topic Re: Penfed-- how long should I wait in Credit Cards

Penfed-- how long should I wait

oracles — Wed, 15 Oct 2008 04:04:40 GMT

I know Penfed does not like alot of inquiries. I have not applied for credit in 3 months. How long should i wait so they wont denied me for too many inquiries? Thanks

I forgot to add- I know they do not like new accounts, therefore how long should i wait. I really would love a Penfed card and just want to make sure i do everything correctly. Thanks

Message Edited by oracles on 10-15-2008 12:04 AM

Re: Penfed-- how long should I wait

jmbfl — Wed, 15 Oct 2008 07:48:05 GMT

No new credit or inquiries for at least six months before app'ing PenFed.

Re: Penfed-- how long should I wait

wmarat — Wed, 15 Oct 2008 10:01:59 GMT

They approved me agter 5 months.

Re: Penfed-- how long should I wait

haulingthescoreup — Wed, 15 Oct 2008 11:01:06 GMT

4 months and change for me.

But they seem to use a sliding scale or version thereof. So if you've applied or gotten a new account within the previous six months, you'd better have higher scores to compensate. Or if you have some lates, you'd better have nice, low util. And so forth.

I think that six months is a useful guideline, and if someone can't stand to wait, this should prompt them to see if they're ahead of the crowd in the other areas.

Oh, and remember that they will only see your EQ inqs, but they will see all new accounts, even those that came from EX or TU pulls.

Re: Penfed-- how long should I wait

score_building — Wed, 15 Oct 2008 14:31:57 GMT

one of the reasons they listed for my recent denial for loan products after becoming a member was too many new accounts. oldest acct: 21 years youngest acct: 8 months aaoa: 6 years. all of my other accounts are at least 18 months so i'm not clear when they'll be old enough not to be considered new. i was also a bit surprised to find they cited my only baddie on eq, a 4 year 8 months old late on an sl as a reason for denial since i thought they may not focus on a isolated instance of late pay over 4 years old YMMV.