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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: PenFed pending ... maybe decline later..

 


ayanhein wrote:

haulingthescoreup wrote:

I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

 

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

 

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.


Thanks HTSU. I'm thinking of applying one of their cards since i've already gotten a hard inq. However, i thought secured card was only for those who like to rebuild their credit? If i applied for secured card and got one, can i change the card to unsecured one later on?

 

Thing is i don't wanna have another unneccessary CC just because i don't wanna waste on a hard inq.


 

Well, that's what I was saying --I don't know the details on their secured card, but I know that I've seen posts about it. Maybe someone else can chime in.

 

With PenFed, they hard you on EQ when you first apply to join, even before you apply for a CC, a loan, etc. This is pretty common with CU's. That hard inq is then good for 60-90 days, so you can app your brains out during this period, and they'll just keep working off the EQ report that they already pulled.

 

In other words, you've already taken the hit, and there shouldn't be any more inqs for a while, unless you ask them to pull a new report for some reason.

 

--unless they've changed their policy recently, in which case, someone please post a correction PDQ!  :smileyvery-happy:

* 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
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Posts: 3,626
Registered: ‎10-13-2009

Re: PenFed pending ... maybe decline later..

[ Edited ]

haulingthescoreup wrote:

 


ayanhein wrote:

haulingthescoreup wrote:

I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

 

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

 

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.


Thanks HTSU. I'm thinking of applying one of their cards since i've already gotten a hard inq. However, i thought secured card was only for those who like to rebuild their credit? If i applied for secured card and got one, can i change the card to unsecured one later on?

 

Thing is i don't wanna have another unneccessary CC just because i don't wanna waste on a hard inq.


 

Well, that's what I was saying --I don't know the details on their secured card, but I know that I've seen posts about it. Maybe someone else can chime in.

 

With PenFed, they hard you on EQ when you first apply to join, even before you apply for a CC, a loan, etc. This is pretty common with CU's. That hard inq is then good for 60-90 days, so you can app your brains out during this period, and they'll just keep working off the EQ report that they already pulled.

 

In other words, you've already taken the hit, and there shouldn't be any more inqs for a while, unless you ask them to pull a new report for some reason.

 

--unless they've changed their policy recently, in which case, someone please post a correction PDQ!  :smileyvery-happy:


If they INQ'd you once, you won't get hit again if you try for an alternative product.

 

What is crazy about their secured card products, though, is the way they are underwritten.  They have, in fact, two types of secured cards:

 

1.  For those with zero credit;

2.  For those with troubled credit.

 

If you fall somewhere in between, they will deny you for a secured card. 

IAALBNYL

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