topic Re: Penfed question in Credit Cards

Penfed question

Anonymous — Sun, 01 May 2016 23:03:09 GMT

Joined Penfed today; they need some verification documents sent in. I was wondering about apping for one of their cc...my my scores are eq719, tu 691, ex 721, 7 inq on eq,4 tu and 10 ex...using 5% avail credit, 11 months of average credit.....salary of $57000/yr....any chance?thanks

Re: Penfed question

Anonymous — Sun, 01 May 2016 23:06:50 GMT

@Anonymous wrote:
Joined Penfed today; they need some verification documents sent in. I was wondering about apping for one of their cc...my my scores are eq719, tu 691, ex 721, 7 inq on eq,4 tu and 10 ex...using 5% avail credit, 11 months of average credit.....salary of $57000/yr....any chance?thanks

From the info that you provided, I'd say your chances are pretty good. The AAoA is fairly low but I don't think it would prevent you from getting approved. If you apply for a CC within 90 days of your membership they'll use the same HP as they did for you to join. Good luck.

Re: Penfed question

B335is — Sun, 01 May 2016 23:07:45 GMT

Wait until your membership is finalized before applying for a card. 99% of the time they reuse the same pull for membership for another application up to 90 days.

Re: Penfed question

Anonymous — Sun, 01 May 2016 23:11:19 GMT

Thanks....i actually had no credit til then, lol..but my lowes has gone up from $300 to $17,000 in 4 months, but i'd love to get in good with a cu

Re: Penfed question

Appleman — Sun, 01 May 2016 23:11:27 GMT

As soon as you are given membership apply for the products that you can use.

I was able to get PLOC, Checking over draft, 2 CCs and an auto refinance from the first Equifax pull.

Re: Penfed question

Anonymous — Sun, 01 May 2016 23:12:42 GMT

thanks for the info B335

Re: Penfed question

Anonymous — Sun, 01 May 2016 23:15:13 GMT

Wow Appleman, that's alot of mileage from 1 hp

Re: Penfed question

Appleman — Sun, 01 May 2016 23:17:22 GMT

And I tried the SP with NASA FCU and only have a savings account to show for it (NASA did not like my inquiries (approaching double digits when I applied))

Re: Penfed question

Anonymous — Sun, 01 May 2016 23:34:25 GMT

@Anonymous wrote:
@Anonymous wrote:
Joined Penfed today; they need some verification documents sent in. I was wondering about apping for one of their cc...my my scores are eq719, tu 691, ex 721, 7 inq on eq,4 tu and 10 ex...using 5% avail credit, 11 months of average credit.....salary of $57000/yr....any chance?thanks
From the info that you provided, I'd say your chances are pretty good. The AAoA is fairly low but I don't think it would prevent you from getting approved. If you apply for a CC within 90 days of your membership they'll use the same HP as they did for you to join. Good luck.

What Irish said. and Good Luck!

Re: Penfed question

Loquat — Mon, 02 May 2016 00:25:58 GMT

Best of luck to you and be sure to come back and post your results!

Re: Penfed question

Anonymous — Mon, 02 May 2016 04:32:20 GMT

@Appleman wrote:
As soon as you are given membership apply for the products that you can use.

I was able to get PLOC, Checking over draft, 2 CCs and an auto refinance from the first Equifax pull.

which ones count as new tradelines? *im newb. just wanna confirm, if i ever... as it would affect AAoA. thanks in advance!

Re: Penfed question

DoroLucky — Mon, 02 May 2016 12:27:23 GMT

@Incubus I believe they all will except for the overdraft protection because I'm not exactly sure what it is or how it works in realation to credit....but yeah they're all new TL off 1 HP. Dang reminds me, I'm still in that 90 days window (well a rep said 60, I'll call back to confirm) maybe I need to grab another card and PLOC lol

Re: Penfed question

Anonymous — Mon, 02 May 2016 12:39:24 GMT

@DoroLucky wrote:
@Anonymous I believe they all will except for the overdraft protection because I'm not exactly sure what it is or how it works in realation to credit....but yeah they're all new TL off 1 HP. Dang reminds me, I'm still in that 90 days window (well a rep said 60, I'll call back to confirm) maybe I need to grab another card and PLOC lol

thanks! i guess i'll definitely go for that overdraft protection then, if ever. =p *AAoA > new tradelines for me. at least, that's the idea. lolz.

Re: Penfed question

Anonymous — Mon, 02 May 2016 13:09:26 GMT

@Anonymous wrote:
@DoroLucky wrote:
@Anonymous I believe they all will except for the overdraft protection because I'm not exactly sure what it is or how it works in realation to credit....but yeah they're all new TL off 1 HP. Dang reminds me, I'm still in that 90 days window (well a rep said 60, I'll call back to confirm) maybe I need to grab another card and PLOC lol
thanks! i guess i'll definitely go for that overdraft protection then, if ever. =p *AAoA > new tradelines for me. at least, that's the idea. lolz.

Even the overdraft counts as a new trade line and affects your AAoA. It reports as revolving credit just like a credit card.

Re: Penfed question

Anonymous — Mon, 02 May 2016 13:45:12 GMT

@Anonymous wrote:
@DoroLucky wrote:
@Anonymous I believe they all will except for the overdraft protection because I'm not exactly sure what it is or how it works in realation to credit....but yeah they're all new TL off 1 HP. Dang reminds me, I'm still in that 90 days window (well a rep said 60, I'll call back to confirm) maybe I need to grab another card and PLOC lol
thanks! i guess i'll definitely go for that overdraft protection then, if ever. =p *AAoA > new tradelines for me. at least, that's the idea. lolz.

I opened an account last week and had 2 hard pulls a day apart. I'm pretty sure the UW I spoke to the following day did a 2nd pull for the reconsideration on the LOC.

i was denied on the initial app and then approved by manual review, they also approved me for a car loan, so either one or both caused the HP and the UW do not tell me there would be a 2nd pull. No biggie I am extremely happen with the outcome, Promise CC, Overdraft protection, LOC and a car loan.

PenFed is everything I wanted.

Re: Penfed question

Anonymous — Mon, 02 May 2016 13:54:02 GMT

@Anonymous wrote:
@Anonymous wrote:
@DoroLucky wrote:
@Anonymous I believe they all will except for the overdraft protection because I'm not exactly sure what it is or how it works in realation to credit....but yeah they're all new TL off 1 HP. Dang reminds me, I'm still in that 90 days window (well a rep said 60, I'll call back to confirm) maybe I need to grab another card and PLOC lol
thanks! i guess i'll definitely go for that overdraft protection then, if ever. =p *AAoA > new tradelines for me. at least, that's the idea. lolz.

Even the overdraft counts as a new trade line and affects your AAoA. It reports as revolving credit just like a credit card.

oh i see! never mind then! =p

thanks for the clarification, irish! =)

Re: Penfed question

DoroLucky — Mon, 02 May 2016 14:43:13 GMT

@Anonymous wrote:
i was denied on the initial app and then approved by manual review, they also approved me for a car loan, so either one or both caused the HP and the UW do not tell me there would be a 2nd pull. No biggie I am extremely happen with the outcome, Promise CC, Overdraft protection, LOC and a car loan.

PenFed is everything I wanted.

BB2, how do you get the overdraft protection? I've looked all over their site but don't see it. It was offered to me when I app'ed but I said I'll think about it. Thanks!

Re: Penfed question

takeshi74 — Mon, 02 May 2016 16:14:47 GMT

@Anonymous wrote:
my scores are eq719, tu 691, ex 721,

It's never just about score but I'm assuming those are FICO 8's? Always consider the specific scoring model. Also consider what CRA and model a creditor/product uses. PenFed doesn't use FICO 8. PenFed uses an EQ FICO NextGen. You cannot use a score generated by one model to determine a score generated by a different model.

You can refer to the Credit Pulls Database (Google to find), if desired.

@Anonymous wrote:
inq on eq,4 tu and 10 ex...using 5% avail credit, 11 months of average credit.....salary of $57000/yr....any chance?

How many new accounts and over what time frame? Look up prior PenFed threads on "pyramiding".

@Anonymous wrote:
AAoA > new tradelines for me. at least, that's the idea.

You have to find the right balance. While opening new accounts does tend to decrease AAoA, having more tradelines does build AAoA. In other words, one with more aged tradelines will generally see less of an impact to AAoA from opening a new account versus someone with fewer and younger tradelines.

Re: Penfed question

Appleman — Mon, 02 May 2016 17:07:23 GMT

Correct, All except the overdraft have shown up as tradelines.

Re: Penfed question

Anonymous — Mon, 02 May 2016 18:15:59 GMT

ok 2 votes for it as a non-TL. got it! thanks!