topic Re: Penfed question in Credit Cards

Penfed question

Anonymous — Tue, 24 Feb 2009 21:59:26 GMT

I would like to apply for penfed but i am not sure what my chances are. i understand they are tough. need advise. here is snap shot of my credit :

1% util

2 new accnt one is 7 months old the other was opened in november 08

1 inq on equifax date nov08

1 inq on TU dated jul08

1 inq on EX dated sep08 - it was a bank inq to open checking and savings acct

clean record no lates, no badies

oldest cc accnt dates back to 94

scores as of 02/13/09 : TU 765 EX 804 EQ 804

what do you guys think should i take a shot or wait another six months. i read somewhere that they don't like seeing inqs or too many new accnts. is 2 new accnts considered too many for their standards?

thanks

Re: Penfed question

smallfry — Tue, 24 Feb 2009 22:04:19 GMT

With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply.

Re: Penfed question

Creditaddict — Tue, 24 Feb 2009 22:15:05 GMT

If you want the card, they would have to be stupid to not approve an 800 score!

Re: Penfed question

Anonymous — Tue, 24 Feb 2009 22:19:05 GMT

Honestly, Penfed hates new accounts, and you've got 2 new ones, one of which is under 6 months old. Utilization is low, which they'll like, but the new accounts... not so much. I'd give you a 50/50 shot, even with that outstanding FICO.

You might get the card (which I also covet), or you might get denied for "pyramiding" debt.

It's up to you whether you want to take the hit - it's just an EQ inq. I have the inq for membership, but won't re-apply for the card (see, I'm egyptian - until 2010.

Re: Penfed question

Anonymous — Tue, 24 Feb 2009 22:52:23 GMT

@smallfry wrote:
With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply.

if i apply for membership they will pull a hard on EQ, so i figured since i am going to end up with an inq for membership why not take adavantage and use the same inq for one of their good cards.

Re: Penfed question

smallfry — Tue, 24 Feb 2009 23:19:44 GMT

@Anonymous wrote:
@smallfry wrote:
With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply.
if i apply for membership they will pull a hard on EQ, so i figured since i am going to end up with an inq for membership why not take adavantage and use the same inq for one of their good cards.

The pull is only good for 90 days. Don't waste it on a savings account. Wait.

Re: Penfed question

Anonymous — Tue, 24 Feb 2009 23:51:08 GMT

@smallfry wrote:
@Anonymous wrote:
@smallfry wrote:
With an 804 EQ I would be tempted to try for that cash back card. However. Since you are sitting at 1% utilization you don't really need any more credit do ya? I would wait until the accounts aged to a year. If you have decent income and you don't get approved you stand a decent chance on recon. Up to you but I would not apply.
if i apply for membership they will pull a hard on EQ, so i figured since i am going to end up with an inq for membership why not take adavantage and use the same inq for one of their good cards.
The pull is only good for 90 days. Don't waste it on a savings account. Wait.

I guess it would be wise to wait till june. that way both new accounts will be 6 months and older

things that make ya go "hmmmm"

score_building — Wed, 25 Feb 2009 02:26:52 GMT

with your scores etc. they may not really even stress it that much but remember new accounts will still be considered new to their formula at six months (and probably for the next 1-2 years).

clearly smallfry and mafico offer sage advice. still, with what you're working with, i have to guess that you still have a 60/ 40 approval chance or thereabouts -so i can't discourage this association given you are apparently a genuine candidate. even if a bit of a wild horse for the aforementioned reasons.

it's just that waiting makes really good sense and may dodge a bullet if they end up gunning for you on the basis of new accounts.

Message Edited by score_building on 02-24-2009 06:26 PM

Re: things that make ya go "hmmmm"

Anonymous — Wed, 25 Feb 2009 03:04:00 GMT

@score_building wrote:
with your scores etc. they may not really even stress it that much but remember new accounts will still be considered new to their formula at six months (and probably for the next 1-2 years).

clearly smallfry and mafico offer sage advice. still, with what you're working with, i have to guess that you still have a 60/ 40 approval chance or thereabouts -so i can't discourage this association given you are apparently a genuine candidate. even if a bit of a wild horse for the aforementioned reasons.

it's just that waiting makes really good sense and may dodge a bullet if they end up gunning for you on the basis of new accounts.
Message Edited by score_building on 02-24-2009 06:26 PM

I agree that I should probably wait. I should've applied for penfed before the other two accnts. oh well !! live and learn. i didn't realize that they still consider a one year old accnt as a new accnt.

x

Anonymous — Wed, 01 May 2013 01:15:49 GMT

Re: Penfed question

manyquestions — Wed, 25 Feb 2009 06:24:26 GMT

@Anonymous wrote:
EQ 804

...is 2 new accnts considered too many for their standards?

thanks

I give you a 90% chance of being approved. I don't know what their current standards are the last couple months I have heard they have changed, but Penfed in the past has weighed FICO pretty heavy and if you have an 804 EQ and only two new accounts in the last year, then I think you will get approved for the Cash Rewards card.

Re: things that make ya go "hmmmm"

score_building — Wed, 25 Feb 2009 08:10:08 GMT

may i ask, did you open up additional banking products and deposit heavily on share or other accts?

your scores are rather dreamy, is this what you attribute the preapp. offers to? thanks!

specultr wrote:
I applied for Penfed membership with 2 new-ish accounts (less than 6 months) and was accepted, but I didn't apply for any products because of debt and new accounts. Now about 9 months later, I have pre-approved offers from penfed in my share account online screen.

Re: things that make ya go "hmmmm"

Anonymous — Wed, 25 Feb 2009 17:53:36 GMT

@Anonymous wrote:
I applied for Penfed membership with 2 new-ish accounts (less than 6 months) and was accepted, but I didn't apply for any products because of debt and new accounts. Now about 9 months later, I have pre-approved offers from penfed in my share account online screen.

since they do hit you with a hard inq for the membership application, it makes sense for me to wait until it is ideal time to apply for one of their card. that way i only get hit with one inq instead of two.

x

Anonymous — Wed, 01 May 2013 01:15:26 GMT

Re: things that make ya go "hmmmm"

smallfry — Wed, 25 Feb 2009 20:07:20 GMT

Makes no difference to Penfed how little or how much you have in a savings account. You will get the same credit limit on a credit card.