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Penfed question

Regular Contributor

Penfed question

I would like to apply for penfed but i am not sure what my chances are. i understand they are tough. need advise. here is snap shot of my credit :

 

1% util

2 new accnt one is 7 months old the other was opened in november 08

1 inq on equifax date nov08

1 inq on TU dated jul08

1 inq on EX dated sep08 - it was a bank inq to open checking and savings acct

clean record no lates, no badies

oldest cc accnt dates back to 94

scores as of 02/13/09 :  TU 765 EX 804  EQ 804

 

what do you guys think should i take a shot or wait another six months. i read somewhere that they don't like seeing inqs or too many new accnts.  is 2 new accnts considered too many for their standards?

 

thanks

Message 1 of 15
14 REPLIES
Senior Contributor

Re: Penfed question

With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply. 
Message 2 of 15
Epic Contributor

Re: Penfed question

If you want the card, they would have to be stupid to not approve an 800 score!
Message 3 of 15
Regular Contributor

Re: Penfed question

Honestly, Penfed hates new accounts, and you've got 2 new ones, one of which is under 6 months old.  Utilization is low, which they'll like, but the new accounts... not so much.  I'd give you a 50/50 shot, even with that outstanding FICO.

 

You might get the card (which I also covet), or you might get denied for "pyramiding" debt.

 

It's up to you whether you want to take the hit - it's just an EQ inq.  I have the inq for membership, but won't re-apply for the card (see, I'm egyptian Smiley Happy - until 2010.

Message 4 of 15
Regular Contributor

Re: Penfed question


smallfry wrote:
With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply. 

if i apply for membership they will pull a hard on EQ, so i figured since i am going to end up with an inq for membership why not take adavantage and use the same inq for one of their good cards.

Message 5 of 15
Senior Contributor

Re: Penfed question


Max09 wrote:

smallfry wrote:
With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply. 

if i apply for membership they will pull a hard on EQ, so i figured since i am going to end up with an inq for membership why not take adavantage and use the same inq for one of their good cards.


The pull is only good for 90 days. Don't waste it on a savings account. Wait.

Message 6 of 15
Regular Contributor

Re: Penfed question


smallfry wrote:

Max09 wrote:

smallfry wrote:
With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply. 

if i apply for membership they will pull a hard on EQ, so i figured since i am going to end up with an inq for membership why not take adavantage and use the same inq for one of their good cards.


The pull is only good for 90 days. Don't waste it on a savings account. Wait.


 

I guess it would be wise to wait till june. that way both new accounts will be 6 months and older
Message 7 of 15
Senior Contributor

things that make ya go "hmmmm"

with your scores etc. they may not really even stress it that much but remember new accounts will still be considered new to their formula at six months (and probably for the next 1-2 years).

 

clearly smallfry and mafico offer sage advice.  still, with what you're working with, i have to guess that you still have a 60/ 40 approval chance or thereabouts -so i can't discourage this association given you are apparently a genuine candidate. even if a bit of a wild horse for the aforementioned reasons. 

 

it's just that waiting makes really good sense and may dodge a bullet if they end up gunning for you on the basis of new accounts.

Message Edited by score_building on 02-24-2009 06:26 PM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 8 of 15
Regular Contributor

Re: things that make ya go "hmmmm"


score_building wrote:

with your scores etc. they may not really even stress it that much but remember new accounts will still be considered new to their formula at six months (and probably for the next 1-2 years).

 

clearly smallfry and mafico offer sage advice.  still, with what you're working with, i have to guess that you still have a 60/ 40 approval chance or thereabouts -so i can't discourage this association given you are apparently a genuine candidate. even if a bit of a wild horse for the aforementioned reasons. 

 

it's just that waiting makes really good sense and may dodge a bullet if they end up gunning for you on the basis of new accounts.

Message Edited by score_building on 02-24-2009 06:26 PM

 

I agree that I should probably wait. I should've applied for penfed before the other two accnts. oh well !! live and learn.  i didn't realize that they still consider a one year old accnt as a new accnt.
Message 9 of 15
Regular Contributor

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Message 10 of 15