Good time to join PenFed?

SSPA87 · ‎06-27-2016

**update: I joined and was approved for a PenFed Promise Visa with SL of $3,500. Also Pre Approved for a car loan (which I don't need, but nice to know!) Great start to the week!**

My EQ pulled today from Credit Check Total is as follows:

Score: 696

UTI: 18%

AAoA: 1.8 years

Derogs: 0

Employment: currently self-employed

Wondering if I should go ahead and join now before my Amex I got in April reports or just wait until the end of the year? Thoughts? I'd like to get an in with them but would like to increase my chances of getting decent products. I have read through most of the PedFed thread, but still am unsure.

Anonymous · ‎06-27-2016

@SSPA87 wrote:
My EQ pulled today from Credit Check Total is as follows:

Score: 696
UTI: 18%
AAoA: 1.8 years
Derogs: 0
Employment: currently self-employed

Wondering if I should go ahead and join now before my Amex I got in April reports or just wait until the end of the year? Thoughts? I'd like to get an in with them but would like to increase my chances of getting decent products. I have read through most of the PedFed thread, but still am unsure.

YES YES and uhhh YES, they IMO are the top CU in all the land.

Anonymous · ‎06-27-2016

Just out of curiosity what is holding your score down?

My recommendation would be to wait until you are in the best possible position as they may approve you but in a lower tier "bucket", with higher APR, lower limit, and no chance of ever getting any offers with that score.

Anonymous · ‎06-27-2016

@Anonymous wrote:
Just out of curiosity what is holding your score down?

My recommendation would be to wait until you are in the best possible position as they may approve you but in a lower tier "bucket", with higher APR, lower limit, and no chance of ever getting any offers with that score.

The OP has a higher EQ than I do and I have their max unsecured amount that they will issue?

CreditCuriosity · ‎06-27-2016

Just a side note from reading other peoples threads.. You are going to have a headache being self employed with PenFed as well.. They make you just through alot of addiotnal hoops.

Blodreina · ‎06-27-2016

Unless you're expecting a significant bump in score, now is as good of a time as any, in my opinion. However, based on what some other posters have stated, I would be prepared to provide additional documentation for income since you're self-employed.

Looking through the PenFed thread may also help you decide. Take a look at the approvals for people with similar stats and decide if those type of approvals are what you're looking for.

Anonymous · ‎06-27-2016

@Anonymous wrote:
@Anonymous wrote:
Just out of curiosity what is holding your score down?

My recommendation would be to wait until you are in the best possible position as they may approve you but in a lower tier "bucket", with higher APR, lower limit, and no chance of ever getting any offers with that score.
The OP has a higher EQ than I do and I have their max unsecured amount that they will issue?

another case of being an exception? A few people here seem to be confused lately.

Anonymous · ‎06-27-2016

@CreditCuriousity wrote:
Just a side note from reading other peoples threads.. You are going to have a headache being self employed with PenFed as well.. They make you just through alot of addiotnal hoops.

They didn't make me go through any hoops. Didn't even ask for POI.

Anonymous · ‎06-27-2016

@Anonymous wrote:
@CreditCuriousity wrote:
Just a side note from reading other peoples threads.. You are going to have a headache being self employed with PenFed as well.. They make you just through alot of addiotnal hoops.
They didn't make me go through any hoops. Didn't even ask for POI.

Same for me

Anonymous · ‎06-28-2016

@Anonymous wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
Just a side note from reading other peoples threads.. You are going to have a headache being self employed with PenFed as well.. They make you just through alot of addiotnal hoops.
They didn't make me go through any hoops. Didn't even ask for POI.
Same for me

Ditto