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Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Should I open with PenFed?

I know it will cost me a hard, so I'm debating whether it's even worth it to open a savings account with PenFed to establish a relationship with them, and perhaps see if they'll consider a CC either now or later. 

 

My most recent account is a Sears CC, now nearly seven months old.  I have plenty of cards, but Cap One and Citi are rate jacking like crazy (still haven't gotten my notice, but I'm expecting it...)

 

Baddies are almost five years old.  Do they pull EQ?  I'm in Az.   

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: Should I open with PenFed?

try Alliant
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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Should I open with PenFed?


pattycake wrote:

I know it will cost me a hard, so I'm debating whether it's even worth it to open a savings account with PenFed to establish a relationship with them, and perhaps see if they'll consider a CC either now or later. 

 

My most recent account is a Sears CC, now nearly seven months old.  I have plenty of cards, but Cap One and Citi are rate jacking like crazy (still haven't gotten my notice, but I'm expecting it...)

 

Baddies are almost five years old.  Do they pull EQ?  I'm in Az.   


They pull EQ.

 

Do not join until you are ready to app.

 

I need more information to render an opinion on your chance for approval.

Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Should I open with PenFed?

I don't really want a new card right now, but I would like to consider switching in a year or two.  I'm just wondering about establishing a relationship with them for future purposes.  Their products are very good, auto loans are dirt-cheap, etc.  Alliant doesn't seem to have the range PenFed does.
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Should I open with PenFed?

Do not join until you are ready to app.

 

You may have a good chance of being approved right now.

Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: Should I open with PenFed?

Because it will cost a hard?  I don't have any hards on EQ in the past year.  My UTIL is 7%, no lates in the past 4 and a half years. 
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Should I open with PenFed?

What is your income and your CL's. You are getting very warm.

Established Contributor
YoungEntrepeneur
Posts: 586
Registered: ‎03-03-2009

Re: Should I open with PenFed?

If you're newest account is 7 years old, I would wait another 6 months for it to gain some more age and then join PenFed and apply for credit. That's just to be on the safe side though because PenFed is a conservative lender and they like to see age on your accounts, at least 1 year.
Frequent Contributor
hobojon
Posts: 261
Registered: ‎01-20-2009

Re: Should I open with PenFed?

[ Edited ]

Don't believe that anybody here will be able to accurately predict an approval or not. If you are going to join now to establish a relationship then you may as well apply for a card since the same inquiry will be used.  Good luck. I wouldn't wait for a preapproval as they don't always actually mean you are preapproved and you may end up with an inquiry on EQ and TU and a denial.

Message Edited by hobojon on 07-23-2009 10:45 AM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: Should I open with PenFed?


YoungEntrepeneur wrote:
If you're newest account is 7 years old, I would wait another 6 months for it to gain some more age and then join PenFed and apply for credit. That's just to be on the safe side though because PenFed is a conservative lender and they like to see age on your accounts, at least 1 year.

You mean 7 months. I app'ed and was approved by PenFed with a very fresh INQ (<1 mo,). I don't know if the account was reporting yet or not. Point is she has older reporting trade lines and they care a lot more about that. Score is good and her lates are acceptible. If the other info I requested is satifactory I would proceed. What's the worst thing that happens? She gets declined? Big deal - if she joins now she will get the INQ anyway.


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