PenFed questions

[Caught750]

Good evening everyone, I've been reading quite a bit about PenFed since joining the forums and have some questions. Here's background on my profile

My EQ Fico 9 score is 716
DTI is 11%
Util is always sub 5% on $3,200 total lines
AAoA is at least 5 years
Oldest account 10 years but closed
6 months solid revolving history by the time I'd join
All baddies are at least 5 years old
85k easily verifiable income
4 revolvers and 1 charge opened since August 2017

I'm definitely interested in their banking, auto, CCs, and possibly a PLOC (although that would be more of a profile thing for me). My wife and I plan to buy a house in 2 to 2.5 years also. I'm not eligible for NFCU or USAA.

What are your thoughts on my chances with PenFed, what products MAY I qualify for, are there better options for me somewhere?

[bourgogne]

you have toy limits on a bunch of new accounts.  as far as cards go I would be surprised if they gave you an unsecured card of any kind.  they are conservative and cherish history.  get an ssl if you dont have a car in your mix to boost your scores and check back with them in a year would be my advice. 

[Caught750]

I have 2 open car loans and 20 total accounts showing

[bourgogne]

---

wrote:
I have 2 open car loans and 20 total accounts showing

---

even worse.  maybe update your sig.  if you have 20 cards then you are a collector and they won't like that either. 

[bourgogne]

its not what is showing its the history of what you have is what counts with them

[Caught750]

They are not cards. My sig is acturate, however based on your comment about history there is a great deal of it with multiple current and paid off auto loans, completed personal loans, and quality revolver accounts with no derogs that were closed several years ago.

[simplynoir]

What probably helps you with getting in with Penfed is that they use FICO 09 scores so I'm fairly confident you'll get in as long as you're not picky on your SL with them. CLOC I don't know what you'll get from them but assuming your CHEX doesn't have any derogs on it you should be good with that as well when you finally apply with them.

[Caught750]

I'm not overly familiar with CHEX and what is shown there but I haven't had any banking issues. I don't want another $500 sl, although I truly have no NEED for more as I PIF always. I've heard quite a bit about the ability to grow quickly with them as well. I'm more interested in establishing a relationship with a lender that can be the go to for everything. Cards, cars, mortgage, personal if needed, while increasing total CLs and continuing to build my profile and scores.

[bourgogne]

---

wrote:
They are not cards. My sig is acturate, however based on your comment about history there is a great deal of it with multiple current and paid off auto loans, completed personal loans, and quality revolver accounts with no derogs that were closed several years ago.

---

I guess I had too rough of a monday to focus.  you had extensive history and something happened to everything and now you are rebuilding and your sig is your current status?  if yes then please app and prove me wrong because I dont think they care for short current history. 

[Anonymous]

I got in with Penfed this summer,  I had mid-high 600 FICO's at the time.  5 new accounts.  2 paid collections and over 30 lates(within previous 2 years).  They also refinanced my car loan during the call.  Eveything said above is true, but I don't think it's as clear cut as as it sounds.  Let everything settle for a few months.  Let your new accounts grow a little.  You should have nothing to worry about by this summer.  Frankly, you could probably get in today, albeit with no credit products.  Probably not worth it to waste the HP when you could just wait a few months and have both for the price of one.