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Just joined Penfed. A few questions.

Valued Member

Just joined Penfed. A few questions.

Became a member today! Got a few questions. Have been on an app spree lately got approved for 6 different cards with decent limits this past month. Also, closed 4 subprime cards and combined 2 others. So a net wash. Will commence gardening.

 

Opened with the max $100 deposit. It says it is a Regular share account.

 

Any advice on what I should do as far as interactions with Penfed so when I leave the garden I get a decent card with a high CL?

Message 1 of 18
17 REPLIES
Established Contributor

Re: Just joined Penfed. A few questions.

as usual, when you allow the new cards to grow over time 6 mos to 12 mos, then your credit scores are going to be grow up. penfed will definitely offers something better.

8/14/2017 FICO TU-812|EX - 808|EQ -806
Total Credit - $201.4K

Starting Score: 640
Current Score: 805
Goal Score: 850


Take the myFICO Fitness Challenge
Message 2 of 18
Established Contributor

Re: Just joined Penfed. A few questions.

If they ask just tell the truth, you are credit building.  I previously read the first 185 pages and saw many successful approvals on people with many new accounts.  Even though generally they can label people as Egyptians, I think it's YMMV. 

Message 3 of 18
Valued Contributor

Re: Just joined Penfed. A few questions.

If you were wanting to see about one of their cards, I would hurry and apply before your 6 new ones start reporting. I did this last year and got a then-decent 7k instant approval for the Platinum Rewards or whatever it is in my sig.... the sideways blue one. It was meant as a backup gas card (when Sallie Mae Rewards still existed) but will probably end up as my main gas card once I'm done with SUB earning for a bit.

 

If you can wait for scores to improve etc, then definitely hold off at least 6-12 months before applying. PenFed is known to deny people with recent apps for the reason 'pyramiding debt' which we jokingly refer to as being Egyptian. This is their way of saying it looks like you're opening a bunch of credit quickly because you can't afford your bills and might suddenly gain a bunch of debt.

Message 4 of 18
Valued Member

Re: Just joined Penfed. A few questions.

Well 4 of them are already reporting. I got a Citi Diamond preferred 0% for 21 months % Discover it 0% for 15 months for balance transfers. EX from freecredit report went from 752 down to 665. So I will garden for 6 months or so.

 

Is there anything you would recommend I do with Penfed in the meantime to get on their good side. Deposit more? Open a CD or something?

Message 5 of 18
Valued Contributor

Re: Just joined Penfed. A few questions.


durango444 wrote:

Well 4 of them are already reporting. I got a Citi Diamond preferred 0% for 21 months % Discover it 0% for 15 months for balance transfers. EX from freecredit report went from 752 down to 665. So I will garden for 6 months or so.

 

Is there anything you would recommend I do with Penfed in the meantime to get on their good side. Deposit more? Open a CD or something?


CD and savings never hurt. 

Message 6 of 18
Valued Contributor

Re: Just joined Penfed. A few questions.

If you just became. member today, the pull they did will be good for a while; at least 30 days, maybe more. If you applied for a card you most likely would not get another HP, they would go off your joining score and info. You could always call in to apply and make sure they are using same HP
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (5,000) ~ PenFed Promise (6,000) ~ PenFed OLOC (500) ~ Discover ($1,000) ~ Citi DC (1,700) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (1,700) ~ NFCU CLOC (15,000) ~ QuickSilver Visa (10,300) ~ DCU Visa (5,000) ~ Chase Freedom Unlimited (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG Business (3,000) ~ Care Credit (15,000)
Current Scores (7/8/17): 682 Transunion, 648 Equifax, 673 Experian
Message 7 of 18
Highlighted
Valued Contributor

Re: Just joined Penfed. A few questions.

They will use your membership HP for any credit apps for the next 30 days so it won't hurt to try for a CC if you want one from them.  They don't like app sprees, they denied me but approved my wife for a platinum rewards card, the only difference between the two of us is the number of CC apps in the past 12 months.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 8 of 18
Valued Member

Re: Just joined Penfed. A few questions.

PenFed Power Cash Rewards11007432TURNED DOWN 03/20/2017

AMOUNT OWED ON ACCOUNTS
LENGTH OF TIME ACCTS ESTABLISHED
PROPORTION OF BAL-TO-LIMIT TOO HIGH

 

Oh well. Had to try!

Message 9 of 18
Frequent Contributor

Re: Just joined Penfed. A few questions.

Try to recon either by sending an email or completing the survey...worked for me and plenty of others on here!

Message 10 of 18