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Approved for PenFed recently?

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Not_the_Point
Regular Contributor

Approved for PenFed recently?

If yes, please post what your info was when approved! I'm trying to figure out if I should go ahead and apply... here's my info:

 

3 revolving accounts... 2 open, 1 closed :

BoA $35 of 500CL

Sears $50 of $1400 CL

Util 5%

Just closed a $1000 WaMu MC.

 

1 installment account:

Car Loan $5000, 50% payed down so far.

 

16 month credit history

0 lates on all accounts

4 inqueries


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 1 of 10
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Anonymous
Not applicable

Re: Approved for PenFed recently?

I doubt you'll get approved for anything at penfed with a one year credit history. You'll need a pristine credit report to qualify. If you do decide to apply, you'll get rejected for short credit history and pyramiding debt.
Message 4 of 10
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Anonymous
Not applicable

Re: Approved for PenFed recently?

i think your credit history is prob too short for them. I would wait until you have 2years if it were me
Message 2 of 10
manyquestions
Established Contributor

Re: Approved for PenFed recently?

Are those 4 inquiries on Equifax?  Penfed pulls Equifax and you want no new accounts or inquiries in the last 6 months.  Also you don't want to have anything negative on Equifax.  Then you have a chance.  They are conservative and I think like most other banks they have become more conservative in the last couple months.  The limits that people have been reporting getting are less than what people were getting 12 months ago, of course it is like that everywhere. 
Message 3 of 10
Anonymous
Not applicable

Re: Approved for PenFed recently?

I doubt you'll get approved for anything at penfed with a one year credit history. You'll need a pristine credit report to qualify. If you do decide to apply, you'll get rejected for short credit history and pyramiding debt.
Message 4 of 10
Phrostbyte
Member

Re: Approved for PenFed recently?

Yea I was accepted for a student rewards card then I had the credit limit raised to $1000.

 

6 or 7 year credit history. 2 closed accounts and 1 open account. Closed accounts: WaMu with $1000 CL, SECU with $1000 CL, and the open account - CapitalOne $1000 CL. Only employed part time, full time student, no loans, no debt (besides the current month's balance on my PenFed card).

 

I only use the PenFed card now.

Message Edited by Phrostbyte on 12-03-2008 09:27 AM
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Anonymous
Not applicable

Re: Approved for PenFed recently?

I was approved in early November for the Rewards card and an auto loan (That I didin't need, or want) instantly. Equifax was 800. Spotless history, and no new accounts for the past 5 years. I took a 20 point hit on Equifax, but it was worth it for this card!!

 

My co-worker was just denied for PenFed. She had a 760 Eq, and Spotless history, except for High utilization on one of her CC's. They did not approve her for the 5.99 balance transfer rate she was seeking. She's doing a recon, so hopefully she will have better luck.

Message 6 of 10
Anonymous
Not applicable

Re: Approved for PenFed recently?

19 yr old student daughter was approved about six months ago for the Penfed rewards visa after being declined a year ago.  She has a 1 1/2 year old Amex Blue and Citi Div reporting + is an AU on my old JCP card.  No baddies and she pays on time.
Message 7 of 10
Not_the_Point
Regular Contributor

Re: Approved for PenFed recently?

Thanks for the info, all.

 

On a side-question.. what does "pyramiding debt" mean?


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 8 of 10
manyquestions
Established Contributor

Re: Approved for PenFed recently?


@Not_the_Point wrote:

Thanks for the info, all.

 

On a side-question.. what does "pyramiding debt" mean?


When Penfed gives the "pyramiding debt" reason for a denial, they ususally mean they think you have added too many accounts recently for their comfort level.  That is why it is a good idea to not apply to Penfed if you have added any new accounts in the last 6 months.  It is something they are sensitive to.

Message 9 of 10
MojaveMoon
Established Contributor

Re: Approved for PenFed recently?


@Anonymous wrote:

My co-worker was just denied for PenFed. She had a 760 Eq, and Spotless history, except for High utilization on one of her CC's. They did not approve her for the 5.99 balance transfer rate she was seeking. She's doing a recon, so hopefully she will have better luck.




May I ask you to clarify something ? It's unclear to me whether
- your co-worker already had a PenFed credit card and she was seeking to do a balance transer
- or she was applying for a PenFed credit card and, if approved, was seeking to do a balance transer immediately after the approval

Regardless, I was concerned about reading this -- both the PenFed Gold card (link) and the PenFed cash back card seem to have a permanent balance transfer rate option (of 5.9%), and it never occured to me that PenFed would ever turn down a request to do a balance transfer. Since technically the terms and conditions of the cash back card say that the BT offer is "for a limited time only", I had been considering applying for the PenFed Gold card so that I would have a dedicated card for just balance transfers.
Message Edited by MojaveMoon on 12-06-2008 03:25 AM
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