Apply to PenFed now or later?

[ChuckG]

After some research, I think I'd like to try becoming a penfed member and possibly get a CC through them. (As well as a used car loan down the road)

Currently all 3 scores are around 650, I only have 2 open lines of revolving credit totalling $2150 at 1% util. I also have a CO cc debt of $12k in collections which I'm currently negotiating to settle for. I won't be in a position to pay this off for at least 2 more months.

I know PenFed pulls EQ (662) just to become a member. Should I..

A) Join today and get a membership started (assuming I'm approved) and wait until I've settled the collection to apply for a CC through them

B) Wait unti Ilve settled the collection before even applying to become a member

C) Go for both today and see what happens

Thanks for reading.

[llecs]

You'd really want to try for a Penfed CC with your EQ FICO in the 700s. They are fairly conservative. I opened a share account with FICOs in the 600s and got approved. They'll pull EQ. I tried for a CC with my EQ FICO around 750 and was turned down for high util (around 20% then) and too many inquiries. 

[ChuckG]

So do you think I should go for the Share Acct now, or wait until I'm above 700 for that too?

[bettercreditguy1]

Your current debt awaiting settlement may derail you. As stated earlier, they are extremely conservative and do not do well with charge offs or collections from what I have learned. I do have membership, cc and a car loan with them. Got the cc and membership at opening, car loan a little after a year later. As always YMMV. My EQ was around 767 when I joined.