topic Re: Pended CC question in Credit Cards

Pended CC question

Anonymous — Thu, 16 Jan 2014 04:06:45 GMT

Are they sensitive to a high amount of open end credit to your income, even if the majority of it isn't being utilized? I seem to remember others telling me that this is so. I was thinking about apping for their cash rewards card at some point, but am hesitant to do so since I have high limits on my other cards, which in summation, come close to my annual income. I only have about a 2% utilization right now. I currently have a 781 eq fico for what's that worth, with no baddies. AAOA is 4 years.

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 04:09:25 GMT

Title should say Penfed. Sorry about the typo.

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 04:11:45 GMT

@Anonymous wrote:
Are they sensitive to a high amount of open end credit to your income, even if the majority of it isn't being utilized? I seem to remember others telling me that this is so. I was thinking about apping for their cash rewards card at some point, but am hesitant to do so since I have high limits on my other cards, which in summation, come close to my annual income. I only have about a 2% utilization right now. I currently have a 781 eq fico for what's that worth, with no baddies. AAOA is 4 years.

Penfed? Yes, they seem to decline a lot of people with a "pyramiding debt" reason which includes having lots of newish credit. If the high limits aren't all that recent, you may be ok, but they have a reputation for being conservative and wanting clean credit reports.

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 04:22:29 GMT

Thanks for the response. If it helps, I have 2 new accounts in last year; 1 if you count my recent amex approval that was backdated. The other was opened in 6/2013.

Re: Pended CC question

-Wade- — Thu, 16 Jan 2014 04:59:08 GMT

@Anonymous wrote:
Thanks for the response. If it helps, I have 2 new accounts in last year; 1 if you count my recent amex approval that was backdated. The other was opened in 6/2013.

Do you have a clean file????

Edit :i see you do and with a 781 EQ score . how close is you CL's to income??

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 05:01:01 GMT

Yes I do; no baddies. Myfico EQ-781.

Re: Pended CC question

-Wade- — Thu, 16 Jan 2014 05:06:11 GMT

@Anonymous wrote:
Yes I do; no baddies. Myfico EQ-781.

how close is you CL's to income??

Re: Pended CC question

-Wade- — Thu, 16 Jan 2014 05:08:05 GMT

Do you have a checking and saving account with them ????

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 05:12:15 GMT

About 95%. I've been thinking about closing some of my inactive accounts anyways which haven't grown on me.

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 05:13:13 GMT

No, not yet. I was planning to app within the 60 day time frame so the same inquiry would be used.

Re: Pended CC question

-Wade- — Thu, 16 Jan 2014 05:14:12 GMT

@Anonymous wrote:
About 95%. I've been thinking about closing some of my inactive accounts anyways which haven't grown on me.

Are you already a member and do you have any accounts with them ????

Re: Pended CC question

-Wade- — Thu, 16 Jan 2014 05:15:33 GMT

@Anonymous wrote:
No, not yet. I was planning to app within the 60 day time frame so the same inquiry would be used.

You have nothing to lose then......... I would apply so they can use the same HP...... GO for it

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 05:18:21 GMT

I haven't joined yet, but was planning to if I stand a reasonable chance of approval for their card.

Re: Pended CC question

myjourney — Thu, 16 Jan 2014 05:19:54 GMT

@Anonymous wrote:
No, not yet. I was planning to app within the 60 day time frame so the same inquiry would be used.

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Re: Pended CC question

-Wade- — Thu, 16 Jan 2014 05:21:11 GMT

@Anonymous wrote:
I haven't joined yet, but was planning to if I stand a reasonable chance of approval for their card.

It's hard to say about penfed they are really funny . I don't have an answer for you only Penfed will have it. But it wouldn't hurt to close some of unused CC and wait till your reports update

Re: Pended CC question

Anonymous — Thu, 16 Jan 2014 05:24:54 GMT

@Wade64 wrote:
@Anonymous wrote:
I haven't joined yet, but was planning to if I stand a reasonable chance of approval for their card.
It's hard to say about penfed they are really funny . I don't have an answer for you only Penfed will have it. But it wouldn't hurt to close some of unused CC and wait till your reports update

That's what I'll probably end up doing. Thanks very much for the advice. If anyone else has suggestions, please keep them coming.

takeshi@briareus.net

takeshi74 — Thu, 16 Jan 2014 14:40:18 GMT

@Anonymous wrote:
Are they sensitive to a high amount of open end credit to your income, even if the majority of it isn't being utilized?

PenFed's generally conservative but it also depends on one's credit.

FWIW when I was approved for my PenFed Platinum Cash Rewards card I had 3 accounts that were only 3 months old each. I had one account that was only 1 month old. 2 of those accounts, however, were backdated AmEx cards that reported as 15 years old each. CL's were pretty close to my income. Utilization was probably about 6%. Can't recall the other specifics. I have never pulled my FICO's so I can't say what they were at the time. FAKO's were in the mid to upper 700's. PenFed gave me what is still my highest CL (~30% of my income at the time) and lowest APR.

Others have been denied with that many inquiries/new accounts or less. Others have been denied with scores that were probably higher than mine. I don't recall discussions on CL's versus income with PenFed though.

Re: takeshi@briareus.net

Anonymous — Fri, 17 Jan 2014 02:50:02 GMT

@takeshi74 wrote:
@Anonymous wrote:
Are they sensitive to a high amount of open end credit to your income, even if the majority of it isn't being utilized?
PenFed's generally conservative but it also depends on one's credit.

FWIW when I was approved for my PenFed Platinum Cash Rewards card I had 3 accounts that were only 3 months old each. I had one account that was only 1 month old. 2 of those accounts, however, were backdated AmEx cards that reported as 15 years old each. CL's were pretty close to my income. Utilization was probably about 6%. Can't recall the other specifics. I have never pulled my FICO's so I can't say what they were at the time. FAKO's were in the mid to upper 700's. PenFed gave me what is still my highest CL (~30% of my income at the time) and lowest APR.

Others have been denied with that many inquiries/new accounts or less. Others have been denied with scores that were probably higher than mine. I don't recall discussions on CL's versus income with PenFed though.

If you don't mind me asking, how many inquiries did you have on EQ at the time Penfed pulled, and how old were they?