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Is that your Equifax FICO 9 score because that is what they use and PenFed is really weird when it comes to approvals. My Equifax FICO 9 is 684 and they shot me down 2 weeks ago. This was their latest message to me " We do not grant credit to any applicant on the terms you requested" which I have no clue what that means.
I do have 1 charge off account that is closed on my credit report but that drops off in the next couple of months but again, PenFed is really weird with their approvals. If you can afford the hardpull, go for and good luck.
Many data points in the the big Penfed data thread says any negative item must be 2 years ago to be considered.
Deal with the medical collection. Try a "paid for delete" It will give you the benefit of a cleaner report and the score boost.
@jazzyvar84 wrote:
My Equifax score is currently 666 (the devil, I know). I really want to apply for a PenFed card. Do you think my score is decent enough? Utilization across the board is currently at 31% and I have one hospital bill in collections.
I've been back and forth with applying with them, and from what I've gathered the better option seems to be to become a member with them first. Establish a relationship for 6-12 months then give them a shot. If they reject, wait 6 months and repeat. Cheers!
Good luck on whatever you decide
Based on the info you provided, I would guess they would deny you at this time. But I don't know if their factors are fully understood. I was rejected with a higher score, no derogs and low utilization; but I also had severe and recent credit-seeking behavior at the time. I have been toying with applying for their Platinum card (5% on gas), but a little chicken and not sure it's worth the risk, given that I am planning to apply for Ducks Unlimited later this year. Whatever you decide, good luck!
@jazzyvar84 wrote:
My Equifax score is currently 666 (the devil, I know). I really want to apply for a PenFed card. Do you think my score is decent enough? Utilization across the board is currently at 31% and I have one hospital bill in collections.
PenFed is conservative and selective. I agree with the above that you need to improve some credit factors before you'd be a solid contender with them. (Collections; ultilization; higher score.) If you're prior military-service, it seems that helps. If you're not, definitely suggest opening banking accounts, using them for awhile (they have good banking accounts), and once they get to know you try applying for credit cards.
@jazzyvar84 wrote:
My Equifax score is currently 666 (the devil, I know). I really want to apply for a PenFed card. Do you think my score is decent enough? Utilization across the board is currently at 31% and I have one hospital bill in collections.
Personally, I would park a few dollars with them and do your time waiting on a pre-approval.