Applying for a loan w/ Penfed Credit Union?
Whether you're applying for an auto, mortgage, or personal loan, Penfed Credit Union has extremely competitive rates. The problem? You need great credit to get those loan terms (if you want your best rates). Your first step to determine if you're eligible for top-tier rates is to pull your Credit Report.
You can review your Credit Report and find every inaccurate (and can potentially get removed), or contact a Credit Repair company, like Credit Glory, to walk you through that entire process.
You can schedule a free consultation with Credit Glory, or call one of their Credit Specialists, here ((833) 412-6805 ➔).
Penfed Credit Union vs. Major Banks
The short answer is... it completely depends (and your mileage may vary!). Not all Credit Unions are good. Not all banks are bad. Credit Unions, like Penfed Credit Union, are great for high CD rates & low interest loans / credit cards. The trade off? They're not as good because their resources, generally, are more limited for website services, apps, etc.
Credit Unions, as member owned organizations, aren't trying to make a profit. It's that simple. Of course, like any other not-for-profit, some are run well. Others? Not so much. The ultimate goal? Benefiting their members and maximizing their experience. Penfed Credit Union is a good example of a relatively well-run Credit Union. Their fees are minimal, their rates for all loan types are good, too.
Keep in mind, you'll have to apply for a membership to get accepted. This means they'll most-likely review your Credit Report & determine if you're eligible. We recommend speaking with a Credit Repair company, like Credit Glory, to understand how you can potentially improve (and fix) your Credit Score (before you apply for your Credit Union membership).
Banks, on the other hand, are in-it to make a profit. Generally, this means higher fees (on average). Banks also generally don't focus on the community the same way Credit Unions do. Credit Unions have memberships, while banks are generally open to anyone, anywhere. The primary pros of banks are generally better business services that are tailored to individual situations in a more comprehensive way. Also, if you plan to travel internationally, you save a lot of headache with a major bank account (and credit card).
What Is Penfed Credit Union?
Pentagon Federal Credit Union (PenFed) is the third-largest credit union in the United States. They serve veterans, active military members, and employees of the Departs of Defense and Homeland Security.
What Credit Bureau Does Penfed Credit Union Use? (Updated 2020)
Pentagon Federal Credit Union (PenFed) uses your FICO score when pulling your credit history for a loan. Your FICO score is an important factor in whether you qualify for loans — and what kind of interest rate you get. Improving your score with help from a credit repair expert (like Credit Glory) is the easiest way to get more loan options (& better interest rates).
Penfed Credit Union Mortgage Rates
If you're a Pentagon Federal Credit Union (PenFed) member, you can qualify for a mortgage with an interest rate between 2% and 3.268%. Getting a low-interest rate on a mortgage takes strong credit. If you're shopping for a mortgage and your credit needs work, the fastest way to improve it (& boost your score) is working with a credit expert like Credit Glory.
Penfed Credit Union Main Office
- ADDRESS: 7940 JONES BRANCH DR
- CITY, STATE ZIP CODE: McLean, VA 22102
- COUNTRY: United States
- COUNTY: Fairfax
- PHONE: 571-341-6706
- WEBSITE: http://www.penfed.org
- CEO/MANAGER: James R Schenck
Penfed Credit Union History & Information
- CREDIT UNION NAME: PENTAGON
- CHARTER NUMBER: 227
- CREDIT UNION TYPE: FCU
- CREDIT UNION STATUS: Active
- CORPORATE CREDIT UNION: No
- CREDIT UNION CHARTER YEAR: 1935
- CURRENT CHARTER ISSUE DATE: 12868
- DATE INSURED: 25937
- CHARTER STATE:
- REGION: 8 - ONES
- FIELD OF MEMBERSHIP TYPE: Multiple common bond - primarily military
- LOW INCOME DESIGNATION: No
- MEMBER OF FHLB: Yes
- ASSETS: 25108795493
- PEER GROUP: 6 - $500,000,000 and greater
- NUMBER OF MEMBERS: 1906288