topic Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ??? in Credit Cards

GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

Anonymous — Sat, 28 May 2011 19:10:39 GMT

Welcome to PSECU!

In the next few days, we will mail you a detailed welcome packet that
includes your account and information about the many ways PSECU can save you
time and money.

What should i do i really want to get PSECU credit card i am tired of small limit credit cards , here is what my credit look like , i know alot of you going to look at this and call me crazy lol, anyway i make $9800 a month my total payments right now are $3300 but it will go down around to 2300 a month since one of the cars just got paid off and i can pay off all my credit cards if its going to help me get with PSeCU ... my scores are high 600s Only reason i want their credit card is to get high limit so i can get rid of small limit cards i know i dont need any more credit cards and my credit is too new but still i want what i want banks cant hold me down .

OPEN CAR LOANS
OPEN DATE	BANK	LIMIT	BALANCE	APR

3/1/2011	66 CREDIT UION	$ 59,000.00	$ 57,500.00	7%
9/1/2010	ALLY FIN	$ 42,000.00	$ 37,000.00	9%	PAID OFF BUT NOT UPDATED ON REPORTS
8/1/2010	ALLY FIN	$ 36,000.00	$ 32,000.00	9%
6/10/2010	BOA	$ 30,000.00	$ 25,000.00	3%

		$ 167,000.00	$ 151,500.00
PAID OFF CAR LOANS

8/1/2009	SANTANDER CONSUMER	$ 17,000.00	$ -	25%
4/1/2010	LOCAL BANK	$ 15,000.00	$ -	7%
5/1/2010	FIFTH THIRD BANK	$ 40,000.00	$ -	7%
6/1/2010	66 CREDIT UNION	$ 15,000.00	$ -	7%
6/1/2010	LOCAL CU	$ 8,000.00	$ -	9%

OPEN CREDIT CARDS

8/1/2009	APPLIED BANK visa	$ 500.00	$ -
12/1/2009	APPLIED BANK visa	$ 500.00	$ -
2/1/2010	MACYS	$ 1,000.00	$ 285.00
3/1/2010	CREDIT FIST	$ 2,200.00	$ 85.00
5/1/2010	NFM	$ 1,000.00	$ -
6/1/2010	KAY	$ 4,500.00	$ -
6/1/2010	CAP ONE mastercard	$ 3,000.00	$ -
6/1/2010	COMMUNITY AMERICA CU	$ 5,000.00	$ 3,300.00
11/1/2010	CIT	$ 4,500.00	$ -
3/1/2011	NFCU visa	$ 3,500.00	$ 2,400.00		$1000 BAL BUT NOT YET UPDATED
3/1/2011	MERITRUST CU visa	$ 3,000.00	$ 2,800.00
4/1/2011	BOA visa	$ 2,500.00	$ 2,200.00
4/1/2011	BEST BUY	$ 2,100.00	$ 1,000.00
4/1/2011	BUCKLE	$ 300.00	$ -
	TOTAL	$ 32,600.00	$ 12,070.00
CLOSED CREDIT CARDS
TOTAL 14 CREDIT CARDS CLOSED OLDEST 3/2005 AMEX
LAST ONE CLOSED 3/2011 GAP VISA
2 CLOSED BY CONSUMER
12 CLOSED BY BANK
19 inqs in last 2 yrs on experin , 9 inqs on Trans Uion and they need to shut equfax down

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

visorboy1974 — Sat, 28 May 2011 20:10:21 GMT

They might tell you that you have too many new tradelines. 5 new accounts in the past 3 months is a lot.

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

MrCredit — Sat, 28 May 2011 21:37:08 GMT

Just from experience, PSECU pulls from EX. If you have 19 inquiries in the last two years I would wait.

I think you have lots of tradelines but if you have the income to back it up who cares, if you can prove it.

I personally have them. They are easy to work with, when I had scores high in the 680 range they approved for 14k

credit line. Their products and services are awesome. What you should do is pay of any balances you are carrying on your

revolving cards and wait for that one car loan to show paid. Then I would app for it. They are very funny about INQs.

If you wait for some of the INQs to fall the automated system may very well approve you without pushing it into review.

Hope this helps.

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

TravellingNomad — Sun, 29 May 2011 01:27:50 GMT

do you have to be a resident of the state of pennsylvania to join this CU?

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

-Cain- — Sun, 29 May 2011 01:41:41 GMT

No, you can also join by being a member of a qualifying organization. Search for a thread titled "Yes, you too can join PSECU" or something along those lines.

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

Gray — Sun, 29 May 2011 03:40:40 GMT

You have high utilization on many of those credit cards and not much equity in your car loans. An enormous amount of non-mortgage consumer debt. $112k in car loan balances all opened within the past year. Five of your credit cards have utilization well above 50% and two are basically maxed out.

I recommend that you snowball these credit card balances and not add to your credit debt. I would also recommend cheaper wheels.

I can't see how they would not see you as a high risk.

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

MarineVietVet — Sun, 29 May 2011 04:34:16 GMT

@TravellingNomad wrote:
do you have to be a resident of the state of pennsylvania to join this CU?

Here is the thread telling how Anyone Can Join PSECU.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

score_building — Sun, 29 May 2011 05:04:48 GMT

@Gray wrote:
You have high utilization on many of those credit cards and not much equity in your car loans. An enormous amount of non-mortgage consumer debt. $112k in car loan balances all opened within the past year. Five of your credit cards have utilization well above 50% and two are basically maxed out.

I recommend that you snowball these credit card balances and not add to your credit debt. I would also recommend cheaper wheels.

I can't see how they would not see you as a high risk.

after doing this may find the 0-3.99 auto loan rates that avail themselves are a better ride to boot, can almost certainly do better than 7-9% once brushed up balances.

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

Anonymous — Sun, 29 May 2011 11:00:44 GMT

Somewhat off-topic and probably none of my business, but I hope that you save a reasonable portion of that $9,800/mo income. You say your monthly debt payments will be down to about $2,300/mo. This figure probably doesn't include the rest of your living expenses. Taking a guess, I'd say your monthly nut is around $7,500. At any rate, you should have 6 months worth of living expenses in savings.

Jobs and good health can go away in the blink of an eye and you could be unemployed for up to a year.

In the event something unplanned happens to you, to maintain your current lifestyle, you should have about $60,000 in easily accessed savings/somewhat liquid. If you do,you're doing quite well. If you don't, you are flirting with disaster with that credit profile. Again, probably none of my business, but you are on here asking a somewhat related question and posting all of your debt for us to analyze.

Re: GOT IN TO PSECU AFTER 1 MONTH NOW WHAT ???

TravellingNomad — Wed, 01 Jun 2011 19:36:27 GMT

thanks Cain and MarineVelvet for the replies.

OP...i apologize...didn't mean to hi-jack your thread.