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@Ron1 wrote:
@SwiftTone wrote:I don't mean to threadjack here but since we're on topic, what are my chances of approval?
EQ FICO: 734
EQ INQ: 02/2011, 04/2012
AAoA: 3+ years, maybe 4 soon
Utilization: 4%-6%
New accounts in the last year: 04/2012 Discover, 10/2012 CSP, 10/2012 BCE
Baddies: string of 9 30 and 60 day lates in 2009. Nothing since then.
Income: $30k reported, $48k including unreported.
I'm thinking of maybe applying for their 5% gas card when April rolls around. If I didn't have those baddies I know I can get approved but maybe they will over look it since it's aged atleast 3 years? I'm looking for a nice limit in the tunes of $10k possibly. Do you guys think my income would be a problem if I put $30k on the app?
You might have a shot. They might need to you to fax paystub.
Ron.
So they require borderline applicants to mail in paystubs?
@SwiftTone wrote:
@Ron1 wrote:
@SwiftTone wrote:I don't mean to threadjack here but since we're on topic, what are my chances of approval?
EQ FICO: 734
EQ INQ: 02/2011, 04/2012
AAoA: 3+ years, maybe 4 soon
Utilization: 4%-6%
New accounts in the last year: 04/2012 Discover, 10/2012 CSP, 10/2012 BCE
Baddies: string of 9 30 and 60 day lates in 2009. Nothing since then.
Income: $30k reported, $48k including unreported.
I'm thinking of maybe applying for their 5% gas card when April rolls around. If I didn't have those baddies I know I can get approved but maybe they will over look it since it's aged atleast 3 years? I'm looking for a nice limit in the tunes of $10k possibly. Do you guys think my income would be a problem if I put $30k on the app?
You might have a shot. They might need to you to fax paystub.
Ron.
So they require borderline applicants to mail in paystubs?
Sometimes, they require to fax over income vertification. I'm not sure it's only for borderline. By the way, you can request to recon thru fax to LO if you get denied. I only got $5K and my score was 747.
@Ron1 wrote:
@SwiftTone wrote:
@Ron1 wrote:
@SwiftTone wrote:I don't mean to threadjack here but since we're on topic, what are my chances of approval?
EQ FICO: 734
EQ INQ: 02/2011, 04/2012
AAoA: 3+ years, maybe 4 soon
Utilization: 4%-6%
New accounts in the last year: 04/2012 Discover, 10/2012 CSP, 10/2012 BCE
Baddies: string of 9 30 and 60 day lates in 2009. Nothing since then.
Income: $30k reported, $48k including unreported.
I'm thinking of maybe applying for their 5% gas card when April rolls around. If I didn't have those baddies I know I can get approved but maybe they will over look it since it's aged atleast 3 years? I'm looking for a nice limit in the tunes of $10k possibly. Do you guys think my income would be a problem if I put $30k on the app?
You might have a shot. They might need to you to fax paystub.
Ron.
So they require borderline applicants to mail in paystubs?
Sometimes, they require to fax over income vertification. I'm not sure it's only for borderline. By the way, you can request to recon thru fax to LO if you get denied. I only got $5K and my score was 747.
I don't know if I would say only for borderline either. I think many people have had instant approvals, but most often it seems people are having to go through the process. I wasn't denied, but I did have to verify income. It was almost like getting a mortgage.... almost. Then, I transferred the max allowable per day for a new checking account ($50 per day I think) until I had a decent amount in checking ($50 deposit every possible day for a month). Now, I sit with the min required $500 in checking so I don't get a fee for checking which would offset the benefits of using the 5% back on gas purchases. I do think I would like to try setting up a monthly direct deposit and withdrawl for something so as to build a consistent banking relationship with them. Maybe that will help with CLI in the future. Aw hell, I'm rambling.
I had to fax in our last 2 paystubs
@chnceit wrote:
@newportguy wrote:
@chnceit wrote:
@newportguy wrote:
@cmerriott wrote:I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...
My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.
Sorry to hear the bad news!!! I think the 3 new account within the last year spooked themDepending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.
I would call and just find out why and try to recon.
This does not apply with PenFed, they spook very easy. It's either that or Debt/Income ratio .
I got approved for a PenFed CC and LOC this month with 5 new accounts in a 6 month period so this statement maybe its a YMMV moment
I see the OP got her letter and it said to much available credit (which is Debt/Income ratio) So my statement was correct and not one of those YMMV moments.
OP, congrats on your approval
@newportguy wrote:
@chnceit wrote:
@newportguy wrote:
@chnceit wrote:
@newportguy wrote:
@cmerriott wrote:I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...
My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.
Sorry to hear the bad news!!! I think the 3 new account within the last year spooked themDepending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.
I would call and just find out why and try to recon.
This does not apply with PenFed, they spook very easy. It's either that or Debt/Income ratio .
I got approved for a PenFed CC and LOC this month with 5 new accounts in a 6 month period so this statement maybe its a YMMV moment
I see the OP got her letter and it said to much available credit (which is Debt/Income ratio) So my statement was correct and not one of those YMMV moments.
OP, congrats on your approval
OMG you are so right!! Congrats!
@newportguy wrote:
I see the OP got her letter and it said to much available credit (which is Debt/Income ratio) So my statement was correct and not one of those YMMV moments.
OP, congrats on your approval
Is that really Debt/Income? At least for mortgage, DTI is (actual amount owed)/income (or perhaps monthly payments/monthly income) not this, which is just total credit line.
@DesertLife wrote:
I don't know if I would say only for borderline either. I think many people have had instant approvals, but most often it seems people are having to go through the process. I wasn't denied, but I did have to verify income. It was almost like getting a mortgage.... almost. Then, I transferred the max allowable per day for a new checking account ($50 per day I think) until I had a decent amount in checking ($50 deposit every possible day for a month). Now, I sit with the min required $500 in checking so I don't get a fee for checking which would offset the benefits of using the 5% back on gas purchases. I do think I would like to try setting up a monthly direct deposit and withdrawl for something so as to build a consistent banking relationship with them. Maybe that will help with CLI in the future. Aw hell, I'm rambling.
Is this $50 a day thing standard? I opened a PenFed share account when applying for my platinum rewards card, and being a big spender, deposited the whole $5 required! Since then, I purchased a money money CD from them. I had planned to put the money in my share account and use that to fund, but then I ran into the very small daily limit. They had no problem in doing a multi-thousand dollar transfer from my bank to fund the CD, so why are the share limits so small? Is this credit union rules?
@bs6054 wrote:
@newportguy wrote:I see the OP got her letter and it said to much available credit (which is Debt/Income ratio) So my statement was correct and not one of those YMMV moments.
OP, congrats on your approval
Is that really Debt/Income? At least for mortgage, DTI is (actual amount owed)/income (or perhaps monthly payments/monthly income) not this, which is just total credit line.
After doing some research DTI and too much available credit is two different things. Thanks BS for clarifying DTI
@bs6054 wrote:
@DesertLife wrote:I don't know if I would say only for borderline either. I think many people have had instant approvals, but most often it seems people are having to go through the process. I wasn't denied, but I did have to verify income. It was almost like getting a mortgage.... almost. Then, I transferred the max allowable per day for a new checking account ($50 per day I think) until I had a decent amount in checking ($50 deposit every possible day for a month). Now, I sit with the min required $500 in checking so I don't get a fee for checking which would offset the benefits of using the 5% back on gas purchases. I do think I would like to try setting up a monthly direct deposit and withdrawl for something so as to build a consistent banking relationship with them. Maybe that will help with CLI in the future. Aw hell, I'm rambling.
Is this $50 a day thing standard? I opened a PenFed share account when applying for my platinum rewards card, and being a big spender, deposited the whole $5 required! Since then, I purchased a money money CD from them. I had planned to put the money in my share account and use that to fund, but then I ran into the very small daily limit. They had no problem in doing a multi-thousand dollar transfer from my bank to fund the CD, so why are the share limits so small? Is this credit union rules?
I think a CSR told me it was standard for the first (30/60 or 90?) days. Anyhow, now I have a max daily limit of $5,000 for transfers. Weird they would transfer so much for the CD and not for savings / checking.