Marvintran wrote:I just join them and got a account number and pin and app for that visa 5% back on pay at the pump...The CSR told me to call back tomorrow and check on the status of my app. I'm keeping my fingers cross. I hope they pull EQ because EX and TU has way too much Ing.
good luck
Hi PenFed lovers 
Can anyone tell me what scores they are looking for to be approved for credit card? Also do they not like many inquries on your credit file? I wanted to app for this around the end of this year and wanted to make sure all my ducks were in place for an approval. Oh yeah also can you belong to more than one credit union? (on joint savings account with BF) and are you required to make deposits to your account regularly to stay active member??
Thank you in advance
Laila08;
On New Years Day, they let me in with EQ 693, approved for $7,0001-2001 Cap1 CO, 1-2001 Med CA that keeps updating every month as if current collection.No change in myFicoScore as of today - still a dormant 693
haulingthescoreup wrote:
They let me in with an EQ of 728, a ridiculous number of lates (all paid), the most recent of which is not quite 1 year old, very, very low util, and no inqs on EQ. Others have gotten in with different combinations: scores in the mid-high 600's with squeaky-clean histories, high 700's with lots of inqs, I think a mid-700 with clean history.
This isn't to say that lower scores wouldn't have worked; this is just what's been posted so far. On WhoGaveMeCredit.com, there are lots of comments about forget it if you've had a BK, although one member here got in with a very old BK. So it's pretty variable. (This is why we beg people to update on WhoGaveMeCredit, whether approved or denied, so we can all get a picture.)
They also have a thing about "pyramiding credit", which I think they use to describe not actually reducing your revolving debt, but just getting more and more CC's and maybe moving the debt around. So reducing your overall debt $$$, as well as the util, between now and then will help you (good idea to do it anyway!)
You can belong to more than one credit union. I belong to a local university-based CU in my home town and also to USAA, which is actually a federal savings bank, but functions a lot lot a CU.
PenFed pulls EQ exclusively, at least so far. How many hard inq's do you have on EQ; what's the oldest and what's the youngest? They only count for scoring for 1 year, but they display to creditors for two years. I'm so grateful that I started with PenFed on my app frenzy, because two other CC's I applied for (Home Depot store and Borders Visa) would up pulling EQ as well, instead of TU and EX as I expected.
ohh i just did the math on my inq's and like 21( 3 CRA total)will fall off by the end of this year!!!
Oh 8/03/06 - 2/07/08 is the age range. I have a total of 14 inq's in EQ of which 8 will fall off totally by 8/29/08. And when i mean fall off i mean no longer there 2 year run is over...By the by some of those INQ'S are from like mortgage lenders(bought house in 06) and adt security firms(shopping for system) any distinction for those kind of INQ'S not like i went on a card apping frenzy or anything. I have no lates,no BK, 1 med collection i am in process of deleting, age of accounts is 9yrs. Am in the process of reducing overall debt as we speak (always a good thing).
P.S. Avid reader and would love love love to have a Barnes and noble CC but i am practicing restraint aleast for the next 11 months
teamfico wrote:Laila08;On New Years Day, they let me in with EQ 693, approved for $7,0001-2001 Cap1 CO, 1-2001 Med CA that keeps updating every month as if current collection.No change in myFicoScore as of today - still a dormant 693
Well my score is near that 679 i think(pulled jan 08) won't know till about june 08 when i pull again
no CO or anything just the one med collection from 2002
How many of the 21 inqs are actually on EQ? When a creditor pulls a report, they will only see the number of inqs on that report. They won't see the inqs on the other reports (unless they pull them, too) although they will see any newish accounts that resulted from those unseen inqs.
@Anonymous wrote:
ohh i just did the math on my inq's and like 21( 3 CRA total)will fall off by the end of this year!!!Oh 8/03/06 - 2/07/08 is the age range. I have a total of 14 inq's in EQ of which 8 will fall off totally by 8/29/08. And when i mean fall off i mean no longer there 2 year run is over...By the by some of those INQ'S are from like mortgage lenders(bought house in 06) and adt security firms(shopping for system) any distinction for those kind of INQ'S not like i went on a card apping frenzy or anything. I have no lates,no BK, 1 med collection i am in process of deleting, age of accounts is 9yrs. Am in the process of reducing overall debt as we speak (always a good thing).
P.S. Avid reader and would love love love to have a Barnes and noble CC but i am practicing restraint aleast for the next 11 months
This is why you'll see posts about someone with 5 inqs on EQ and 8 on EX, but none on TU, and so they're looking for a card that only pulls TU. (Or other similar pattern.)
The mortgage inqs, and any car loans inqs, are lumped together for FICO scoring as long as they occurred within a certain time period, but you're right, each individual inq does display. Well-trained CSR's understand this, and they can tell the difference between 10 inqs, 7 of which are for a mortgage, versus 10 inqs, all of which are for CC's. Some CSR's don't understand that, and then you have to ask for a supervisor, and maybe another and another, until someone gets it. I'd say PenFed would know about this.