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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.