PenFed Pending Status

[baller4life]

Bingo. That's their definition of "pyramiding debt". Lots of new accounts.

[Anonymous]

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@baller4life wrote:
Bingo. That's their definition of "pyramiding debt". Lots of new accounts.

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I think they use that selectively as a reason for denial. When I was approved I had expected to be declined for that very reason as I had a LOT of new accounts at the time.

[baller4life]

Oh I'm sure Irish. But who in their right mind could turn down a profile like YOURS??

[Anonymous]

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@baller4life wrote:
Oh I'm sure Irish. But who in their right mind could turn down a profile like YOURS??

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Heh, I'm sure it will happen if I'm not careful :-). Have my eyes on more Chase cards.  I might be pushing it. Guess time will tell

[Marcos8]

Will a 5 year old charge off from a short sale keep me from getting into penfed?

[gdale6]

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@Marcos8 wrote:

Will a 5 year old charge off from a short sale keep me from getting into penfed?

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Prob not but its my understanding if you join them without a clean EQ you will never get any preapproved offers.

[baller4life]

You can "get in" since anyone can join. But like gdale said, joining with baddies will prevent you from getting their quarterly preapprovals. Here lately there has been approvals for their cards with one or two older baddies. Whereas before they we're extremely conservative.

[cem13]

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@Anonymous wrote:

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@baller4life wrote:
Bingo. That's their definition of "pyramiding debt". Lots of new accounts.

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I think they use that selectively as a reason for denial. When I was approved I had expected to be declined for that very reason as I had a LOT of new accounts at the time.

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I was approved for PenFed Visa and AMEX for only $5K each.  I am 4 years post BK7 with many IIB accounts.  MyFICO scores are about 700 with no baddies since BK7 D/C.  I recently had 8 new accounts worth about $50K when I was approved for Visa.  Then I read they use the same HP for all products within 90 days and called them for an AMEX.  By then I had 10 accounts ($75K in new SL for $110K Total) when I was approved for AMEX.

I was surprised as hell when I was approved for the AMEX.  They wanted to know why I wanted the AMEX when I had so many new accounts.  I told then that I had only 1 AMEX with no rewards and their AMEX has great travel rewards.  Instant approval.

My income of slightly more than $100K so my CL matches my income.  So I am not sure what PenFeds definition of escalating credit is but they had no issue with my escalation.

[Gmood1]

I have a foreclosure not due to fall off till next year this time. They gave me a Cash rewards Visa card with a $15,000 CL. I was also suprised! My scores are in the 685 range. I do have a vehicle I refinanced through them last year(had to kick Chase to the curb). OP you'll be fine, they seem to be loosening the guidelines a bit. I also had applied for 7 other CC's prior to applying with them. It didn't seem to be a problem.

[Marcos8]

How was Penfed during the 2008 financial meltdown? Did they panic and close accounts or CLD?