What are my PenFed credit card approval odds?

The credit score that you need for a PenFed credit card is 700+. That means applicants need good credit for approval. This applies to all PenFed credit cards.

If you receive a pre-approved mail or e-mail offer for a PenFed credit card, it means your credit profile likely meets the card's requirements for approval. While such an offer doesn't guarantee approval, it indicates good odds of getting the card. So, make sure you apply by flagging your application through the … read full answerPenFed pre-approval web page.

PenFed Credit Card Credit Score by Card

• PenFed Power Cash Rewards Visa Signature® Card: A credit score of 700+ (good credit)
• PenFed Pathfinder® Rewards Visa Signature® Card: A credit score of 700+ (good credit)
• PenFed Platinum Rewards Visa Signature® Card: A credit score of 700+ (good credit)
• PenFed Gold Visa® Card: A credit score of 700+ (good credit)

Applying for credit cards will trigger hard inquiries on your credit report, which may temporarily damage your credit score. So, make sure you qualify before applying. If you don't know where you stand, you can check your score for free, right here on WalletHub.

Ultimately, it is worth noting that PenFed membership is now open to everyone. But keep in mind that simply having the credit score needed for a PenFed credit card does not guarantee approval. Some other key criteria include your annual income, existing debt load, number of open accounts, recent credit inquiries, employment status, and housing status.

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.… read full answer

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.

Yes. Anyone can join PenFed. PenFed membership is free for everyone now, but PenFed was originally created to serve U.S. military members and veterans of all branches, as well as federal employees and retirees. PenFed formerly required non-government and non-military applicants to donate to a military charity to be eligible for membership, but they no longer require this. As long as you’re a U.S. citizen or permanent resident of the United States, you can join Pentagon Federal Credit Union by simply funding a savings account with at least $5.… read full answer

All you have to do to apply for PenFed membership is enter your personal information – including your name, address, Social Security number or ITIN, and other info – on the membership form. Before you submit your application for membership, you’ll be asked to make a deposit of at least $5 to a new PenFed savings account using a debit card or a bank transfer.

PenFed Membership Eligibility Requirements:

• Must be able to fund a savings account with at least $5
• Must be a U.S. citizen or permanent U.S. resident
• Must have a government-issued photo I.D.
• Must be at least 18 years old

All in all, it’s very easy to become a PenFed Credit Union member. To fill out a membership form, visit the PenFed Credit Union website. Alternately, you can apply for membership over the phone by calling 800-247-5626.