No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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
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.
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.
Thanks for the info, all.
On a side-question.. what does "pyramiding debt" mean?
@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.
@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.