Definitive Guide To Penfed Credit Union

Definitive Guide To Penfed Credit Union

Pentagon Federal Credit Union (Penfed Credit Union) has more than $23 billion in assets. It was originally established in 1935 and is headquartered in Alexandria, Virginia, has 45 locations and serves over 1.6 million members.

Membership in PenFed is now open to all U.S. citizens/resident aliens who open a Share Savings Account with a $5 minimum deposit. Find out more here.

Penfed Datapoints

  • Have to setup at least savings account with $5 minimum deposit(like most credit unions)
  • No HP on membership
  • Max exposure is $50,000 (applies to all credit products so credit cards, personal loans and lines of credit, things like HELOC and auto loans are not included)
  • The max on a single card is $25,000 even though I have never seen this as a starting limit
  • Can liquidate the entire limit off your credit cards- best way to do this is convenience checks
  • Can get up to 4 credit cards
  • HP lasts 30 days so could technically pull 4 credit cards off that 1 HP but no guarantees you can even double dip
  • HP is on Equifax FICO 9 for credit cards
  • CLIs are HPs- Equifax FICO 9
  • Personal loans are softpull till you accept, usually Ex FICO9
  • PLOC is still not working on their website so you will have to call into a rep to talk to them. They used to have a prequal on the site we covered this before, its all jacked up and doesn’t work.

Recent Approval Screenshots

Video: Penfed Guide & Datapoints

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