topic Re: Join Penfed now or wait... Thin file in Credit Card Applications

Join Penfed now or wait... Thin file

Anonymous — Fri, 07 Feb 2020 21:30:01 GMT

DD has a thin file... Disco CL $3200 and NFCU CL $1900. She was just approved for 91/3 second nfcu card for 25k SL. Question is should she app Penfed now while her aaoa and scores are highest but only showing low limits.... Or wait until the new 25k card? Will PenFed approve a higher SL if they see the 25k CL verse just the low limits? Thanks

Re: Join Penfed now or wait... Thin file

AllZero — Fri, 07 Feb 2020 21:32:13 GMT

Is DD on a clean or derogatory score card?

Re: Join Penfed now or wait... Thin file

Anonymous — Fri, 07 Feb 2020 21:34:05 GMT

Clean file scores mid 700's

Re: Join Penfed now or wait... Thin file

AllZero — Fri, 07 Feb 2020 21:50:27 GMT

@Anonymous wrote:
DD has a thin file... Disco CL $3200 and NFCU CL $1900. She was just approved for 91/3 second nfcu card for 25k SL. Question is should she app Penfed now while her aaoa and scores are highest but only showing low limits.... Or wait until the new 25k card? Will PenFed approve a higher SL if they see the 25k CL verse just the low limits? Thanks

Not sure on what PenFed's current CC cap is for new customers. Last one I know of was $10,000. They might have loosened up.

I think income, DTI, length of membership in addition to credit profile will determine the outcome.

They pull EQ9. Expect hard pull for membership. Expect another hard pull for CC application.

Re: Join Penfed now or wait... Thin file

Anonymous — Fri, 07 Feb 2020 21:52:52 GMT

I thought you can use the same HP for membership and a card within a certain amount of time?

Re: Join Penfed now or wait... Thin file

AllZero — Fri, 07 Feb 2020 21:54:38 GMT

@Anonymous wrote:
I thought you can use the same HP for membership and a card within a certain amount of time?

Mixed data points. Nothing conclusive. Expect multiple pulls. Be thankful if they only do one.

Re: Join Penfed now or wait... Thin file

AverageJoesCredit — Fri, 07 Feb 2020 22:20:56 GMT

Imo, Penfed will not base their decision on a credit card or its limit by ones other cc limits in their profile.

Re: Join Penfed now or wait... Thin file

Anonymous — Fri, 07 Feb 2020 22:23:05 GMT

Does Penfed give pre-approvals during membership?

Re: Join Penfed now or wait... Thin file

FinStar — Fri, 07 Feb 2020 22:26:32 GMT

@Anonymous wrote:
DD has a thin file... Disco CL $3200 and NFCU CL $1900. She was just approved for 91/3 second nfcu card for 25k SL. Question is should she app Penfed now while her aaoa and scores are highest but only showing low limits.... Or wait until the new 25k card? Will PenFed approve a higher SL if they see the 25k CL verse just the low limits? Thanks

Not necessarily. PenFed isn't like NFCU, unfortunately. As mentioned upthread, even if NFCU reported the $25K, PenFed still wouldn't have the comfort level to match anything that high given it's a fairly new account. Most solid, established profiles can cross the initial PenFed [$10K] threshold, but it's not all too common.

As far as HPs, DD can expect at least a couple, but that's based on what a lot of members have recently reported so her experience can vary.

Re: Join Penfed now or wait... Thin file

Anonymous — Fri, 07 Feb 2020 22:31:32 GMT

Got it. Thanks for the help!