topic Re: Penfed cc application in Credit Cards

Penfed cc application

Anonymous — Tue, 03 Nov 2009 05:28:19 GMT

I applied for a credit card through Penfed two months ago. At the time my equifax score was 740. I was denied due to high util on existing cards. Since then I have gotten my utl down to 20%. Before it was at 85%. I have no new inquires besides 1 in 6 months. My credit score is now 797. should i consider it safe to reapply for credit card.

Re: Penfed cc application

llecs — Tue, 03 Nov 2009 11:56:09 GMT

Personally I'd wait at least a month just in case they try to use the same inquiry from before. I was denied at 18% util, but their concern was that the balances were disapportionate to my income.

Re: Penfed cc application

spiritcraft1 — Tue, 03 Nov 2009 14:40:02 GMT

A side note / question... How did you maintain a 740 EQ with 85% UTL???

Earlier this year after a change from being employed to running our biz full time, I went from 745 (0% UTL) to 612 (65% UTL) I have now rebounded only to 676 after paying off 20K and being 20% UTL!!! Nothing has changed... I have more age, no new accts. since 11-08, no INQ's etc... You seem to be golden...

Re: Penfed cc application

Anonymous — Tue, 03 Nov 2009 15:08:04 GMT

Im not really sure how I got a 740 score with 85% utl. I have never had any lates, collections etc. Maybe that helped. However, what I have noticed is a great score really doesnt mean much anymore. Lenders are looking at your whole credit profile. Im not realyy sure how the score models work, but I dont think they really reflect your credit worthiness when figuring your score.