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Pended CC question

Valued Contributor

Re: Pended CC question


Weights wrote:
About 95%. I've been thinking about closing some of my inactive accounts anyways which haven't grown on me.

Are you already a member and do you have any accounts with them ????

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 11 of 18
Valued Contributor

Re: Pended CC question


Weights wrote:
No, not yet. I was planning to app within the 60 day time frame so the same inquiry would be used.

You have nothing to lose then......... I would apply so they can use the same HP...... GO for it

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 12 of 18
Regular Contributor

Re: Pended CC question

I haven't joined yet, but was planning to if I stand a reasonable chance of approval for their card.
Message 13 of 18
Super Contributor

Re: Pended CC question


Weights wrote:
No, not yet. I was planning to app within the 60 day time frame so the same inquiry would be used.

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Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 14 of 18
Valued Contributor

Re: Pended CC question


Weights wrote:
I haven't joined yet, but was planning to if I stand a reasonable chance of approval for their card.

It's hard to say about penfed they are really funny . I don't have an answer for you only Penfed will have it. But it wouldn't hurt to close some of unused CC and wait till your reports update

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 15 of 18
Regular Contributor

Re: Pended CC question


Wade64 wrote:

Weights wrote:
I haven't joined yet, but was planning to if I stand a reasonable chance of approval for their card.

It's hard to say about penfed they are really funny . I don't have an answer for you only Penfed will have it. But it wouldn't hurt to close some of unused CC and wait till your reports update


That's what I'll probably end up doing. Thanks very much for the advice. If anyone else has suggestions, please keep them coming.

Message 16 of 18
Senior Contributor

takeshi@briareus.net


Weights wrote:
Are they sensitive to a high amount of open end credit to your income, even if the majority of it isn't being utilized?

PenFed's generally conservative but it also depends on one's credit.

 

FWIW when I was approved for my PenFed Platinum Cash Rewards card I had 3 accounts that were only 3 months old each.  I had one account that was only 1 month old.  2 of those accounts, however, were backdated AmEx cards that reported as 15 years old each.  CL's were pretty close to my income.  Utilization was probably about 6%.  Can't recall the other specifics.  I have never pulled my FICO's so I can't say what they were at the time.  FAKO's were in the mid to upper 700's.  PenFed gave me what is still my highest CL (~30% of my income at the time) and lowest APR.

 

Others have been denied with that many inquiries/new accounts or less.  Others have been denied with scores that were probably higher than mine.  I don't recall discussions on CL's versus income with PenFed though.

Message 17 of 18
Regular Contributor

Re: takeshi@briareus.net


takeshi74 wrote:

Weights wrote:
Are they sensitive to a high amount of open end credit to your income, even if the majority of it isn't being utilized?

PenFed's generally conservative but it also depends on one's credit.

 

FWIW when I was approved for my PenFed Platinum Cash Rewards card I had 3 accounts that were only 3 months old each.  I had one account that was only 1 month old.  2 of those accounts, however, were backdated AmEx cards that reported as 15 years old each.  CL's were pretty close to my income.  Utilization was probably about 6%.  Can't recall the other specifics.  I have never pulled my FICO's so I can't say what they were at the time.  FAKO's were in the mid to upper 700's.  PenFed gave me what is still my highest CL (~30% of my income at the time) and lowest APR.

 

Others have been denied with that many inquiries/new accounts or less.  Others have been denied with scores that were probably higher than mine.  I don't recall discussions on CL's versus income with PenFed though.


If you don't mind me asking, how many inquiries did you have on EQ at the time Penfed pulled, and how old were they?

Message 18 of 18