topic Re: PenFed questions in Credit Card Applications

PenFed questions

Caught750 — Tue, 13 Feb 2018 02:16:09 GMT

Good evening everyone, I've been reading quite a bit about PenFed since joining the forums and have some questions. Here's background on my profile

My EQ Fico 9 score is 716
DTI is 11%
Util is always sub 5% on $3,200 total lines
AAoA is at least 5 years
Oldest account 10 years but closed
6 months solid revolving history by the time I'd join
All baddies are at least 5 years old
85k easily verifiable income
4 revolvers and 1 charge opened since August 2017

I'm definitely interested in their banking, auto, CCs, and possibly a PLOC (although that would be more of a profile thing for me). My wife and I plan to buy a house in 2 to 2.5 years also. I'm not eligible for NFCU or USAA.

What are your thoughts on my chances with PenFed, what products MAY I qualify for, are there better options for me somewhere?

Re: PenFed questions

bourgogne — Tue, 13 Feb 2018 02:40:41 GMT

you have toy limits on a bunch of new accounts. as far as cards go I would be surprised if they gave you an unsecured card of any kind. they are conservative and cherish history. get an ssl if you dont have a car in your mix to boost your scores and check back with them in a year would be my advice.

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 02:45:33 GMT

I have 2 open car loans and 20 total accounts showing

Re: PenFed questions

bourgogne — Tue, 13 Feb 2018 02:47:26 GMT

wrote:
I have 2 open car loans and 20 total accounts showing

even worse. maybe update your sig. if you have 20 cards then you are a collector and they won't like that either.

Re: PenFed questions

bourgogne — Tue, 13 Feb 2018 02:48:27 GMT

its not what is showing its the history of what you have is what counts with them

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 02:50:12 GMT

They are not cards. My sig is acturate, however based on your comment about history there is a great deal of it with multiple current and paid off auto loans, completed personal loans, and quality revolver accounts with no derogs that were closed several years ago.

Re: PenFed questions

simplynoir — Tue, 13 Feb 2018 02:51:13 GMT

What probably helps you with getting in with Penfed is that they use FICO 09 scores so I'm fairly confident you'll get in as long as you're not picky on your SL with them. CLOC I don't know what you'll get from them but assuming your CHEX doesn't have any derogs on it you should be good with that as well when you finally apply with them.

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 02:57:26 GMT

I'm not overly familiar with CHEX and what is shown there but I haven't had any banking issues. I don't want another $500 sl, although I truly have no NEED for more as I PIF always. I've heard quite a bit about the ability to grow quickly with them as well. I'm more interested in establishing a relationship with a lender that can be the go to for everything. Cards, cars, mortgage, personal if needed, while increasing total CLs and continuing to build my profile and scores.

Re: PenFed questions

bourgogne — Tue, 13 Feb 2018 02:58:00 GMT

wrote:
They are not cards. My sig is acturate, however based on your comment about history there is a great deal of it with multiple current and paid off auto loans, completed personal loans, and quality revolver accounts with no derogs that were closed several years ago.

I guess I had too rough of a monday to focus. you had extensive history and something happened to everything and now you are rebuilding and your sig is your current status? if yes then please app and prove me wrong because I dont think they care for short current history.

Re: PenFed questions

Anonymous — Tue, 13 Feb 2018 03:13:32 GMT

I got in with Penfed this summer, I had mid-high 600 FICO's at the time. 5 new accounts. 2 paid collections and over 30 lates(within previous 2 years). They also refinanced my car loan during the call. Eveything said above is true, but I don't think it's as clear cut as as it sounds. Let everything settle for a few months. Let your new accounts grow a little. You should have nothing to worry about by this summer. Frankly, you could probably get in today, albeit with no credit products. Probably not worth it to waste the HP when you could just wait a few months and have both for the price of one.

Re: PenFed questions

bourgogne — Tue, 13 Feb 2018 03:13:47 GMT

and to be constructive is there a reason not to fix everything on your profile first? if you are really shooting for 750 then you might be cutting a few corners in the process. 750+ = getting rid of negatives and if they have 5 years of age then it should be easy in many cases to get them removed. its amazing what can happen if you toss money at it. this entire credit process goes much better with no negs or derogs and solid scores with history to back them up. you probably know all this. I would work with what you have to whatever extent possible. shame you only got $ 500 on the bce, that is the best card in your lineup. the prg is worth a bonus, not much more imo. pay and pif the bce to death and see if you can cli and grow it.

Re: PenFed questions

simplynoir — Tue, 13 Feb 2018 03:16:39 GMT

wrote:
wrote:
They are not cards. My sig is acturate, however based on your comment about history there is a great deal of it with multiple current and paid off auto loans, completed personal loans, and quality revolver accounts with no derogs that were closed several years ago.
I guess I had too rough of a monday to focus. you had extensive history and something happened to everything and now you are rebuilding and your sig is your current status? if yes then please app and prove me wrong because I dont think they care for short current history.

I think you're overexagerating how "conservative" Penfed is. His key stats all work for him (AAoA, oldest account, income) even if the limits on OP's cards aren't that great at this time. Again what helps is FICO 09 scores don't judge collections as harshly. And once Penfed finds out he wants to be a full customer they'll be more than happy to let him in.

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 03:20:31 GMT

BCE may be the prime better off lender but Discover has done right by me. Also the PRG has rewards that can be very valuable to my family and I. Better is very subjective. I appreciate all 3.

They are paid off, they were during a very very isolated period of my life. There's little I can do to get rid of them short of goodwill letters.

Yes I am shooting for 750 and I am aware of what needs to happen. Most will be gone next year if I can't get rid of them sooner.

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 03:27:31 GMT

Thank you noir, they may not be great to some people and that's up to them. I've gained about 90 points in 6 months. I have cards from prime lenders and some from not. I've been actively invested in this whole thing (credit and cards) for a whooole 6 months so I'm pretty freakin proud of what's happened in that time. They may be "toy" limits to some but they suit my lifestyle and provide rewards that I value and while helping me build. Yes I'd love to see a 10 to 15k cl and it'll happen, but I don't need it because I PIF and they work for me not me for them. Also Discover seems to like me so far. I wouldnt be surprised to see them hit 5k before or at the same time as Amex.

Re: PenFed questions

SomewhereIn505 — Tue, 13 Feb 2018 12:12:44 GMT

90 points in 6 months??? That’s awesome!

Im waiting for a quarterly offer. Before I app.

Re: PenFed questions

wingennis — Tue, 13 Feb 2018 13:19:09 GMT

wrote:
Thank you noir, they may not be great to some people and that's up to them. I've gained about 90 points in 6 months. I have cards from prime lenders and some from not. I've been actively invested in this whole thing (credit and cards) for a whooole 6 months so I'm pretty freakin proud of what's happened in that time. They may be "toy" limits to some but they suit my lifestyle and provide rewards that I value and while helping me build. Yes I'd love to see a 10 to 15k cl and it'll happen, but I don't need it because I PIF and they work for me not me for them. Also Discover seems to like me so far. I wouldnt be surprised to see them hit 5k before or at the same time as Amex.

Any limit with lenders you want to be in with is a victory when you are rebuilding. Congratulations on your wins.

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 14:20:09 GMT

Thanks, really it's more like 4 months and an educated guess. I've seen versions of my score at 585. They were fako at that point but most of what's on my report seems to score the same way for both models. Since I've been here they've been relatively close to each other (5 points or so) and my middle scores now are about 670.

Re: PenFed questions

Caught750 — Tue, 13 Feb 2018 14:25:10 GMT

Thank you, I agree. My interest in PenFed is building a solid relationship with a CU that can do everything well and who would be the go to for everything. I hate having a loan through this place and that place and not really having any interest in then besides that individual loan.

I'm super stoked to be in with Amex. I know that I can grow the BCE and they'll love seeing thousands of spend and PIF monthly. In 6 months or so I wouldn't be surprised with a 2 to 2.5k EDC or EDP that will become my first 15k card.

Discover has also been great and was my first goal card. I have little interest in Chase as they won't budge on some super old derogs (while I understand it's their risk). Amex and Discover both looked past a very small window in an otherwise solid credit history and have my loyalty for that.

Re: PenFed questions

Anonymous — Tue, 13 Feb 2018 16:01:05 GMT

You are making incredible progress. Kudos for that. I say give it a try and recon if denied. You have a great story of planning and progress that they would like if you were able to tell them. Just my two cents.

Re: PenFed questions

bourgogne — Tue, 13 Feb 2018 16:06:19 GMT

the only statistic with a doctor that matters is ones own, same for datapoints with credit. here is mine helping a friend last month with penfed. $200K in income, F8s touching 800 on 3B and they would not give her a single $500 card. I have one of my cars and a card through them and the hoops they wanted me to go through for being self-employed 3 years ago for a card was stupid. I have said it before and I will say it again, great for car loans and that is about it. marginal customer service. dealing with nfcu on any level proves this point. penfed's best years are behind them imo. oh, while I was on recon with them I got my friend a $25K everyday. also got her a cash+ and 2 other amex cards. amex is the reference point of easy imo, I love dealing with them almost as much as chase. good luck with your rebuild!