No, don't wait, go for the membership and CC app.
I applied last fall, was denied for the regular credit card because my CC balances are too high, so I converted the HP into a secured $500 regular VISA. That will go on for a year, and it can either convert or I'll app for another card in November, not sure which.
The reason I say go for it, PenFed is indeed a good CU to get involved with. By seeing where you stand now, perhaps your Military Star card will be a positive, perhaps you need to go the route I did and either start with a checking account or secured card, but like many questions on this forum, opinions are many: Only the CCC or CU can make the final determination. All else here (including my comments) are speculation. And if you really want to get in with PenFed, you need to know where you stand.
Worst case scenario: you get a membership opened and a savings/checking account started.
Good luck!
Edit: The HP is required to become a member. The same HP is used for the CC App. You will expend a HP anyhow to become a member, the CC "app" is merely checking to see if you can also get a CC.
Naw....I don't think I will waste a hard pull for an almost certain denial..
I already have high inquiries and UTL....I will wait it out...
I really need business credit though...
@NRB525 wrote:No, don't wait, go for the membership and CC app.
I applied last fall, was denied for the regular credit card because my CC balances are too high, so I converted the HP into a secured $500 regular VISA. That will go on for a year, and it can either convert or I'll app for another card in November, not sure which.
The reason I say go for it, PenFed is indeed a good CU to get involved with. By seeing where you stand now, perhaps your Military Star card will be a positive, perhaps you need to go the route I did and either start with a checking account or secured card, but like many questions on this forum, opinions are many: Only the CCC or CU can make the final determination. All else here (including my comments) are speculation. And if you really want to get in with PenFed, you need to know where you stand.
Worst case scenario: you get a membership opened and a savings/checking account started.
Good luck!
Edit: The HP is required to become a member. The same HP is used for the CC App. You will expend a HP anyhow to become a member, the CC "app" is merely checking to see if you can also get a CC.
Ok, your call. The CC would likely be a denial, i agree, but getting a savings/checking account started to build some history is another path, as you are building your file. It's going to take some time, regardless where you bank.
Good luck!