topic Re: PenFed Advice in Credit Cards

PenFed Advice

Anonymous — Wed, 27 Mar 2013 03:40:51 GMT

I want to help my mother get the Penfed promise card at the end of the year. What would you recommend she do before then to get her reports looking good to Penfed?

Re: PenFed Advice

fittiger — Wed, 27 Mar 2013 03:43:07 GMT

I imagine current details of her reports will be helpful.

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 04:08:47 GMT

@fittiger wrote:
I imagine current details of her reports will be helpful.

Sure, I will check out credit karma

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 04:20:47 GMT

Score: 681

Utilization: 34%

Chase Slate: 3860/5000 10/12

Dell: 1742/3000 10/05

Les Schwab: 728/1250 6/12

US Bank: 409/5500 4/12

US Bank: 209/500 7/09

Blair: 0/200 5/06

Macy's: 0/100 10/09

JCP: 0/1200 5/10

Walmart: 0/800 7/11

Bestbuy: 0/2700 7/07

Kohls: 0/300 9/10

On time payments: 99.21%

AAoA: 3 yr 7 month

HP's: 3

Derogs: 0

Income: 20k

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 04:47:20 GMT

Probably stating the obvious but get her util down under 10% and she shouldn't have a problem getting the new card.

Re: PenFed Advice

youngandcreditwrthy — Wed, 27 Mar 2013 05:11:02 GMT

Also, Id request large clis on all accounts; this will help util and limit wise!

Re: PenFed Advice

mirachi — Wed, 27 Mar 2013 05:30:43 GMT

From what I'm reading, did she have 1 late payment?

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 06:39:45 GMT

@mirachi wrote:
From what I'm reading, did she have 1 late payment?

Looks like it. I am not sure how late or whatnot. Just based of CK she doesn't have perfect payment history.

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 06:40:44 GMT

@youngandcreditwrthy wrote:
Also, Id request large clis on all accounts; this will help util and limit wise!

That should be easier for her instead of paying down the debt. Does Penfed not like high limits relative to income though?

Re: PenFed Advice

sosabe77 — Wed, 27 Mar 2013 10:08:43 GMT

It helps to set up direct deposit and build a relationship with the CU.

Re: PenFed Advice

kevinjjc — Wed, 27 Mar 2013 12:53:55 GMT

Why the PenFed Promise card? They have other credit cards that are better IMO. Definitely need to get her utilization down, either by CLI's and/or paying them down. As it stands right now, PenFed will deny her with the infamous "pyramiding debt" reason for denial.

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 15:37:39 GMT

@kevinjjc wrote:
Why the PenFed Promise card? They have other credit cards that are better IMO. Definitely need to get her utilization down, either by CLI's and/or paying them down. As it stands right now, PenFed will deny her with the infamous "pyramiding debt" reason for denial.

Can you explain pyramiding debt?

Re: PenFed Advice

Anonymous — Wed, 27 Mar 2013 15:38:13 GMT

@sosabe77 wrote:
It helps to set up direct deposit and build a relationship with the CU.

Sounds like a good idea.

Re: PenFed Advice

kevinjjc — Tue, 02 Apr 2013 02:00:46 GMT

@Anonymous wrote:
@kevinjjc wrote:
Why the PenFed Promise card? They have other credit cards that are better IMO. Definitely need to get her utilization down, either by CLI's and/or paying them down. As it stands right now, PenFed will deny her with the infamous "pyramiding debt" reason for denial.
Can you explain pyramiding debt?

Take a look at this thread:

http://ficoforums.myfico.com/t5/Credit-Cards/What-does-quot-pyramiding-debt-quot-mean/td-p/1741498

Re: PenFed Advice

Anonymous — Thu, 04 Apr 2013 03:45:34 GMT

How can they tell for new customers though?

Re: PenFed Advice

nicholasyud — Thu, 04 Apr 2013 04:50:08 GMT

sorry Dustink but there something i really want to confirm

is it One HP for membership ??

Another the HP for credit card and

another HP for morgate loan ???

Re: PenFed Advice

Anonymous — Thu, 04 Apr 2013 21:50:22 GMT

Not a member, but what I would assume is yes...HP for everything unless you ask specifically for the membership hardpull to count as a CC app ect.

Re: PenFed Advice

youngandcreditwrthy — Thu, 04 Apr 2013 23:42:54 GMT

I think they use one HP for all products in the first 60-90 days or sthin lol

Re: PenFed Advice

Anonymous — Thu, 04 Apr 2013 23:48:23 GMT

@youngandcreditwrthy wrote:
I think they use one HP for all products in the first 60-90 days or sthin lol

It's the first 90 Days

Re: PenFed Advice

Anonymous — Fri, 05 Apr 2013 04:07:00 GMT

@Anonymous wrote:
@youngandcreditwrthy wrote:
I think they use one HP for all products in the first 60-90 days or sthin lol
It's the first 90 Days

So they aren't HP happy like NFCU? lol