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Apply to PenFed now or later?

Regular Contributor

Apply to PenFed now or later?

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.


Starting Score: 556
Current Score: 672, 681, 692
Goal Score: 700, 700, 700


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3 REPLIES
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Moderator Emeritus

Re: Apply to PenFed now or later?

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. 

Message 2 of 4
Regular Contributor

Re: Apply to PenFed now or later?

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


Starting Score: 556
Current Score: 672, 681, 692
Goal Score: 700, 700, 700


Take the myFICO Fitness Challenge
Message 3 of 4
Established Contributor

Re: Apply to PenFed now or later?

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.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
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