Looking to Join PenFed

[tortoise_credit]

Hello all,

I am at the tail end of my rebuild, which wasn't an active effort, just waiting for time to pass. I would like to start a relationship with PenFed.

My current credit file:

• Discover card that just graduated. Opened in April 2021, limit of $1,800.
• AU on an Amazon Chase card, 15 years of history, but it's not showing on my EQ report.
• Closed BoA from 2012-2016. Has a 90 day late that should fall off in April 2022, a few 30 days, and one other 60 day.
• Closed Citi from 2014-2016, no lates.
• Zero HP on my EQ report.
• FICO 8 TU is 716 and FICO 8 EX is 718
• No Chargeoffs or collections

I'm thinking that I should join now, open savings, checkings, and in 30 days open a SSL. But I'm not sure if I should wait to apply for a CC, probably the PCR since I'm not sure I'd be accepted for the Platinum.

My only hesitations about the CC app is that the Disco card is less than a year old, and maybe my EQ is still dirty because of the 90 day. Otherwise I'd be okay waiting until April 2022 for the 90 day to drop and the Disco to age to a year. Am I overthinking this too much?

[coldfusion]

Penfed will approve CC when the applicant has a dirty file, although as you point out an approval right now for a Platinum Rewards card might be a stretch right now for you as it has a $5K mininum starting limit.

How old are those 30 and 60 day lates?

[tortoise_credit]

@coldfusion The lates are all from 2015 and 2016. In total: four 30 days, one 60 day, and one 90 day.

I'd be totally happy with the Power Cash as well.

[coldfusion]

So, all lates are 5+ years out.  If I were in your shoes I'd probably apply for a PCR at the same time as membership and not bother waiting until next April.

[tortoise_credit]

Yes correct, they're 5+ years by now. Thank you very much for the feedback, I've been mulling this over for the last few days and going back and forth between wait or just apply now. Hoping to post in the Approvals topic soon!

[4sallypat]

Make sure you open at lease a checking account so that you get your FICO score (EQ 09) to gauge your creditworthiness.

I opened up my PenFed about a year now and they are mailing me invites for their Pathfider, PCR, Gold card.

Don't know which one to choose from - some members are saying to apply for more than 1 since they HP anyways....

My most recent score thru PenFed:

[tortoise_credit]

@4sallypat Yeah, I'll also need the checking to get the full 2% with the PCR. Plus, the free EQ score is a big plus, since I only have access to TU through Discover, and EX through the Experian app.

I was considering the Platinum because of Walmart coding as grocery, but I don't spend a lot on gas, and I don't really want to have to deal with redeeming to giftcards. So the PCR will be great, especially as my Disco is amost past the first year and I'll want a solid 2% back card.