Penfed

[Creditaddict]

I know you all love them, but although the CSR was nice, she wouldn't really answer my questions with direct answers.

How many Inq. is to many? around 6 a year

How long after BK before you can get a card? at least 1 year history on all accounts

What score is needed?

answer = those are internal guidelines, they don't give that out!! well how am I suppose to know if I should apply!!

Can I talk to Credit department directly to go over my application... NO!

she also said they are currently not giving out CLI, but the other post on here right now, that person went from 5k-10k instantly, what gives?

[Creditaddict]

after further talking and her talking to someone, they said I could do a reconsideration for the 2nd time and they would escalade it to a higher up agent for review and they could do it on the credit report they already have or pull a new one... so here is for trying again! fax going out now.

[jbh]

Ideally:

No new accounts in the last 6 months

No more than 3 in the last year

No inq's in the last 6 months (maybe 2 at most)

No baddies

Very low utility

Multiple accounts with 1+ year history, preferably 2

Otherwise, it's a risk.

Good luck to you!

Message Edited by jbh on 12-18-2008 11:58 AM

[Creditaddict]

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@jbh wrote:

Ideally:

No new accounts in the last 6 months

No more than 3 in the last year

No inq's in the last 6 months (maybe 2 at most)

No baddies

Very low utility

Multiple accounts with 1+ year history, preferably 2

Otherwise, it's a risk.

Good luck to you!

Message Edited by jbh on 12-18-2008 11:58 AM

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For someone rebuilding credit after BK, that is just not possible.. the lady at penfed said "thats why you do it slowly"

I responded, why take 3 years to do what I can do in 6 months.

applying for 2 accounts and then letting them age for a year, apply for 2 better accounts, close the first 2 out and wait another year and apply for 2 more better cards and close the previous out, instead i did all that in about 6 months... If I could get Penfed, then I would have my 3 prime cards to sit on and build and I could close out my last rebuilder card and get away with not applying for over a year except for increases.

so I asked that my application be considered for as low as $500 if that's what I had to do to get in the door with them and prove myself.

[karbon86]

I'm that other person you speak of...

From what I understand PenFed doesn't really take much risk.  Here is a better picture of my background:

Oldest CC: almost 4 years

Newest CC: feb 08

Inqueries: 1 in the past 2 years (feb 08 for AMEX)

FICOs: ~730

I carry no balance and PIF.  Util is around 8-15% per month.  I have 3 cards with limits of 10K/6K/2.5K and now my PenFed of 10K.  My credit report is flawless.  I have never had a loan only my CCs reporting so I don't have that great of a mix.  I plan to purchase a car and house in the coming year though.   

What might help is to get a checking/savings account with them and start to establish a history with them for 6+ months and see if they send you any pre-approved offers.  In the meantime don't apply for more credit anywhere to let your inqueries older than 6 months.

Message Edited by karbon86 on 12-18-2008 12:15 PM

[jmbfl]

PenFed is not for everybody. You know that. Why try to make them something they are not?

Also, they will give you a CLI. They just stopped reviewing accounts for auto-CLI's at the 6 month point. My understanding is that that review has be delayed to the 1 year point. You can ask for a CLI any time you want - and that would be an app. I went from $5K to $10K two weeks after I was granted a card - and it required an app. There was no separate credit pull for the second app.