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PenFed questions

Valued Contributor

Re: PenFed questions

and to be constructive is there a reason not to fix everything on your profile first?  if you are really shooting for 750 then you might be cutting a few corners in the process.  750+ = getting rid of negatives and if they have 5 years of age then it should be easy in many cases to get them removed.  its amazing what can happen if you toss money at it.  this entire credit process goes much better with no negs or derogs and solid scores with history to back them up.  you probably know all this.  I would work with what you have to whatever extent possible.  shame you only got $ 500 on the bce, that is the best card in your lineup.  the prg is worth a bonus, not much more imo.  pay and pif the bce to death and see if you can cli and grow it.

Message 11 of 29
Senior Contributor

Re: PenFed questions


@wrote:

wrote:
They are not cards. My sig is acturate, however based on your comment about history there is a great deal of it with multiple current and paid off auto loans, completed personal loans, and quality revolver accounts with no derogs that were closed several years ago.

I guess I had too rough of a monday to focus.  you had extensive history and something happened to everything and now you are rebuilding and your sig is your current status?  if yes then please app and prove me wrong because I dont think they care for short current history. 


I think you're overexagerating how "conservative" Penfed is. His key stats all work for him (AAoA, oldest account, income) even if the limits on OP's cards aren't that great at this time. Again what helps is FICO 09 scores don't judge collections as harshly. And once Penfed finds out he wants to be a full customer they'll be more than happy to let him in.

FICO 08 Scores (Mar-18): TU 796, EQ 798, EX 789

Message 12 of 29
Frequent Contributor

Re: PenFed questions

BCE may be the prime better off lender but Discover has done right by me. Also the PRG has rewards that can be very valuable to my family and I. Better is very subjective. I appreciate all 3.

They are paid off, they were during a very very isolated period of my life. There's little I can do to get rid of them short of goodwill letters.

Yes I am shooting for 750 and I am aware of what needs to happen. Most will be gone next year if I can't get rid of them sooner.
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 13 of 29
Frequent Contributor

Re: PenFed questions

Thank you noir, they may not be great to some people and that's up to them. I've gained about 90 points in 6 months. I have cards from prime lenders and some from not. I've been actively invested in this whole thing (credit and cards) for a whooole 6 months so I'm pretty freakin proud of what's happened in that time. They may be "toy" limits to some but they suit my lifestyle and provide rewards that I value and while helping me build. Yes I'd love to see a 10 to 15k cl and it'll happen, but I don't need it because I PIF and they work for me not me for them. Also Discover seems to like me so far. I wouldnt be surprised to see them hit 5k before or at the same time as Amex.
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 14 of 29
Established Contributor

Re: PenFed questions

90 points in 6 months??? That’s awesome!

 

Im waiting for a quarterly offer. Before I app. 

Goal- All FICO 9 scores at 675 or above
9/16/17 FICO 9 TU-661 EQ-648 EX-607
12/27/17 FICO9 TU-706 EQ-672 EX-690
3/16/18 FICO9 TU-700 EQ-669 EX-716

Simulator Test - 3/17/18 FICO8 TU-651 EQ-712 EX-778 w/ high utilization
Results - 4/11/18 FICO8 TU-653 EQ-710 EX-779 w/ 5 x 0% utilization
Message 15 of 29
Regular Contributor

Re: PenFed questions


@wrote:
Thank you noir, they may not be great to some people and that's up to them. I've gained about 90 points in 6 months. I have cards from prime lenders and some from not. I've been actively invested in this whole thing (credit and cards) for a whooole 6 months so I'm pretty freakin proud of what's happened in that time. They may be "toy" limits to some but they suit my lifestyle and provide rewards that I value and while helping me build. Yes I'd love to see a 10 to 15k cl and it'll happen, but I don't need it because I PIF and they work for me not me for them. Also Discover seems to like me so far. I wouldnt be surprised to see them hit 5k before or at the same time as Amex.

Any limit with lenders you want to be in with is a victory when you are rebuilding.  Congratulations on your wins.

Message 16 of 29
Frequent Contributor

Re: PenFed questions

Thanks, really it's more like 4 months and an educated guess. I've seen versions of my score at 585. They were fako at that point but most of what's on my report seems to score the same way for both models. Since I've been here they've been relatively close to each other (5 points or so) and my middle scores now are about 670.
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 17 of 29
Frequent Contributor

Re: PenFed questions

Thank you, I agree. My interest in PenFed is building a solid relationship with a CU that can do everything well and who would be the go to for everything. I hate having a loan through this place and that place and not really having any interest in then besides that individual loan.

I'm super stoked to be in with Amex. I know that I can grow the BCE and they'll love seeing thousands of spend and PIF monthly. In 6 months or so I wouldn't be surprised with a 2 to 2.5k EDC or EDP that will become my first 15k card.

Discover has also been great and was my first goal card. I have little interest in Chase as they won't budge on some super old derogs (while I understand it's their risk). Amex and Discover both looked past a very small window in an otherwise solid credit history and have my loyalty for that.
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 18 of 29
Community Leader
Super Contributor

Re: PenFed questions

You are making incredible progress. Kudos for that. I say give it a try and recon if denied. You have a great story of planning and progress that they would like if you were able to tell them. Just my two cents.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 759; TU: 742: EQ: 748
Message 19 of 29
Valued Contributor

Re: PenFed questions

the only statistic with a doctor that matters is ones own, same for datapoints with credit.  here is mine helping a friend last month with penfed.  $200K in income, F8s touching 800 on 3B and they would not give her a single $500 card.  I have one of my cars and a card through them and the hoops they wanted me to go through for being self-employed 3 years ago for a card was stupid.  I have said it before and I will say it again, great for car loans and that is about it.  marginal customer service.  dealing with nfcu on any level proves this point.  penfed's best years are behind them imo.  oh, while I was on recon with them I got my friend a $25K everyday.  also got her a cash+ and 2 other amex cards.  amex is the reference point of easy imo, I love dealing with them almost as much as chase.  good luck with your rebuild!

msb penfed post.PNG

Message 20 of 29