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PenFed Credit Card

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Karatz
Frequent Contributor

Re: PenFed Credit Card

I signed up and got declined, reason was utilization.

 

PENTAGON FCU 10/19/08
Creditor Contact Information
PENTAGON FCU
PO Box 1432
Forest Glen
Alexandria, VA 223131432

---

Same day report:

Payment history
Your history of paying bills on time. Great

 

Amount of debt
Your total amount of outstanding debt. Not Good

 

Length of credit history
How long you've had credit. Good

 

Amount of new credit
Amount of credit you've recently
obtained or applied for.
Great

---

Ratio of your revolving balances to your credit limits
45%

 

Your oldest account was opened
8 Years, 11 Months ago (10 years is Nov 2009)

 

Average age of your accounts
4 years

 

Total owed on revolving accounts
$10912

 

(I also have 9000 left in student loans)

 

Number of your accounts with a missed payment
0 accounts

 

Your applications for credit in the past year
0 inquiries

 

Number of accounts you opened in the past year
0 accounts

 

My score was around 721 on WaMu's site during that time.

---

Since then, I combined two Cap One cards, one of which is that oldest account, which brings the average age up significantly. I've been paying my dads mortgage for about 8 years and have 5 payments left before it's paid off and this isn't on my credit report. Got a (reported) motorcycle loan from Yamaha which will be paid off in 3 payments over 6 months by Sept, which will help payment history. My CC balances are slightly lower, but I've put extra money into stock rather, (NRG) and couple weeks ago bought some more AMD. I could pay off all the credit balance with that but it's earning me WAY more then the interest is costing me.

 

I'm in no rush, so I'll probably wait till the beginning of October where I'll have the Dad's mortgage payment amount as an extra payment on my credit cards, my cards should have total balances around 8k then, and then I'll just pay the two cards I charge on immediately as I charge so have the lowest possible balance when they report. -so maybe for Xmas, I'll ask for a PenFed card.

Hope this helps, inspires, and solicits
TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Message 11 of 21
Karatz
Frequent Contributor

Re: PenFed Credit Card


@creditwherecreditisdue wrote:

@Karatz wrote:

FYI: I was just quoted that PenFed looks for total utilization of under 40% when considering a credit card application. I'm right about there so I'll play it safe and just push it closer to the 30% mark before I apply.


As a PenFed high achiever I am going to tell you that 30% may not be low enough. (But it could be.) You are going to have to post much fuller detail of your credit picture before we render an opinion on your chances. App'ing PenFed presents many hoops you must jump through, and if you do not clear all of them you're going to be tripped up. (The following all matter, some but not all are show stoppers: baddies, recent lates, available credit to income, used credit to income, EQ FICO, inquiries, new accounts, documentation of income (sometimes) and more.)


When I was talking to her, she was looking at my credit report from then. I told her not much had changed, just slight improvements across the board. I think I might call her in a few months. She was really friendly, and you could tell she was smart as heck. I should have asked her position, but all I got was her name.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Message 12 of 21
Karatz
Frequent Contributor

Re: PenFed Credit Card


@creditwherecreditisdue wrote:
As I attempted to indicate above there is a whole lot more to the matter than UTIL and FICO.

I definately think you are right. Each person most assuredly reads your credit score in a different order, u know, they aren't all exactly alike, but in the end, they give value to the same things with only marginal differences.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Message 13 of 21
Karatz
Frequent Contributor

Re: PenFed Credit Card


@Anonymous wrote:

Here is a possible strategy with PenFed.

 

1.  Open your checking and savings.

2.  Setup Direct Deposit to PenFed.

3.  Transfer your discretionary savings (not locked into cd's) to PenFed.

4.  Talk to a LO about applying for a Plat Visa, interested in the BT and would be willing to CLOSE the card that the balance is coming from.

 

If your DD paycheck and income is satisfactory, you have checking & savings (with some money in it) and you want to BT to lower your interest charges, and would be willing to close the other account in preference to PenFed.....maybe this might make a difference??? Smiley Indifferent


Already been doing 1-3, so this was a feel out of 4. Like *scoreup said, their card isn't a dime a dozen, but I am willing to work for it - I don't need it, I just would rather have it. What bites is Penfed doesn't do anything with Corporations. There's a few things I'm good at which I charge if someone want[s] my services. I use a corporation to report that income as well as to receive all the tax benefits with. Personally, I'd rather have the corporation buy a couple homes and rent one to me rather then buy the home myself - which cuts out PenFed for that. Smiley Sad

 

I was using Sharebuilder to stock my extra change since transfering in and out takes only a day, and I will test Penfed for that. You are right on about having some savings for emergencies and I don't mind having low interest for that, I just want easy access. I also want that savings with someone that I get a benefit from. I tested out Citibank and they failed miserably. I pay my citi-amex in full; however, they still doubled my interest rate. The branch did nothing, and said they could do nothing - so I took away my free money and bought stock at scottrade thats up 25% over the last 9 months. 

Message Edited by Karatz on 07-16-2009 10:02 PM
TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Message 14 of 21
Karatz
Frequent Contributor

Re: PenFed Credit Card


@score_building wrote:

i agree with HTSU but was told this too (about under 38%) and then denied under 28% with fairly strong app.

 


Did you get a credit report immediately? You could compare with mine and see what differences we have.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Message 15 of 21
creditwherecreditisdue
Senior Contributor

Re: PenFed Credit Card


@Karatz wrote:

@Anonymous wrote:

Here is a possible strategy with PenFed.

 

1.  Open your checking and savings.

2.  Setup Direct Deposit to PenFed.

3.  Transfer your discretionary savings (not locked into cd's) to PenFed.

4.  Talk to a LO about applying for a Plat Visa, interested in the BT and would be willing to CLOSE the card that the balance is coming from.

 

If your DD paycheck and income is satisfactory, you have checking & savings (with some money in it) and you want to BT to lower your interest charges, and would be willing to close the other account in preference to PenFed.....maybe this might make a difference??? Smiley Indifferent


Already been doing 1-3, so this was a feel out of 4. Like *scoreup said, their card isn't a dime a dozen, but I am willing to work for it - I don't need it, I just would rather have it. What bites is Penfed doesn't do anything with Corporations. There's a few things I'm good at which I charge if someone want[s] my services. I use a corporation to report that income as well as to receive all the tax benefits with. Personally, I'd rather have the corporation buy a couple homes and rent one to me rather then buy the home myself - which cuts out PenFed for that. Smiley Sad

 

I was using Sharebuilder to stock my extra change since transfering in and out takes only a day, and I will test Penfed for that. You are right on about having some savings for emergencies and I don't mind having low interest for that, I just want easy access. I also want that savings with someone that I get a benefit from. I tested out Citibank and they failed miserably. I pay my citi-amex in full; however, they still doubled my interest rate. The branch did nothing, and said they could do nothing - so I took away my free money and bought stock at scottrade thats up 25% over the last 9 months. 

Message Edited by Karatz on 07-16-2009 10:02 PM

Did you call and ask about having this reduced? Many of those who made the effort to do so got their APR increase rolled back. The branch would be worthless in this regard.

Message 16 of 21
Karatz
Frequent Contributor

Re: PenFed Credit Card


@creditwherecreditisdue wrote:

@Karatz wrote:

@Anonymous wrote:

Here is a possible strategy with PenFed.

 

1.  Open your checking and savings.

2.  Setup Direct Deposit to PenFed.

3.  Transfer your discretionary savings (not locked into cd's) to PenFed.

4.  Talk to a LO about applying for a Plat Visa, interested in the BT and would be willing to CLOSE the card that the balance is coming from.

 

If your DD paycheck and income is satisfactory, you have checking & savings (with some money in it) and you want to BT to lower your interest charges, and would be willing to close the other account in preference to PenFed.....maybe this might make a difference??? Smiley Indifferent


Already been doing 1-3, so this was a feel out of 4. Like *scoreup said, their card isn't a dime a dozen, but I am willing to work for it - I don't need it, I just would rather have it. What bites is Penfed doesn't do anything with Corporations. There's a few things I'm good at which I charge if someone want[s] my services. I use a corporation to report that income as well as to receive all the tax benefits with. Personally, I'd rather have the corporation buy a couple homes and rent one to me rather then buy the home myself - which cuts out PenFed for that. Smiley Sad

 

I was using Sharebuilder to stock my extra change since transfering in and out takes only a day, and I will test Penfed for that. You are right on about having some savings for emergencies and I don't mind having low interest for that, I just want easy access. I also want that savings with someone that I get a benefit from. I tested out Citibank and they failed miserably. I pay my citi-amex in full; however, they still doubled my interest rate. The branch did nothing, and said they could do nothing - so I took away my free money and bought stock at scottrade thats up 25% over the last 9 months. 

Message Edited by Karatz on 07-16-2009 10:02 PM

Did you call and ask about having this reduced? Many of those who made the effort to do so got their APR increase rolled back. The branch would be worthless in this regard.


Ya. Probably didn't call as many times as I should. School was tough those two semesters. I probably called 5 - 6 times. I guess I should try again while I have time.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
Message 17 of 21
armymom
Regular Contributor

Re: PenFed Credit Card


@haulingthescoreup wrote:
That 38% (or 40%) thing might mean that if you have scores in the 800's, no inquiries on EQ, no new accounts for four years, and a GS-15 salary, they might consider you. Maybe.

As CWCID said, PenFed is picky. Really, really picky. Many members here have been shot down, and they have had great credit profiles.

I would never take one tiny scrap of info like this and try to build something on it.

Didn't mean to come across as utilization being the only factor, if that's how it sounded.  I was just stating what a CS rep told me, that's all. 

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018
Message 18 of 21
score_building
Senior Contributor

Re: PenFed Credit Card


@Karatz wrote:

I signed up and got declined, reason was utilization.

 

PENTAGON FCU 10/19/08
Creditor Contact Information
PENTAGON FCU
PO Box 1432N
Forest Glen
Alexandria, VA 223131432

---

Same day report:

Payment history
Your history of paying bills on time. Great/ Great

 

Amount of debt
Your total amount of outstanding debt. Not Good/ Not Good

 

Length of credit history
How long you've had credit. Good/ Great

 

Amount of new credit
Amount of credit you've recently
obtained or applied for.
Great

---

Ratio of your revolving balances to your credit limits
45%/ <28%

 

Your oldest account was opened
8 Years, 11 Months ago (10 years is Nov 2009)

21 Years

 

Average age of your accounts
4 years

5 years  6 mos

 

Total owed on revolving accounts
$10912/ $8950

 

(I also have 9000/ 12500 left in student loans)

 

Number of your accounts with a missed payment
0 accounts/ 1 account (5 yrs 6mos ago SL)

 

Your applications for credit in the past year
0 inquiries/ 2 inq

 

Number of accounts you opened in the past year
0 accounts/ 2 accounts

 

My score was around 721/ 735 on WaMu's site during that time.

(EQ 715) 

---

Since then, I combined two Cap One cards, one of which is that oldest account, which brings the average age up significantly. I've been paying my dads mortgage for about 8 years and have 5 payments left before it's paid off and this isn't on my credit report. Got a (reported) motorcycle loan from Yamaha which will be paid off in 3 payments over 6 months by Sept, which will help payment history. My CC balances are slightly lower, but I've put extra money into stock rather, (NRG) and couple weeks ago bought some more AMD. I could pay off all the credit balance with that but it's earning me WAY more then the interest is costing me.

 

I'm in no rush, so I'll probably wait till the beginning of October where I'll have the Dad's mortgage payment amount as an extra payment on my credit cards, my cards should have total balances around 8k then, and then I'll just pay the two cards I charge on immediately as I charge so have the lowest possible balance when they report. -so maybe for Xmas, I'll ask for a PenFed card.

Hope this helps, inspires, and solicits

 

Message Edited by score_building on 07-17-2009 08:19 AM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 19 of 21
haulingthescoreup
Moderator Emerita

Re: PenFed Credit Card


armymom wrote:

@haulingthescoreup wrote:
That 38% (or 40%) thing might mean that if you have scores in the 800's, no inquiries on EQ, no new accounts for four years, and a GS-15 salary, they might consider you. Maybe.

As CWCID said, PenFed is picky. Really, really picky. Many members here have been shot down, and they have had great credit profiles.

I would never take one tiny scrap of info like this and try to build something on it.

Didn't mean to come across as utilization being the only factor, if that's how it sounded.  I was just stating what a CS rep told me, that's all. 



I hear ya --I've just read so many posts by people who thought that they qualified for something and were shot down, and they're standing there bewildered.

It was tough enough figuring who had a decent chance for acquiring which card a year or two ago. Nowadays, it's like wandering blindfolded through a minefield.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 20 of 21
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