Credit Cards

[molly73]

PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today....bringing my score to 623....should i reapply again?

i don't know why i got the 40 points....and I am having things disputed right now....do they base it only on FICO score....do they pull EQ.....and would I qualify?

I know my report is still going to show some late payments and charge offs....scared of getting denied again
Thanks again!

[Schoolbuskid]

Seems like you need to be about a 680 or above to get the good rates! I think i read that somewhere but im not sure!

Me personally i would wait til my score was atleast a 650!

[molly73]

thanks for getting back to me.....yeah...i understand about the good rates.....but if i pay it off each month....or keep a low balance....that would work for me....i just want to get my foot in the door with a good CC again.....need to do some gardening!!!

[cheddar]

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molly73 wrote:
thanks for getting back to me.....yeah...i understand about the good rates.....but if i pay it off each month....or keep a low balance....that would work for me....i just want to get my foot in the door with a good CC again.....need to do some gardening!!!

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Penfed is very conservative.  I would even say you'd want 680 or so just for approval, let alone good rates.

Message Edited by cheddar on 06-18-2008 11:55 AM

[mindbot7]

What exactly penfed looking for? is it just a good score? what about a short credit history?

and which one you prefer AMEX blue or Penfed the reward card. I know AMEX has a higher rewards but for customer service Penfed wins.

[cheddar]

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mindbot7 wrote:
What exactly penfed looking for? is it just a good score? what about a short credit history?

and which one you prefer AMEX blue or Penfed the reward card. I know AMEX has a higher rewards but for customer service Penfed wins.

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Actually Penfed has better rewards than Amex Blue, across the board.  Amex Blue gets you a flat 1%, in the form of MR points.  Penfed gets you 5% cash on gas, 2% cash on supermarkets, and 1.25% on everything else.

Penfed is looking for good scores, clean history, and, ideally, zero new accounts in the last six months to a year (the fewer the better).

[thrasher865]

Blue cash has better rates if youre a really big spender.

5% bonus 1.5% universal, but you gotta put big amounts of cash through to make it worthwhile, though not as much as you would think.  About $800 or $900 a month is enough, from my calculations, for it to beat penfed and freedom.

You say you don't know where the 40 point jump came from, and you are disputing items.  As far as I know, while you are disputing, these items temporarily don't affect your score.  That could be where the 40 points come from.

[mindbot7]

I think you have 90 days after your first apply. If you applied again, it won`t be counted into your report.

I read a lot about penfed, just waiting for a good score jump to apply. There is review about penfed and chexsystems, i don`t know what that mean. They mention that penfed changed its policy lately.

Found this review online, it`s not mine

""" After 7 years of great customer service and many useful products to choose from, PFCU has done a 180 degree turn. They have submitted themselves to control by chexsystems (see http://chexsystemsbites.tripod.com for info on this company) and let this companies rating determine how they treat their customers. Fact: USBank erroneously reported an NFS event to chexsystems in July of 1999. Fact: After 6 months the mistake was corrected but the event still appeared on chexsystems records """

[molly73]

thanks.

well.....we will see where the 40 came from....we are close to a month of when they received the dispute letter.

hoping maybe somethings aged off too

[cheddar]

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thrasher865 wrote:

About $800 or $900 a month is enough, from my calculations, for it to beat penfed and freedom.

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That depends entirely on what you're buying with that $800 a month.