topic Re: Pen Fed when is the right time? in Credit Cards

Pen Fed when is the right time?

joedtx — Fri, 27 May 2016 00:17:31 GMT

There are many opinions when it comes to apping for Pen Fed products, but when truly is the right time when you are interested in multiple products like Credit Cards, Line of Credit, Refinancing an auto? There are different experiences some feel you should go for broke and apply for everything at one while others favor spacing it out over 3 months.

Can we get some real feedback from others. What worked best for you?

Thanks for sharing all

Re: Pen Fed when is the right time?

AverageJoesCredit — Fri, 27 May 2016 01:34:00 GMT

Im sure there are more experienced people here who can answer this for you but in my Penfed " NEWBIE" experience/ opinion if they use the same hard pull for each product you apply in the 90 day window i just say go for all at once as the info they gleam from your report will be the same on day 1 of your pull as day 90

In my case since i still have a BK7 showing on my EQ, even though i was approved for a Promise and personal loan with same pull, decided to try for other cc and cli with same pull but was denied. They ended up using my own report against me. Perfectly understandable. As my reports keeps getting better, they probably wouldnt see that without a new HP so thats my take on it.

Re: Pen Fed when is the right time?

Anonymous — Fri, 27 May 2016 02:02:36 GMT

Truly the right time? When your scores are at their highest. When my scores peaked at the high 700's I apped. Great results!

Re: Pen Fed when is the right time?

Anonymous — Fri, 27 May 2016 04:17:25 GMT

Many of the "experts" will tell you that you should wait until your report is completely clean prior to applying with them. The reason behind this is the initial HP you receive when starting your membership places you in a qualifier bucket. If you're in the good bucket, PenFed does quarterly SPs for pre aprovals. If you're in the bad bucket, well people who have been members for years who have great credit now still dont receive pre approvals.

Re: Pen Fed when is the right time?

CreditUnionFan — Fri, 27 May 2016 19:10:59 GMT

@joedtx wrote:
There are many opinions when it comes to apping for Pen Fed products, but when truly is the right time when you are interested in multiple products like Credit Cards, Line of Credit, Refinancing an auto? There are different experiences some feel you should go for broke and apply for everything at one while others favor spacing it out over 3 months.

Can we get some real feedback from others. What worked best for you?

Thanks for sharing all

I waited until my credit profile showed no negative accounts. I app'ed this morning and show a pending $39k approval.

When I joined and approved a few years ago, PenFed turned me away. I might have been able to apply earlier, but I didn't want to waste any additional inquiries.

Re: Pen Fed when is the right time?

Anonymous — Fri, 27 May 2016 20:33:28 GMT

It all depends on what your profile. They approved me for an auto refinance with a 22 month old ch7. I was approved for two cards at $10k each 25 months after the ch7. Their LOC, I know better than to even try anytime soon.

It looks like they aren't as conservative as in the past. Take a look at what you need and see if their products are the best fit and then go from there.

Re: Pen Fed when is the right time?

Anonymous — Fri, 27 May 2016 20:55:52 GMT

@joedtx wrote:
There are many opinions when it comes to apping for Pen Fed products, but when truly is the right time when you are interested in multiple products like Credit Cards, Line of Credit, Refinancing an auto? There are different experiences some feel you should go for broke and apply for everything at one while others favor spacing it out over 3 months.

Can we get some real feedback from others. What worked best for you?

Thanks for sharing all

There is a large thread about this with alot of data points included you might want to read through it. http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Pentagon-Federal-Credit-Union-Data-Share/td-p/4591561

Re: Pen Fed when is the right time?

joedtx — Sat, 28 May 2016 19:33:51 GMT

@Anonymous wrote:
@joedtx wrote:
There are many opinions when it comes to apping for Pen Fed products, but when truly is the right time when you are interested in multiple products like Credit Cards, Line of Credit, Refinancing an auto? There are different experiences some feel you should go for broke and apply for everything at one while others favor spacing it out over 3 months.

Can we get some real feedback from others. What worked best for you?

Thanks for sharing all
There is a large thread about this with alot of data points included you might want to read through it. http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Pentagon-Federal-Credit-Union-Data-Share/td-p/4591561

This question is focused more specific to multiple products which is why I posed the question.

Re: Pen Fed when is the right time?

RonM21 — Sun, 29 May 2016 23:01:57 GMT

I think each situation is different. I got a CC but now am waiting for a bit before possibly trying to get something else or maybe even a CLI. Just my own preference. I'll do it before the 90 days though. I've been reading up on different threads for results.