At the suggestion of some forum members, I am considering the Pen Fed Plat Rewards Visa https://www.penfed.org/Platinum-Rewards/
It looks pretty good! I have a few questions, and I'd really appreciate the wisdom from other forum members...
I've read that they do a HP on EQ to join. Has anyone been successful at getting the CC app w/the same HP? (I've read they use the same pull for 90 days.)
How hard is it to be approved? From the threads I've read, they are super conservative. And, it appears they've gotten even more so. Has anyone been approved (or denied) from them recently? Do they require income verification for CCs? Or other paperwork sent to them? What's your cr history like, if you've been approved?
Based on my FICO (in sig), do you think I'd be approved? I still have a pretty thin file, even w/my Amex reporting. No baddies -- just not a long credit history, and not a lot of cards. Also, no CL over $2500, and I've read that Pen Fed likes to see some high limit cards. I'm not currenlty a member and wouldn't be setting up direct deposit or do any banking with them, so this might also be a factor.
Thanks! 
bichonmom wrote:At the suggestion of some forum members, I am considering the Pen Fed Plat Rewards Visa https://www.penfed.org/Platinum-Rewards/
It looks pretty good! I have a few questions, and I'd really appreciate the wisdom from other forum members...
I've read that they do a HP on EQ to join. Has anyone been successful at getting the CC app w/the same HP? (I've read they use the same pull for 90 days.)
How hard is it to be approved? From the threads I've read, they are super conservative. And, it appears they've gotten even more so. Has anyone been approved (or denied) from them recently? Do they require income verification for CCs? Or other paperwork sent to them? What's your cr history like, if you've been approved?
Based on my FICO (in sig), do you think I'd be approved? I still have a pretty thin file, even w/my Amex reporting. No baddies -- just not a long credit history, and not a lot of cards. Also, no CL over $2500, and I've read that Pen Fed likes to see some high limit cards. I'm not currenlty a member and wouldn't be setting up direct deposit or do any banking with them, so this might also be a factor.
Thanks!
Hey Bichonmom
I recently was approved although I got the instant 5% cash back card although I wish I got this card. Great CU and great service, it took almost a week for me to get approved. They use the same pul they used for membership for 90 days. You scores are definitely better than mine my EQ was 720s, I got the max limit which is $20k, you will be fine. I was worried as I had a lot of inquiries and new credit cards. Love the card, love Penfed CU.
The only thing is your other CLs being $2500 may cause them to stay within that region. I applied for the card with the same call I used to get membership so it shouldnt be a problem that you dont have a membership with them
Starting Score: 675
LS2982 wrote:
drkaje wrote:They've been known to verify income. I've also read at least one post where they denied someone for pyramiding or discounted a great score due to the effect of Amex backdating.
It's likely the most conservative CU.
+1
I'd be a little weary of that.
Read the pyramiding thing a few years ago on another forum. Person was basically bouncing debt back and forth between 0% offers without making any real progress.
I also definitely recall reading someplace that PenFed notices ways people artificially inflate scores (on manual review) other places don't. Take me, for example; My BCP is back-dated to 1995 but only a one month spending history. I'm also AU on DGF's Amex Delta. Is it really likely someone wouldn't notice that on manual review?
You have some plusses that I don't have ... like auto loan and mortgage, and high CLs. Plus, you have a much more impressive CC portfolio than I do. I have a thing cr file, with a 2-year history, except for Amex (which doesn't really show any history).
From the threads I've read here and the posts on my thread, I just don't think they'd approve me. And I *really* don't want the inq unless I feel confident of approval. I have several inq from the last year, so I am being very cautious before apping again.
bichonmom wrote:You have some plusses that I don't have ... like auto loan and mortgage, and high CLs. Plus, you have a much more impressive CC portfolio than I do. I have a thing cr file, with a 2-year history, except for Amex (which doesn't really show any history).
From the threads I've read here and the posts on my thread, I just don't think they'd approve me. And I *really* don't want the inq unless I feel confident of approval. I have several inq from the last year, so I am being very cautious before apping again.
I think you've answered your own question then. One of the benefits of house shopping was not being able to apply for ANYTHING!! I spent most of 2009 and part of 2011 trying to buy a home so I didn't apply for any credit. Most of the cards I've gotten were in blocks of time (e.g. I waited a few months and then app'd for like 2 or 3 cards, then waited some time longer and then app'd again) If you've gotten some new CCs recently, I'd probably wait til maybe the end of the summer or so and apply for something that you'd have some use for or is giving you a great sign-up bonus. Use the cards you have now and see how they are fitting into your daily routine and that will help you figure out where you might need something different. Also, keep reading the message boards... not just this one, but others as well. It will give you a more concrete picture of what product you want.
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