08-08-2012 01:44 PM
Because of its features, the PenFed Platinum would be a great card for me.
But because of what I've read on various forums about it, I'm worried about getting approved for it due to my available credit.
I have no debt, no mortgages or car loans or anything like that, all I have is open credit cards. I have no late payments or charge offs or anything like that at all on my credit reports.
Unfortunately, I've ended up on disability and my income went down from $80K to what is now $25K. Where I'm living, I don't have to pay rent. I'm living in a house my parents used to rent out but stopped a long time ago because they decided being a landlord was too much work. I send them $400 every month, but don't have to.
These are my open credit cards and their credit limits.
Citibank Forward - $7.3K
Citibank Dividend World Mastercard - $11.7K
Citibank Thank You Premiere - $6.5K
American Express Blue Cash Everyday - $12K
American Express Clear - $3K
REI Visa - $13K
Total credit limit: $53.5K
My utilization on these cards is 0%, pay them off every month (really only use the Forward and the Blue Cash Everyday, but the Clear is the only one I have no intention of ever using ever again)
Should I lower my avalable credit before applying? If so, what should my available credit target be?
If I do apply before lowering my credit limits and get denied, how much does it hurt my chances of getting a PenFed Platinum in the future?
08-08-2012 01:55 PM
Actually no, I would leave them alone if I were you...
08-08-2012 02:14 PM
Thanks for the reply hopper!
I did want to mention one more thing. From reading around the boards, PenFed is strange with their approval process. They're famous for denying folks due to their not completely understood term "debt pyrmading"!
I'm hoping to hear someone familiar with PenFed's approval process. Maybe just people who've tried applying with available credit that's 200% of their income...
08-08-2012 02:15 PM
I am confused who do you send $400 a month to, taht you do not have to
Just because they're my parents and I appreciate them letting me live here.
08-08-2012 08:13 PM
08-09-2012 07:43 AM
She does it because it's the right thing to do. Those who bestow blessings onto others will have them returned
oh I agree, I was thinking she was sending the money to her old landlord the way it sounded
08-09-2012 07:47 AM
I assume you are the same person who asked similar question on another board. Answer is the same. No need to lower available credit. Even if that turns out to be main denial reason which I doubt, you can ask for reconsideration and offer to give up limits. I doubt it will come to that. If you get denied, it will be for other reasons.
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