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PENFED - recent accounts include Mortgage pulls

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PENFED - recent accounts include Mortgage pulls

After I close the 25th, I am considering opening a PENFED account to try and get a new CC for some house stuff. From what I have read here, they frown against recent credit pulls - does that include mortgages? The most recent credit card pull was November 2016, Current FICO 8 scores are 692/678/668 - carrying some on my NFCU card, which I would also hope to balance transfer. Also, if I have an old AMEX chargeoff (USAA, 2014), will AMEX ban me from their travel rewards? It was paid off in 2016, and it is also removed from my EQ report.

 

 

8 REPLIES 8
Valued Contributor

Re: PENFED - recent accounts include Mortgage pulls


@Chicago1227 wrote:

After I close the 25th, I am considering opening a PENFED account to try and get a new CC for some house stuff. From what I have read here, they frown against recent credit pulls - does that include mortgages? The most recent credit card pull was November 2016, Current FICO 8 scores are 692/678/668 - carrying some on my NFCU card, which I would also hope to balance transfer. Also, if I have an old AMEX chargeoff (USAA, 2014), will AMEX ban me from their travel rewards? It was paid off in 2016, and it is also removed from my EQ report.

 

 


First, Congrats on the house closing! Second, this is a loaded question lol I don't know if I'm the best person to answer but I'll help where I can.

 

From what I have read here, they frown against recent credit pulls - does that include mortgages? -- all inquiries will show on your credit report but they also have a small tag attached that tells them (the banks reviewing your report) what the inquiry is for. This should not be an issue and the worst case is they ask about them, and you share it was for the mortgage process. 

 

Current FICO 8 scores are 692/678/668 - which one is EQ? This is definitely the one PenFed will pull. 

 

carrying some on my NFCU card - how much if you don't mind, or more importantly how much of the total limit is used up? 25%, 50%, 75%?

 

Also, if I have an old AMEX chargeoff (USAA, 2014), will AMEX ban me from their travel rewards? - That particular card just ran on the amex payment network. You'll be fine here (regarding any kind of reward ban from Amex). Also, did you ask this because you were looking at the PenFed Pathfinder Amex? That card is like your old USAA card, its on the amex payment system but not an actual American Express card. Whatever rewards program offered thru PenFed would not be influenced by that old USAA, if that's what you were asking. The great thing is that it was removed from your EQ report so PenFed wouldn't even see that old charge off. 

 

Your posting will likely get moved to the "credit cards" or "credit card applications" section by a mod at some point; it's better suited there and I think you'll get better insight from it. Hope this helped! 

Message 2 of 9
Established Member

Re: PENFED - recent accounts include Mortgage pulls


@credit_is_crack wrote:

@Chicago1227 wrote:

After I close the 25th, I am considering opening a PENFED account to try and get a new CC for some house stuff. From what I have read here, they frown against recent credit pulls - does that include mortgages? The most recent credit card pull was November 2016, Current FICO 8 scores are 692/678/668 - carrying some on my NFCU card, which I would also hope to balance transfer. Also, if I have an old AMEX chargeoff (USAA, 2014), will AMEX ban me from their travel rewards? It was paid off in 2016, and it is also removed from my EQ report.

 

 


First, Congrats on the house closing! Second, this is a loaded question lol I don't know if I'm the best person to answer but I'll help where I can.

 

From what I have read here, they frown against recent credit pulls - does that include mortgages? -- all inquiries will show on your credit report but they also have a small tag attached that tells them (the banks reviewing your report) what the inquiry is for. This should not be an issue and the worst case is they ask about them, and you share it was for the mortgage process. Thank you! 

 

Current FICO 8 scores are 692/678/668 - which one is EQ? This is definitely the one PenFed will pull. EQ is 692. 

 

carrying some on my NFCU card - how much if you don't mind, or more importantly how much of the total limit is used up? 25%, 50%, 75%? Around 75% - paying it off, but I have been holding on to cash until I close. Everything else is under 6%, also I am an AU on my parents' CITI which is 0% on 38k.

 

Also, if I have an old AMEX chargeoff (USAA, 2014), will AMEX ban me from their travel rewards? - That particular card just ran on the amex payment network. You'll be fine here (regarding any kind of reward ban from Amex). Also, did you ask this because you were looking at the PenFed Pathfinder Amex? That card is like your old USAA card, its on the amex payment system but not an actual American Express card. Whatever rewards program offered thru PenFed would not be influenced by that old USAA, if that's what you were asking. The great thing is that it was removed from your EQ report so PenFed wouldn't even see that old charge off. Ah perfect - yes, I want the pathfinder travel rewards AMEX. Thank you so much - this was all a huge help!

 

Your posting will likely get moved to the "credit cards" or "credit card applications" section by a mod at some point; it's better suited there and I think you'll get better insight from it. Hope this helped! 


 

Message 3 of 9
Valued Contributor

Re: PENFED - recent accounts include Mortgage pulls

Glad it helped. Good thing for you is your highest score will be the one they would pull, but your 75% UTI on that card might ding you. Depending on what else is on the report (#paid loans, #paid cards, other open accounts, grand total UTI, etc), you might be on the fence for approval. PenFed has welcomed folks with 680+ scores and several examples with scores as low as 650’s, but heavy utilization does count for them.

They used to deny people for that reason, cleverly called “pyramiding debt” - aka “Egyptian denial reason”. You’re on the right path, but hard to say if you’re golden from what you’ve shared so far. As always YMMV
Message 4 of 9
Established Member

Re: PENFED - recent accounts include Mortgage pulls

No loans - paid off my car loan and personal loan years ago. Grand total util is like 23%, only thing I have high is the NFCU. Other than the CC, my only debt is my soon to be new mortage. 

Message 5 of 9
Valued Contributor

Re: PENFED - recent accounts include Mortgage pulls

I think you have a good shot. Overall UTI is in a safe area, very low inquiries, some tenured accounts. If I had to slap a number on it, 90%? That a la carte 75% still rings a few bells but that’s something you’d be able to speak to IMO

I can’t say how generous they’d be, but I think your situations lends itself to an approval - I could be 1000% wrong so please know I can only share my own experiences and bounce them against yours. Please excuse the length
Message 6 of 9
Established Member

Re: PENFED - recent accounts include Mortgage pulls

Really appreciate your insight! I probably will see if I can get approved right after I close, if not, pay it down and reapply. Is that the hardest approval from PENFED?

Message 7 of 9
Valued Contributor

Re: PENFED - recent accounts include Mortgage pulls

I was just approved for my first penfed card
19K SL. I’m right around 15/24 with most being opened within the past year. 7 inq’s on EQ but it’s been a year since last HP
699 FICO 8 on EQ. No debt at all.
1 unpaid collection from 2014 for $670

I could be an outlier but it doesn’t seem that they are new account sensitive.

I just co-signed for my fiancé on a 21K auto loan as well. She was quoted 3% higher without me being on the loan. I did a joint app with her and we got the lowest rate offered




Total Revolving Limits $219,300

FICO 8 scores 04/2019
EX-778
TU-714
EQ-716
Message 8 of 9
Valued Contributor

Re: PENFED - recent accounts include Mortgage pulls


@Shadowfactor wrote:
I was just approved for my first penfed card
19K SL. I’m right around 15/24 with most being opened within the past year. 7 inq’s on EQ but it’s been a year since last HP
699 FICO 8 on EQ. No debt at all.
1 unpaid collection from 2014 for $670

I could be an outlier but it doesn’t seem that they are new account sensitive.

I just co-signed for my fiancé on a 21K auto loan as well. She was quoted 3% higher without me being on the loan. I did a joint app with her and we got the lowest rate offered

@shadow, Congrats on the Win! I don't think you're an outlier so much. The things that stood out are (1) your Fico8 score is very near 700; EQ has been using Fico 9 which is higher than the Fico 8 for a large chunk of people, (2) you have at least 15 accounts that have aged a year (3) you have 0 EQ HP's in 12 months. With those stats I'd think you would be an approval. 

 

@Chicago, I can't say for sure about it being the 'hardest' card to get with PenFed. Some backs do have more stringent criteria for card approvals (like Chase CSP vs AARP card, or Citi Simplicity vs Home Depot card, etc), but I don't think PenFed is one of those banks. I think they're underwriting is the same for all of its cards. There might be some income requirements regarding limits granted, but I think they are more honed in on total exposure (no more than $50k in credit cards to any one single person, does not include AU's). Someone just posted an approval for the full $50k on 1 card and $10 for a CLOC, no idea about report stats though, but that is rare! I have my platinum rewards at $47k and when I asked for a CLOC about 2 months ago they asked if I'd move money off the card...that was a hard No Thank You lol 

Message 9 of 9
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