PENFED material or NOT???

[Anonymous]

I need some assistance from the PROS...

During the last year I have come a long way from anywhere from a 490 to 590 Fico score and since then have been establishing new credit to put me more ahead of the game.

My current info follows.

EQ: 662  Simulator Says 662-682 Next month.

TU:  644  Simulator Says 644-664 Next month.

EX:  635.

My EQ has three accounts on it to include

A)BOA $500.00 CC that has been opened since APPROVAL and never late

B)HSBC $1000.00 CC that has been opened since FEB-2008 and never late

C)Old Bank account that went to collections on July 2005 (DOLA) and has been paid in full back in Jan 2008. The comment for that says "Bad Debt, Collection"

D) MYFICO Reports says my score is low due to NO installment loans. ( I plan to finiance a new truck through GMAC here in the coming month or two which will help)

The other two CRs have a federal Tax Lien on them and is in the midst of being removed. IRS tells me that the cert. of withdrawal should be at the house in a couple of weeks and I have the rest of the paper work prepared for the mail.

My question for you guys is;

Am I ready for PEN FED?

(I want a new CC from them)

If not what do you suggest that I go after to further better my score and overall history?

Once again thank you for all of your support and input.

[smallfry]

I would wait a bit.

[Anonymous]

How long would you recommend and how should I mold myself to look better?

Are there any other lenders that better fit me today?>

Thank you for all your assistance/.

[Creditaddict]

Citi Bank

[oracles]

Hi Chuck:

I definitely agree that you should wait. Penfed is a very conservative bank. They have very strict guidelines in obtaining a credit card. They are very sensitive to inquiries and baddies. One thing going for you is you don't have many inquiries in the past year. However, i really would put more time between you and that collection account. Maybe try to GW it off of your report. Penfed likes to see scores in the range of 680-700. In today's times, it might have increased.

Citibank is a good options to look into.

You can also go to bankrate.com and check out which credit card you maybe interested and then come back here and ask for some advise as to if this is a good choice with your situation.

Also go to www.whogavemecredit.com to see what cards are being approved with your scores and report.

Hope this helps keep us updated

[score_building]

may want to try a local cu first, pf seems not to like newish histories in your score range these days.

when the inaccurate baddies is removed and TU and EX are 660ish may want to consider discover, citi, ymmv.  you could also look at the cap1 preselector and see if they have any cards you like.

pen fed, it seems, has tightened approval standards in recent months.  they appear to like longish histories, and not like eq inq.'s, recent baddies, high util or new accounts.  few reports recently of low to mid 700s with established histories and low util being denied.  the good thing is even if you are denied, you can subsequently reapp w/o prejudice after you review the reasons for denial and brush up on your credentials.

[manyquestions]

---

@score_building wrote:
may want to try a local cu first, pf seems not to like newish histories in your score range these days.

when the inaccurate baddies is removed and TU and EX are 660ish may want to consider discover, citi, ymmv.  you could also look at the cap1 preselector and see if they have any cards you like.

pen fed, it seems, has tightened approval standards in recent months.  they appear to like longish histories, and not like eq inq.'s, recent baddies, high util or new accounts.  few reports recently of low to mid 700s with established histories and low util being denied.  the good thing is even if you are denied, you can subsequently reapp w/o prejudice after you review the reasons for denial and brush up on your credentials.

---

+1

You definitely want to wait until you are over 700 on Equifax FICO.  Penfed was conservative, now they are more conservative.

[jmbfl]

---

@score_building wrote:
may want to try a local cu first, pf seems not to like newish histories in your score range these days.

when the inaccurate baddies is removed and TU and EX are 660ish may want to consider discover, citi, ymmv.  you could also look at the cap1 preselector and see if they have any cards you like.

pen fed, it seems, has tightened approval standards in recent months.  they appear to like longish histories, and not like eq inq.'s, recent baddies, high util or new accounts.  few reports recently of low to mid 700s with established histories and low util being denied.  the good thing is even if you are denied, you can subsequently reapp w/o prejudice after you review the reasons for denial and brush up on your credentials.

---

I concur. +1

[TangMeister]

Wait on the credit card. Highly unlikely they'll approve you at this time.  BUT.....

Sign up with PenFed now, and see if they'll finance your new vehicle.   History with PenFed, like many CUs, counts. 

Good luck!

[Anonymous]

That is all some good guidence. Thank you.

Well it seems as if i might not have what it takes YET...

But I will look at signing up with them after i get my credit cards and auto loans.

I was going to chose GMAC for my Auto finaince becasue there are offering better deals then banks or CUs (0%) They have also lowered there Score min from 700 down to 621. here is a link for the info.

GMAC New Credit Score MIN

 http://www.nytimes.com/2008/12/31/business/31auto.html?ref=automobiles

I was also looking through many other peoples post and noticed that NAVY FCU is a good CU that works with people in the 600's and I am also elegiable becasue i am a contractor or the DOD.

Does anyone have any input about this CU and I noticed that on the whogavemecredit.com there approving cards for 3.5K to 7K. 

I want to go after everything with in the 14 days window to lessen the impact of my score .

Any more guidence would be most greatful and once again 

THANK YOU ALL....