Strategy for getting PenFed SP Offers?

[newmomnewme]

I joined PenFed in Sept 2020 (HP). I opened a savings, then approved for PCR (HP) SL $3500. After I earned the quick SUB, I opened a checking acct to get 2% CB on PCR. 

I have turbo tax in my offers section. I get lots of mailers. Lots of marketing but no SP offers. I got another mailer for an auto loan just this am.  My current scores are in my signature, I have two paid collections (2+ years old), I did open 5 new accounts AFTER PenFed. My overall UTIL is <20k. Balances on 3/15 revolvers = AZE3 😂😂😂

Will the collections and/or new accounts keep me from getting offers? Do I need to get my scores up? I heard about some members with dirty files never getting offers, is that still a thing?

Any advice?

[1GaDawg85]

I think you will have to wait for the quarterly update to see when you might get an offer which won't be for a few months but keep working on getting utilization down and see if you can only report balances on one card instead of 3

[newmomnewme]

@1GaDawg85 thanks for the quick response. I can get AZE2, but AZE0 is impossible at the moment. I have two large BT deals one at Navy and one at PSECU. I am slowly paying them down, but it will take a while. The third one is over at SECU, I can have it paid in full next month. I really don't want any new accounts right now, I just want to get that $3500 SL up to 10k+ if possible. Thanks again! 

[1GaDawg85]

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@newmomnewme wrote:

@1GaDawg85 thanks for the quick response. I can get AZE2, but AZE0 is impossible at the moment. I have two large BT deals one at Navy and one at PSECU. I am slowly paying them down, but it will take a while. The third one is over at SECU, I can have it paid in full next month. I really don't want any new accounts right now, I just want to get that $3500 SL up to 10k+ if possible. Thanks again! 

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my PCR started at 7500 and I don't see it moving up more than where it is right now even when I have under 20% UTIL reporting. I expect that PenFed will want some history from either one of us before opening up the vault. One can dream though!

[FinStar]

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@newmomnewme wrote:

I joined PenFed in Sept 2020 (HP). I opened a savings, then approved for PCR (HP) SL $3500. After I earned the quick SUB, I opened a checking acct to get 2% CB on PCR. 

I have turbo tax in my offers section. I get lots of mailers. Lots of marketing but no SP offers. I got another mailer for an auto loan just this am.  My current scores are in my signature, I have two paid collections (2+ years old), I did open 5 new accounts AFTER PenFed. My overall UTIL is <20k. Balances on 3/15 revolvers = AZE3 😂😂😂

Will the collections and/or new accounts keep me from getting offers? Do I need to get my scores up? I heard about some members with dirty files never getting offers, is that still a thing?

Any advice?

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Outcomes will vary whether you joined with a dirty file or not.  Time with PenFed is definitely going to be a driver, but if you recently went on an app spree, it's likely going to be a while.  I believe there were very limited DPs for some folks who eventually received quarterly offers that joined dirty and eventually the negative items fell off.  For one individual it appears it was 3 years, IIRC.

So, all you can do is manage your profile in the best way possible, minimize sprees, get EQ FICO9 higher and continually monitor every quarter.  If no offers, don't get discouraged.  On a clean profile, it took me a couple of years to see them so YEMV. 

[blindambition]

CU don't necessarily seem to shy from approving with multiple inquiries, in my experience. The quarterly options seem to be sensitive to new accounts, and possibly DTI. 

Almost all my approvals were EQ HP last year. I had offers from DCU each quarter last year, 4th EQ HP approval in October. January I had no more offers, with less debt. Similar outcome with another CU.

My opinion is CU are more sensitive with new accounts and SP offers.

I did open 5 cards last year, so can't say I'm surprised.