Credit Cards

[illtakecreditforthat]

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creditwherecreditisdue wrote:

I would halt app'ing, wait until anything new is more that six months old, pay your balances down a little and then app PenFed and ask for $20K right out of the box. If you do not get $20K you should get a counteroffer or recon for $10K.

I am perfectly serious.

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Thanks for the advice.  PenFed is quality, which is the most desirable lender to deal with in this "bizarro world" environment

[score_building]

illtakecreditforthat wrote:

... PenFed is quality, which is the most desirable lender to deal with in this "bizarro world" environment

yes, they're top notch and you may have a decent shot at approval soon but don't be put off if you don't get in on your first try, many with excellent profiles do not.  you can brush up and reapp w/o prejudice if you don't get in at first app or recon, many who reapp successfully report it being worth the wait.  GL!

[pattycake]

I keep reading about how great PenFed is, and now I'm seriously thinking about opening a savings account to make my way in. My EQ is okay, but I keep wondering about what my EX is. 

[score_building]

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pattycake wrote:
I keep reading about how great PenFed is, and now I'm seriously thinking about opening a savings account to make my way in. My EQ is okay, but I keep wondering about what my EX is. 

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not worth the inq for just the savings/share acct.  app when you are ready to app for loans too since they will use the one inq (EQ) for the first 60-90 days in most cases.  things they don't like-generally speaking:

new accts

EQ inqs

short histories

recent neg info

util over 20-25%

too much available credit compared to income

high DTI ratio

[creditwherecreditisdue]

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score_building wrote:

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pattycake wrote:
I keep reading about how great PenFed is, and now I'm seriously thinking about opening a savings account to make my way in. My EQ is okay, but I keep wondering about what my EX is. 

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not worth the inq for just the savings/share acct.  app when you are ready to app for loans too since they will use the one inq (EQ) for the first 60-90 days in most cases.  things they don't like-generally speaking:

new accts

EQ inqs

short histories

recent neg info

util over 20-25%

too much available credit compared to income

high DTI ratio

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Yes. Exactly correct. +1

Wait until at least six months have passed on any INQs or new accounts. Also, you have to app PenFed at the correct point in your credit development program. That point is as soon as you can clear the approval bar. If you are well progressed with your credit building and have a lot of available credit relative to your income that can nix the deal. I think this is why you see people with pretty high FICO scores being turned away.

[BungalowMo]

Makes you wonder where that "happy" point is for them.  Too high available credit to income...nix  Too low is a no go as well. 

Any idea what that golden % is?

[creditwherecreditisdue]

No. But I will add that once you have been granted unsecured credit by PenFed the rules seem to become somewhat looser. (Which is fair. You then have actual experience with them that they can monitor.) I have a relationship with them and have some funds on deposit there. (Certainly not a great deal. A few thousand.) They have treated my very well in return.