Santa PenFed brings Christmas in October

[jaxstraw]

That's encouraging.

I put about 1200 a month on it minimum (gas for month) and had two mini trips also. Extra grand or so each time. PIF all the time also. I'm just over 6 months now.

I hope I get the same luv too.

Jax

[jmbfl]

What is their pattern of softing for you if you know.

It looks like this is a six month+ phenominon. In addition to a good pattern with their card I also have deposits with them. That has to matter, too. I wonder if the late July acquisition of the Discover card might KO me from an auto-CLI. It will be interesting to see what happens.

[haulingthescoreup]

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jmbfl wrote:

What is their pattern of softing for you if you know.

It looks like this is a six month+ phenominon. In addition to a good pattern with their card I also have deposits with them. That has to matter, too. I wonder if the late July acquisition of the Discover card might KO me from an auto-CLI. It will be interesting to see what happens.

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Just checked EQ again (I have EQ Credit Watch Gold, unlimited daily full report pulls.) I knew that they had softed me on June 12, and it looks like they softed again on 9/11. (Whoa, that's sad --didn't register on me until I typed it.) So every three months for me.

AR-PENTAGON FEDERAL CREDIT UN 09/11/08, 06/12/08

I run my full reports once or twice a month to pull off the soft inqs and keep them on a separate list. All three CRA's seem to be "losing" softs from creditors, not just the softs from report pulls. So if you don't keep a running list, the older ones might be gone when you look again.

One thing that I've found since I've started keeping a running list of softs is that sometimes they take a month or so to show on the report, so it's possible that they've checked you out again.

[rom828]

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@haulingthescoreup wrote:

As to the crazy CL's, that's because of having CU cards, bless their hearts. I can't say enough good things about USAA and PenFed, plus BofA busily playing catch-up.

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Wow and Wow!!  I have GOT to get in w/Penfed!!  htsu, you were helping me on another thread(about still being "bad" and then I digressed to need for auto loan!) and you suggested Penfed and said EQ looked good enough score wise.

We're still deciding whether it's better for DH to do the loan or me based on point hits, but I also want to get your opinion on Penfed and our chances of getting in w/CC eventually and car loan now. 

We both got new CCs (4 each) in April, so right a 6 months.  DH has 691EQ FICO w/ 3 inqs, 2 from April, 1 from August (HD hard pull for CLI darn it!)  My EQ is 694 but I have 6 inqs, dated from 2/07 to 4/08.  We're both at about 22% utilization right now, but as I mentioned elsewhere, that's temp and will be down in 3-4 months.

We both have paid state tax lien(1998 lien/released 2004) and DH has 1 med coll from 2003.  I have 2 paid COs 2003 and 2004. EQ is my worst report though as I disputed one of the  COs (long story told on other threads) as late payts were shown after the 2003 date. Report shows "dispute resolved; consumer does not agree", but it still shows me with something like 20+  90 day lates from 2003 -2005.  Really really frustrating but it's supposed to drop end of next year anyway.In light of that, is it better to use DH's or since we'll both be joining will they look at both?  Do they require proof of income etc (ie: should I have pay stubs, tax forms etc ready to show?)

Also wondering if any benefit to applying by phone as opposed to online if that's possible?

If we do get in the door with Penfed, is there a waiting period before being able to get car loan?  Do you keep a checking or savings wth them also, or just the CC ?

I would absolutely love to get a CU w/high enough CL so I can quit stressing over potential loss of Amex CL.  Especially since it sounds like rewards are wonderful!  I've been loving my DiscoverMore for that reason, but your penfed's look like they really add up!

Message Edited by rom828 on 10-04-2008 06:39 PM

Message Edited by rom828 on 10-04-2008 06:57 PM

Message Edited by rom828 on 10-04-2008 06:58 PM

[haulingthescoreup]

I honestly don't know, but my guess is that you might not yet be there for PenFed. The problem is that pretty much all the feedback I've read has been for the famous gas card, and I don't remember the details on anyone doing just an auto loan, although there have probably been some.

What I can tell you is that they are conservative, they like to see upper 600's or better, few recent inqs/ new accounts, no serious baddies, few minor baddies, low util. Any area where you might be weak, you have to be correspondingly stronger somewhere else. So when I app'd, I had a 30-day that was still 11 months old and a 90 that had just turned two, but I think my EQ was in the high 720's and I had almost non-existent util, and one new account 5 months previously (the HELOC.) The more stable an applicant appears (ha, little do they know!), the happier they are.

But again, this is all info I've picked up about the card, not a car loan, and it might well be simpler with the loan. But I do think that you ought to wait at least for the bogus lates to fall off.

When you're ready to go for PenFed, you first apply to join and you open a "share account" (CU-ese for savings account) with a minimum $5 deposit. You will get a hard inq at this time, which is good for 60-90 days (more likely 90.) I joined on a Thursday and screwed up my courage to app for the card and car loan the following Saturday.

You can only open an individual account, and I know I gave my own income (from two jobs.) I don't think there was an opportunity to give HHI; couldn't swear to it, though. You can have AU's, but the card won't report to their accounts, which is good in our case.

Do you have local credit unions in your area? I can't drive more than 10 blocks where I live without passing at least one, and they are in continual competition for customers. You might do better checking them out.

I always tell people to pull a fresh EQ FICO, print the whole thing out (not just the score page), and visit local CU's, show the score report to a loan officer, and ask for an informal opinion without a hard pull. When you find one that you like, who will work with you, you can then go ahead and authorize the inq. CU's are great for one-on-one treatment, and they are typically more forgiving of those who have had rough times but have turned them around. HTH!

[rom828]

Thanks, hauling!  I appreciate such indepth insight and information!

I think  you're right that I  should probably should wait on Penfed.  I don't want to muck up a future relationship with them by applying when I'm not really "Penfed material".  And from what I've been able to garner from other posts also, my "issues" would most likely keep me out.

I think I'll do as you suggest and try to get in w/ a local/nearby CU.  I'll ask around and see what I can find out. 

And thanks again for (as always) being so helpful!!!!

[score_building]

wow!! super congrats , that card's a grower!

[TangMeister]

Big Congrats, HTSU.  That's a mighty fine CLI, from a great CU. 

[wmarat]

Well, I got a CC from PenFed in April, so I hope in November or December I may get some luv from them.

Let's see how Pentagon FCU is going to treat a former Red Army sergeant

[haulingthescoreup]

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wmarat wrote:

Well, I got a CC from PenFed in April, so I hope in November or December I may get some luv from them.

Let's see how Pentagon FCU is going to treat a former Red Army sergeant

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!

I love it.

Probably ought to avoid Navy FCU, though. That might be a little too weird.