Pen Fed

[virgo]

How does Pen Fed feel about inquires and new accounts?

[alvon123]

how many many inq do you have on your Equifax report (Penfed usually pulls from Equifax) and how many new accounts do you have?

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@virgo wrote:

How does Pen Fed feel about inquires and new accounts?

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[Bsong]

Dont waste your time with Penfed. Go with ALLIANT instead if you want an APPROVAL. 

[TNTransplant]

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@virgo wrote:

How does Pen Fed feel about inquires and new accounts?

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They don't like either.  If you have multiple inquiries and new accounts, you'll most likely get a decline with their infamous "pyramiding debt" response as the reason.  I was a member for 1.5 years before I got a card with them.  It was an instant approval with a $13000 CL, so it was worth the wait.  But, my report was pretty much pristine by that time and my EQ Fico was around 760... 

[virgo]

Thank you for the responses.  Lots of inq's,. Starting business.  7 new accoutns this year. 2 with Chase. 

[B335is]

PenFed is one of the most conservative lenders out there.  A lot of people will get  an approval screen and amount online, but it all has to be manually reviewed by an underwriter.  As other have said, they absolutely hate inq and new accounts.  I was denied after 7 days in-process for the infamous "pyramiding of debt" with 2% util, AAoA 3 years and EQ FICO of 804.

OCCU's gorgeous Duck card (and to a lesser extent by looks, the Beaver Card ) is one that doesn't seem to mind inquiries or new accounts.

[awp317]

Penfed gave me a 7-10 day message so I called and asked what I could do to speed up the process. She said that I had excessive inquiries, and said I could either cancel the application (basically denied) or send in my w2 for further review. Faxed them that and was approved for 23k. 

[Blackrv7]

I was recently instantly approved for $20,000 on their visa sig with EQ pull of 768, no reported inqs, one reported new TL so I might be one of those low inq, low new TL clients but if you do qualify they seem like a very nice CU with which to have a long term relationship.

Below is a copy and paste of another poster who recently was approved for $13K, lots of new TLs and 8 inq on EQ so it doesn't look like the inq and new TLs is an auto decline.

So I’m super happy right now with my credit right now.  I went from $300 in credit to $48,500 in 3 months!

Thanks for everyone’s advice here!

Stats before my recent approvals:

FICO: EQ: 758 (11/21 OCCU pull)

AAoA: 4.5 yr 

Util: 7%

Cap1: $2500 CLI  opened 3/11

Barclay: $5000 CLI  opened 9/13

Amex: $2000 CLI opened 9/13 (backdated to 95)

Chase Marriott: $6000 CLI opened 9/13

CSP: $5000 CLI opened 9/13

Mortgage: opened 8/12

Auto Loan: opened 1/12

Auto Loan: paid/closed - opened 1/04 ( 7-30 days late, 3-60 days late) (only baddie)

EQ: 8 inq

All but 1 inquires auto or home buying related

[takeshi74]

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@virgo wrote:

How does Pen Fed feel about inquires and new accounts?

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As always, it depends on one's credit.  There isn't an X for inquiries and a Y for new accounts which is the defining line for every person out there with PenFed -- or any other creditor for that matter.  They consider the entire credit picture -- not just one or two aspects of one's credit.

FWIW I had 4 new accounts and the associated hard pulls in the 4 months prior to getting approved for my PenFed card.  PenFed not only granted an instant approval but my current highest CL.  Another person's credit with the same number of inquiries and new accounts may not support an approval with PenFed.  They are known to be very conservative in their approvals.

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@virgo wrote:

7 new accoutns this year. 2 with Chase. 

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With 7 it's probably not worth attempting.