Credit Cards

[athensguy]

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jmbfl wrote:
PenFed does not use HHI. All CC app's are done on the basis of individual income only.

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I believe they legally must consider the income of a spouse, or am I missing something? Equal Credit Opportunity Act is what I have in mind.

[mrsanderson]

WOW Impressive I need one of those Being that my score will range 740+and above after I paid down some Debt ive rack up over my spreees lol... thanks for the post! and COngrats to both of you!!!

[smallfry]

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athensguy wrote:

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jmbfl wrote:
PenFed does not use HHI. All CC app's are done on the basis of individual income only.

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I believe they legally must consider the income of a spouse, or am I missing something? Equal Credit Opportunity Act is what I have in mind.

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They only will consider individual income unless its a joint account.

[athensguy]

Then if I apply are they going to discount the big joint account (mortgage) on my CR for their DTI?

[molly73]

Congrats!!!

what is the lowest score penfed will consider? my eq is currently at 657.....up 69 points in the last month and i hope it goes up some more after i get a couple of other things removed.

i tried them months ago with a score of 580 something.....but they said no

Message Edited by molly73 on 08-21-2008 11:57 PM

[smallfry]

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athensguy wrote:
Then if I apply are they going to discount the big joint account (mortgage) on my CR for their DTI?

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If they counted a mortgage in DTI lots of people would be underwater. Glub. Glub.

[jaxstraw]

Hey Smallfry, are you saying that they don't count a mortgage into your DTI factor ???

When DW was denied by PenFed a few months ago one of the factors was high DTI. She stood at about 40% w/ the mortgage. (The mortgage is in her name only). W/O that factored in it would be at 22%.

She's going to app again w/ them shortly and it would be good to know if I had to recon.

Thanks,

Jax
App free for 12 days since 3rd NASA denial.

[FaircreditguyFL]

PenFed is great. I've never been asked produced docs for any of my products. They actually denied me products until my EQ FICO was 705.

Message Edited by FaircreditguyFL on 08-22-2008 05:21 AM

[jmbfl]

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athensguy wrote:
Then if I apply are they going to discount the big joint account (mortgage) on my CR for their DTI?

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It doesn't work that way. The since the mortgage is in joint name you are jointly and severably liable for it. That means each of you are liable for the entire amount. This is the primary reason why joint accounts suck!

[athensguy]

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jmbfl wrote:

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athensguy wrote: Then if I apply are they going to discount the big joint account (mortgage) on my CR for their DTI?

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It doesn't work that way. The since the mortgage is in joint name you are jointly and severably liable for it. That means each of you are liable for the entire amount. This is the primary reason why joint accounts suck!

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The point was that they allegedly discount my joint income (Joint tax returns), so they should also discount any joint obligations. I will probably just apply on the phone and say "My HHI is $xx" first.