DPs POI: AOD, PenFed, NASA

[Marmot]

@Duriel Thanks for the DP. Through all the threads I've read, DTI will be a big factor for me. As replied to @ChargedUp , AOD app may not be a CC pursue at the moment. I'll probably app to PenFed Power Cash and return to my garden for a while.

Many thanks.

[GatorGuy]

---

@Marmot wrote:

Plan to apply to two CC from AOD, PenFed, NASA in two weeks. Looking for DPs on type of POI each CU requires.

AOD: All app documents ready except POI; member of non-geofenced entity and confirmed with AOD about eligibility.

PenFed: Member since Aug 2019 with checking accout

NASA: Member since May 2021 with checking account

AAoA: 4 yr 1 m

AoOA: 30 yrs 7 m

AoYA: 3 m (AMEX Gold SP)

CL: $79,000 with 6 CC plus 2 AMEX charge card

EQ HP: 3, most recent 6/2020

Ex HP: 6, most recent 12/2020

UTIL: Few $s each month

Credit Mix: CC, Car Loan, Mort.

Income:$120,000, company employee

EQ, EX FICO 8: 812, 815

(1) AOD will be tough to get approved with DTI 36%. What POI do they ask for? Only pay stubs? 1 month or 2 months? Ask for W-2 and/or 1040 tax return?

(2) PenFed DPs says some apps requiring POI and some not. If required, same POI question as AOD?

(3) NASA DPs says requires POI. Same POI questions AOD.

Ideal outcome, approved for AOD and PenFed. Second choice PenFed and NASA. Thank you for your DPs and advice!

---

In your situation, AOD should accept paystubs. However you are definitely in their danger zone for DTI. My wife was denied with a DTI of 9% but they had issues with her self employment income which you will avoid. 

I think one way you could increase your chances with a higher DTI is asking for a low amount. Unlike other CC applications you have to request your CL. So asking for $5k may increase your chances of you are that worried.

[Marmot]

@GatorGuy Thanks for your DP. Appreciate it.

If it's only pay stubs, I may reconsider and apply to AOD. Bank statements (don't want to disclose my cash flows), W-2, etc. make it a little excessive for the app. Originally, I had the same thought as you to ask for $5,000 CL. One contributor mentioned to put in for $25,000 and AOD will counter offer with the risk they want to take. To me, asking for $5,000 looks like I'm not CL hunting.

I pay all CC charges when posted so the UTIL will not be a problem with $5,000. After time in the garden, ask for CLI.

It boils down to:

(1) App AOD first, and once EQ HP is pulled, app for PenFed?  I know it doesn't look good from PenFed's perspective, but I need to raise the probability of AOD so that app goes in first. I've read AOD doesn't HP immediately for CC, and I'll need to pull the trigger for PenFed when I get notified about AOD HP.

OR

(2) Just go with PenFed Power Cash (2%).

I just don't know which route to go right now.

Many thanks!

[GatorGuy]

@Marmot 

The reason why I said apply for $5k is they don't always counter offer. My wife applied for $25k and they outright denied her. She had to ask for a recon at $5k. Other people have said the same. 

I would roll the dice and apply for AOD if I was in your situation. I think the card is that much better than the Penfed although institutions wise, Penfed is far ahead. 

[Marmot]

@GatorGuy Great DP! I know everyone has a unique profile and underwriting is both science and art (human element).

I'm now more convinced with your DP. The worst is two denials with 2 HPs on EQ. Since the possibilty is there, I need to app to find out the result. The 3% cashback is very attractive. If AOD is denied and PenFed is approved, that is a consolation prize. Just hope that AOD HP will not have a negative impact on the PenFed app since PenFed will HP on the same day or next day after AOD.

Thanks again for sharing your personal experience and being an excellent contributor!

[ocheosa]

@Marmot , Just a thought...you may be a good fit for the Elan Max Card.

Take a look at DPs in the thread -

https://ficoforums.myfico.com/t5/Credit-Cards/Elan-quot-Max-Cash-quot-vs-US-Bank-Cash/td-p/6198795

[Marmot]

@ocheosa Thanks for the information. I'll read thread and see if it'll be a cc that I may want to app.