topic Re: PenFed products...wait till Amex reports? in Credit Cards

PenFed products...wait till Amex reports?

LuvsRetro — Sun, 15 Apr 2018 12:45:10 GMT

DH will be applying with PenFed, currently he has 2006 Cap1 of $1700 reporting and 2017 Barclays AU of 5k.

His Amex AU 12k has not reported. Left $36 to see if it will report on the 17th.

His scores are just above 800. Open mortgage. 0 inquires.

So, should he wait till Amex reports before he joins?

We want to maximize the hard pull and want to make sure the 12k line is on their pull for their products.

And should he wait till Amex and Chase apps are pulled?.....had to thaw reports and call back before 30 days.

Re: PenFed products...wait till Amex reports?

K-in-Boston — Sun, 15 Apr 2018 14:16:12 GMT

Generally speaking, you’d want to minimize the number of new accounts showing when applying for new credit. If it were a case of something like Chase Sapphire Reserve where they like to see existing 5-digit credit lines and you must have $10k or more to open an account, it might be worth waiting. But with PenFed, I’d probably try to get the app done prior to any new accounts showing. They can be generous, particularly if you have the income to back high credit lines, and they will grow quickly. My first card about 2 years ago was only $7500 but now I have 2 cards with $49k between the two, and their credit card cap is now $50k across all cards.

Re: PenFed products...wait till Amex reports?

LuvsRetro — Sun, 15 Apr 2018 20:39:18 GMT

Thank you, I will at least get the membership going.

DH won't be back till next week to app anyway.

Re: PenFed products...wait till Amex reports?

Anonymous — Sun, 15 Apr 2018 21:35:38 GMT

So, my understanding is that PenFed uses FICO 9, and I’m pretty sure FICO 9 may ignore AU accounts.