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How long should I wait?

Valued Member

How long should I wait?

I just got approved last month for NFCU cash rewards with a very gracious SL > $10k (2 other cards CL < $5k).No statement yet. Now almost 5 years post bk7. How long should I wait before applying for Pen Fed? No inquiries except NFCU.

Message 1 of 7
6 REPLIES
Established Member

Re: How long should I wait?

I don’t know a lot about PenFed but if it were me, I would go ahead and attempt it.
As long as you’ve been rebuilding credit I think five years is a good amount of time from when you got your discharge.
Message 2 of 7
Valued Contributor

Re: How long should I wait?

I am a firm believer to wait 4-6 months between apps. But some might say different when it comes to CU's. Which i have no experience with. Dont want to look desparate apping back to back. It may lead to a higher SL if you do wait. JMO.



My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery. It can be done!
Message 3 of 7
Established Member

Re: How long should I wait?

I bank with a local credit union and I’ve never had really any issues with them and they’ve always been friendly and fair. I also don’t have any credit cards with them though.
Even when I had really good credit, I applied for a credit card with them and they had to call me back because they had to get a decision from an underwriter and they were only willing to give me a $500 limit at a ridiculous interest rate even though I had at the time only about $2,000 in credit card debt with like a $20,000 CL and I had like a 760 credit score. I turned them down because that was a very low limit at an asanine rate.
I do have a PenFed account which I’ve literally never used. It’s a checking account with no money in it.
I gave my BK lawyer six months worth of statements and they’re all blank. Lol. But he still wanted them regardless.
Message 4 of 7
Established Member

Re: How long should I wait?

I misunderstood your question.
FireMedic is correct. Applying for a ton of cards in a small amount of time looks bad and can raise red flags sometimes with credit card companies. I know this from experience.
Message 5 of 7
Highlighted
Valued Contributor

Re: How long should I wait?

As long as you're not going hogwild, you can apply now if you really want to.

 

Just make sure that if you're getting cards with sign up bonuses that you will have enough spend to earn them all. I got into PenFed and Navy at the same time and for reasons other than not having enough spend, ended up leaving a sign up bonus on the table :-/

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Oct 2018: 700/685/671, 1% utilization/AZEO, INQ's: 6/2/4
Message 6 of 7
New Contributor

Re: How long should I wait?

I would apply now and let the inquiries age together.  An app 6 months later will extend their impact (however minimal ) on your scores from 12 to 18 months .

Message 7 of 7