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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Best Credit union to get a credit card approval/ most interesting credit union


NewYorkGuy wrote:

idonthaveaname wrote:

Anyone have any thoughts on this? 

 

I like the idea of credit unions in general. I think some of them have some great mission statements and they are different than the big banks. Anyone have their favorites? 

 

Also for approvals what cb did they pull?



PenFed is one of the best out there. They currently have a 0% auto loan promotion going on and mortgages starting as low as 2.6%. They are known for giving high credit limits if you fit their profile. On the other hand they are conservative. They are very inq/new accounts sensitive. Generally they don't like people who are building a pyramid in Giza. If you don't know what that mean google "PenFed Pyramid".


Good Definition of Pyramiding:

 

"They look at your balance history on your CR, if your total debt keeps climbing instead of remaining steady or getting lower, they think you are not paying your debts, you are simply getting higher limit cards and getting further in debt as you do. Pyramiding the debt so that your util looks lower when it really is a higher amount."

 




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NewYorkGuy
Posts: 111
Registered: ‎04-07-2011
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Re: Best Credit union to get a credit card approval/ most interesting credit union


LS2982 wrote:

NewYorkGuy wrote:

idonthaveaname wrote:

Anyone have any thoughts on this? 

 

I like the idea of credit unions in general. I think some of them have some great mission statements and they are different than the big banks. Anyone have their favorites? 

 

Also for approvals what cb did they pull?



PenFed is one of the best out there. They currently have a 0% auto loan promotion going on and mortgages starting as low as 2.6%. They are known for giving high credit limits if you fit their profile. On the other hand they are conservative. They are very inq/new accounts sensitive. Generally they don't like people who are building a pyramid in Giza. If you don't know what that mean google "PenFed Pyramid".


Good Definition of Pyramiding:

 

"They look at your balance history on your CR, if your total debt keeps climbing instead of remaining steady or getting lower, they think you are not paying your debts, you are simply getting higher limit cards and getting further in debt as you do. Pyramiding the debt so that your util looks lower when it really is a higher amount."

 


Good explanation LS2982. I would add that if your balance remains steady but your util keeps going down because of higher credit limits then they also consider that pyramiding.

 

 

 

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cowboyguy
Posts: 197
Registered: ‎07-26-2012
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Re: Best Credit union to get a credit card approval/ most interesting credit union

 

Does anyone know through recent experience if DCU and PenFed ask for income verification to be a member or applying for their credit cards?

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starry1
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Re: Best Credit union to get a credit card approval/ most interesting credit union

Navy for the win!  I'm a new member and hope to get some cc's from them this year.


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09Lexie
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Re: Best Credit union to get a credit card approval/ most interesting credit union


cowboyguy wrote:

 

Does anyone know through recent experience if DCU and PenFed ask for income verification to be a member or applying for their credit cards?


DCU- Yes for cc/loan products. Idk about membership.  They didn't ask me for proof but that was 7 years ago. 

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OwNt
Posts: 62
Registered: ‎10-07-2007
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Re: Best Credit union to get a credit card approval/ most interesting credit union

[ Edited ]

PenFed could potentially interprete just about anything as pyramid building. It's their catch all reason for denials. I have seen people hit with pyramiding debt who always pay in full. 

 

When I applied several years ago they did require income verification.

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MountainHiker
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Re: Best Credit union to get a credit card approval/ most interesting credit union


cowboyguy wrote:

 

Does anyone know through recent experience if DCU and PenFed ask for income verification to be a member or applying for their credit cards?


It depends is the best answer I can offer. When I applied for DCU they approved me for a $3K limit CC and no request for income was asked of me. A family member of mine also applied for a CC with them and proof of income was a requirement. Hope that helps.

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