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Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Pen Fed odds?


cmerriott wrote:

Well r

The letter states I have too much available credit with a credit score of 818... So I will probably NEVER qualify for this card....I don't plan on closing any of my accounts....


At least in the past, Penfed have been one of the lenders most concerned with "available credit" declining due to pyramiding debt.  If your list is complete, looks like you have about $110K in CL. If that is "large" compared to your income, that's the sort of thing Penfed worries about.

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Pen Fed odds?

Sorry OP to hear that.Give them a call they are great to work with and your score is fantastic.

Swifttone they can ask for pay stubs as well as notarize docs for identification verification.

$100K in Credit
Last Credit Card App: 11/16/13
Valued Member
Posts: 29
Registered: ‎05-06-2011
0

Re: Pen Fed odds?

ok, well i believe the problem is that i applied individual. My income is 35000 a yr. Most of the credit is in my name with my husband as AU. But i have been working on his credit and it's getting better. The Navy Fed card i was able to get joint with him. There was no way for me to use his income like other apps. Soooooooo  for some reason i couldn't just leave well enough alone...I put in another app...This time with him as joint applicant.....anddddddd....APPROVED...$15,500

Myfico EQ 1/12/13 759

Barclays $6,300, NAVY FCU $25,000, CITI dividend $4,500, AMEX HH $16,800, AMEX BCP $6,000, BofA 123 $9,900, CAP ONE VENTURE $7,500, CITI forward $3,000, DISCOVER IT $10,000, GECRB/LOW $10,000, GECRB/SAMSDC $10,000, SPIEGEL $1,150, WFNNB/BUCKLE $1,100
Established Contributor
Posts: 1,040
Registered: ‎02-27-2012
0

Re: Pen Fed odds?

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?

 

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Regular Contributor
Posts: 181
Registered: ‎08-09-2012
0

Re: Pen Fed odds?

Wow!!! Congrats OP!!!



What's in my wallet:



Left to right:
NPSL ($10k approved)
$5k (EMV - Chip & PIN)
$7k (Visa Sig + EMV)
$7.5k (WEMC)

Transunion FICO: 709 (8/13/12) -> 740 (9/24/12)
Credit Karma: 772 (11/24/13)
Credit Sesame: 755 (11/5/13)
Valued Member
Posts: 29
Registered: ‎05-06-2011
0

Re: Pen Fed odds?

they pulled his equifax report. He has a 9 yr old bankruptcy, and like 2-3 collections about to fall off. Thats why i was hessitant to use him as joint, but i guess they overlooked it because of my report?

Myfico EQ 1/12/13 759

Barclays $6,300, NAVY FCU $25,000, CITI dividend $4,500, AMEX HH $16,800, AMEX BCP $6,000, BofA 123 $9,900, CAP ONE VENTURE $7,500, CITI forward $3,000, DISCOVER IT $10,000, GECRB/LOW $10,000, GECRB/SAMSDC $10,000, SPIEGEL $1,150, WFNNB/BUCKLE $1,100
Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Pen Fed odds?


cmerriott wrote:

ok, well i believe the problem is that i applied individual. My income is 35000 a yr. Most of the credit is in my name with my husband as AU. But i have been working on his credit and it's getting better. The Navy Fed card i was able to get joint with him. There was no way for me to use his income like other apps. Soooooooo  for some reason i couldn't just leave well enough alone...I put in another app...This time with him as joint applicant.....anddddddd....APPROVED...$15,500


Whoohoo!!! Congrats OP nice job! Also take advantage of the 1 pull for 90 days for multiple credit products :smileywink:


$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
Posts: 136
Registered: ‎07-09-2012
0

Re: Pen Fed odds?

 


cmerriott wrote:

they pulled his equifax report. He has a 9 yr old bankruptcy, and like 2-3 collections about to fall off. Thats why i was hessitant to use him as joint, but i guess they overlooked it because of my report?


Wow, amazing! Congrats! It's funny that it took the combined income, but I do understand how penfed would view the high amount of available credit ~$110,000 when you have a $35k annual salary. If you put your total salary through your cards you would still only reach 32% utilization! Though it's amazing even with a bk they would approve an app. considering how sticky they are about these other things.


Starting Score (2015): EX: 748; EQ 737; TU 761
2014 Current Score: Discover FICO08 803 (1/15); EQ BE FICO 817 (1/15); PenFed FICO NextGen 799 (12/14)
Goal Score: All 775+ Available Credit: $100K+ Utilization: 10%
Gardening Since: Sept 2014
Super Contributor
Posts: 6,163
Registered: ‎05-23-2009
0

Re: Pen Fed odds?


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.

Super Contributor
Posts: 6,163
Registered: ‎05-23-2009
0

Re: Pen Fed odds?

Congrats!!!

 

 

Ron.

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