topic Re: Penfed question in Credit Cards

Penfed question

kugel — Thu, 17 Mar 2016 17:39:02 GMT

I wanna try to get in doors with cu for the first time i just realized I am a member in penfed cu since 2008 and have a open savings account open since than with $5

First question
If I put More money in the account now for the next 9 months does this give me a better chance of approval later ??

Are the easy to get a approval ? And what card
I do have Satisfied judgment $1200 payed in 2011 do I have a chance with this showing on cr .tia

Re: Penfed question

baller4life — Thu, 17 Mar 2016 17:45:26 GMT

The amount of savings you have won't have any affect on approvals. What is your EQ Fico? Do you have alot of new accounts/inqs?

Re: Penfed question

kugel — Thu, 17 Mar 2016 18:14:16 GMT

I have revolving accounts from 2007 closesd and payed was running to at 2010
From 2010 till few months ago no cards only had authorized user accounts but now I have 3 accounts us bank $2000
Credit one $700
Cap1 $500
Hopefully they will increas in the next 7 months
Equifax fico score now is 651
3 inquiries only

Re: Penfed question

kugel — Thu, 17 Mar 2016 18:27:36 GMT

Was saying if I put now at least $5000 for the next 8 months

Re: Penfed question

Anonymous — Thu, 17 Mar 2016 18:51:38 GMT

Penfed will use a slightly different FICO score, EQ next gen. From the looks of it, I asume you are rebuilding? Do you have negatives on your reports? How is your utilization on the 3 cards you currently have? I would use the $$ you plan on depositing in your Penfed savings and put it towards paying utilization down, if you have it and trying to clean your reports if there are negatives. Doing that will boost your score over time. Then, when your EQ gets higher, try for Penfed. I think you're probably too low right now.

Re: Penfed question

kugel — Thu, 17 Mar 2016 19:14:26 GMT

Yes its rebuilding back
No negative only a payd judgment that was satisfied in 2011 don't think it has a effect now
Utilization on all open cards together are only 1%

So for a better chance I should let thi account grow 7morw months I guess?
And deposit money in the penfed will make any diff?

Re: Penfed question

Anonymous — Thu, 17 Mar 2016 20:07:54 GMT

Depositing the $ isn't going to sway their decision to approve unless it's a secured card. Nothing wrong with putting it in your savings, but it won't sway heir decision. I would say just continue to use what you have, pay on time, and let your scores grow. Then once they climb, maybe try.

Re: Penfed question

Anonymous — Thu, 17 Mar 2016 22:41:29 GMT

As others have said, wait for your score to improve and you should be successful...

Re: Penfed question

kugel — Thu, 17 Mar 2016 23:04:36 GMT

Thanks

Re: Penfed question

bk510 — Fri, 18 Mar 2016 22:14:25 GMT

@Anonymous wrote:
Depositing the $ isn't going to sway their decision to approve unless it's a secured card. Nothing wrong with putting it in your savings, but it won't sway heir decision. I would say just continue to use what you have, pay on time, and let your scores grow. Then once they climb, maybe try.

Re: Penfed question

Orecic — Fri, 18 Mar 2016 23:35:45 GMT

Just don't use the FICO 8 system to judge Penfed. Join the Equifax monitoiring for a month to see the FICO score PenFed uses...

It's amazing how you can be a PRIZE in one and in the doghouse in the other

Re: Penfed question

Anonymous — Fri, 18 Mar 2016 23:58:47 GMT

@Orecic wrote:
Just don't use the FICO 8 system to judge Penfed. Join the Equifax monitoiring for a month to see the FICO score PenFed uses...

It's amazing how you can be a PRIZE in one and in the doghouse in the other

Equifax's monitory doesn't show the version of EQ that PenFed uses. PenFed uses the Fico NextGen2 scoring model and it's not available to see anywhere except for when PenFed gives it to you