfer which I will have paid off way before the 15 month time as I pay at least 100 a month to get this paid off faster. I've had it 3 months and so far they are great. I'm sure once I hit 6 months or so they probably give me an increase. I like them and again no issues.
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