topic Considering PenFed credit card app in Credit Card Applications

Considering PenFed credit card app

Sbrav77 — Wed, 12 May 2021 02:00:04 GMT

I am looking for advice. I was approved in February for a $10,000 personal loan at 9.9% interest with Penfed. My credit score at the time was 674. It's now showing 704 on the PenFed app. I have about an 8% utilization rate on my credit cards with a bankruptcy that was discharged in 2011. I don't believe I have any collections in the bureau they pull. My highest credit limit currently is $12,000 on my Discover. Do you think I would get approved for a PenFed credit card or should I wait til I have more payments made on the loan with them? I don't want to waste a hard pull.

Re: Considering PenFed credit card app

babygirl1256 — Wed, 12 May 2021 04:01:44 GMT

Congrats on your personal loan with PenFed . . . just double check your EQ score because that's the CRA that PenFed uses. Best wishes!

Re: Considering PenFed credit card app

coldfusion — Wed, 12 May 2021 08:06:07 GMT

I would wait at least until July, preferably until October 1, to see if you get a SP offer as part of their quarterly cycle.

If you didn't get an offer on October 1 go ahead and apply.

Re: Considering PenFed credit card app

Horseshoez — Wed, 12 May 2021 10:49:19 GMT

@Sbrav77 wrote:
I am looking for advice. I was approved in February for a $10,000 personal loan at 9.9% interest with Penfed. My credit score at the time was 674. It's now showing 704 on the PenFed app. I have about an 8% utilization rate on my credit cards with a bankruptcy that was discharged in 2011. I don't believe I have any collections in the bureau they pull. My highest credit limit currently is $12,000 on my Discover. Do you think I would get approved for a PenFed credit card or should I wait til I have more payments made on the loan with them? I don't want to waste a hard pull.

You are probably in better shape now than when I applied in March for a PenFed card; they approved me instantly.