topic Re: Thinking about applying for for Penfed Gold or Platinum in Credit Card Applications

Thinking about applying for for Penfed Gold or Platinum

Howaboutthat — Mon, 11 May 2020 21:29:31 GMT

Hello all, I did app for the platinum back in December and was deniedd due to a lack of an installment loan so I got an installment loan & Financed a car through Penfed and got a good rate. My utilization was high too. My Fico Eq. stands at 650. I have a total of 4 hard pulls 3 (Eq) and 1(TU) and 0 (Ex) I probably should have applied during the first 90 days but didn't. My Utilization stands at 70%

What do you all think.

Re: Thinking about applying for for Penfed Gold or Platinum

Anonymous — Mon, 11 May 2020 21:39:58 GMT

PenFed normally wants a 680+ FICO 9 for credit card approvals and that was before the uncertainty with coronavirus. I wouldn't say your chances are great.

Re: Thinking about applying for for Penfed Gold or Platinum

AllZero — Mon, 11 May 2020 21:43:44 GMT

One would think you would have better odds if you dress up your utilization. Optimized would be aggregate 9% or under and individual 29% or under for reported utilization.

Re: Thinking about applying for for Penfed Gold or Platinum

M_Smart007 — Mon, 11 May 2020 23:34:41 GMT

Penfed does not like to see debt.

Re: Thinking about applying for for Penfed Gold or Platinum

mrcraft — Mon, 11 May 2020 23:41:09 GMT

I agree with others. I think your utilization might be too high.

Re: Thinking about applying for for Penfed Gold or Platinum

Howaboutthat — Tue, 12 May 2020 15:27:21 GMT

Ok I can wait, I was just thinking they just financed my car and I should strike while the fire is hot.

Re: Thinking about applying for for Penfed Gold or Platinum

coldfusion — Tue, 12 May 2020 15:42:12 GMT

@Howaboutthat wrote:
Ok I can wait, I was just thinking they just financed my car and I should strike while the fire is hot.

Your utilization is on the high end, which likely contributes to your FICO score being on the low end. Your odds won't be good unless/until you pay down some of that debt.