I'm in with PenFed, what to do now?

[takeshi74]

"In" doesn't matter.  I joined PenFed in 2009 and my credit profile didn't qualify for any of their cards until I got it all cleaned up on 2013 and when I did my profile got me $30K out the door.

As you know, PenFed uses EQ FICO NG2 and not any of the scores you posted but even looking at your scores I'd recommend waiting until you improve.  That said, a denial isn't an issue in itself.  The denial is a symptom of your credit profile, not a cause.  If you're denied it's because of your credit and not because of a prior denial.  In future when they make a decision they will pull your credit and base the decision on your credit profile at time of consideration just like any other creditor.

Consider the screenshot you posted.  You have a late.  That's a serious red flad with any creditor.  It indicates that your revolving utilization is 50%.  The general recommendation is do not exceed 30% and 30% is far from ideal.  You also have at least one new account.  How many new accounts do you have?  There are already a number of factors stacked against you with a creditor that is known to be conservative.

Work on getting that late removed.  Get your revolving utilization down.  Let your new accounts age.

Never rely on finding a low bar to jump.  Get your credit in shape and then apply.

[Anonymous]

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@_NERD wrote:

I stepped out of the Garden and took a HP on my EQ to get in with PenFed. My LexisNexis report is blocked and prevented them from accessing the ID verification questions, so I had to have some documents notarized and e-Mailed to them early this morning. Now I have an active checking & savings account.  I want one of their credit card products.  I don't know my NexGen score yet but my EQ score in my sig is current.  

I don't want to app for one of their CC products that requires a better looking credit profie and end up with a denial that will survive on appeal (recon).  Which product is best suited for someone in my position? I've wanted to get in with PenFed since last year. 

Thanks!  Here's my EQ info as of Aug 9th, which is already dated because I've paid down balances and PIF two accounts entirely. 

41% overall util

AAoA 44 months

One late payment from almost 2.5 yrs ago
No collections, charge offs or other baddies

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You gave me hopes for applying. My score is a little bit better than yours but I'm sure you have a longer credit history than I do. Good luck!! As other have mentioned, try for the promise. Maybe wait out a month or two before applying. 

[Anonymous]

Never rely on finding a low bar to jump.  Get your credit in shape and then apply.

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Excellent advice. You'll get there!

[Anonymous]

@Jgodfrey You say you got a $12,500 PLOC with no documents, but then they asked you for two paystubs? Huh?

Did you upload two months business bank statements? Since being a business owner like me we don't have paystubs to show and I won't give any lender tax returns unless it's for a mortgage.

[jgodfrey82]

@Credit luv, actually I just uploaded paystubs I generated in quick books and explained they were self generated. They then denied the promise card for "unable to verify income" they didn't mess with the ploc. Honestly it's the first docs I ever been asked for other than mortgage. No big deal I understand plus my utility is high right now I've got a real estate flip worth of supplies and labor sitting on balance. Will pay it all off in a couple of months and reapply, bet they won't ask again when they see low util.

[Anonymous]

POI for a CC that is simply insane to me.

I could've told you the fake (to them) paystubs in Quickbooks weren't going to work with PenFed or anyone.

I do real estate flipping stuff too.