Here is the short story before my question. About 3 or 4 weeks ago I apped and was approved for a Discover IT and Amex Green Card. My EQ was 669 (not sure what it is now). Today I signed up with PenFed and apped for the rewards Visa and approved for 10K. Utilization at 17% at the moment but have pd off a couple of cards that will report tommorow (11/3) and bring my utilization to 12%. But I have used another card that will report on the 6th and bring my utilization back to 16%. Question is, should I go ahead and app for another PenFed card now, or maybe wait till the 4th or 5th? What do yall suggest? Thanks in advance.
Definitely wait and build a history with them. Even if you got approved which not so sure you would, the CL on second card will be much larger if you build up history even if it's just a few month of using first card and PIF.
PenFed will more likely than not use the same HP from your initial application, therefore what happens to your CR on the 4th, 5th or 6th will not matter.
For me, PenFed used the same hp for membership ,back in Aug, and a auto loan I just app’d for. I called them and was told they will use the same hp for up to 3 months.
They will use the same hp from your membership and first card if it have been less than 90 days. So, whatever your report had on it then it will be the same now in there eyes.
First of all thanks for the input. From all the research ive done I see that they will use the same up for 3 months as stated above. I also am understanding that it will be the same report so it doesn't matter if I wait till my utilization is down. So with that being said, I apped for the platinum rewards for the gas and supermarket points. This go around it said my application was being referred to a LO and shows the app as pending. My first application still shows complete but now I'm wondering if they may decide to deny both apps. I recently opened and account with Discover almost a month ago and a Capital One card in August. Before that was March I believe... Think I screwed up my chances? Thanks.
If the first app was approved, I don’t think they will reverse the approval. With the second app, they may deny with a reason like “account to new”. They may want you to build more history with them first. Good luck, let us know how it turns out.
Had an email this morning saying I had a document waiting so I logged in and it was just a document going over credit reports and score (EQ was 681). I checked the status and my first app is now under the "Completed" tab but the Platinum Rewards is still under the "Open" tab, with a pending status. Ill report back when I find out more.
