PenFed Credit Card

[Karatz]

FYI: I was just quoted that PenFed looks for total utilization of under 40% when considering a credit card application. I'm right about there so I'll play it safe and just push it closer to the 30% mark before I apply.

[Anonymous]

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@Karatz wrote:

FYI: I was just quoted that PenFed looks for total utilization of under 40% when considering a credit card application. I'm right about there so I'll play it safe and just push it closer to the 30% mark before I apply.

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As a PenFed high achiever I am going to tell you that 30% may not be low enough. (But it could be.) You are going to have to post much fuller detail of your credit picture before we render an opinion on your chances. App'ing PenFed presents many hoops you must jump through, and if you do not clear all of them you're going to be tripped up. (The following all matter, some but not all are show stoppers: baddies, recent lates, available credit to income, used credit to income, EQ FICO, inquiries, new accounts, documentation of income (sometimes) and more.)

[smallfry]

I think 30% is too high. Egyptian.

[armymom]

I called a few days ago to inquire about applying for one of their cards for a balance transfer and the CS rep told me they don't like to see over 38% utilization.

[Anonymous]

As I attempted to indicate above there is a whole lot more to the matter than UTIL and FICO.

[haulingthescoreup]

That 38% (or 40%) thing might mean that if you have scores in the 800's, no inquiries on EQ, no new accounts for four years, and a GS-15 salary, they might consider you. Maybe.

As CWCID said, PenFed is picky. Really, really picky. Many members here have been shot down, and they have had great credit profiles.

I would never take one tiny scrap of info like this and try to build something on it.

[Anonymous]

Here is a possible strategy with PenFed.

1.  Open your checking and savings.

2.  Setup Direct Deposit to PenFed.

3.  Transfer your discretionary savings (not locked into cd's) to PenFed.

4.  Talk to a LO about applying for a Plat Visa, interested in the BT and would be willing to CLOSE the card that the balance is coming from.

If your DD paycheck and income is satisfactory, you have checking & savings (with some money in it) and you want to BT to lower your interest charges, and would be willing to close the other account in preference to PenFed.....maybe this might make a difference???

[Anonymous]

You don't really talk directly to loan officers when dealing with PenFed on CC's. The idea is that the app's are to be computerized, not personalized. You are supposed to complete most of your transactions on-line and are rewarded for doing so. You talk to the CSR's who relay the information to the loan (or other) department by computer only in the case of problems. (Which in this case would be regarding the post decline reconsideration which is done via fax'ed letter.) PenFed aren't really horse traders either. I would not waste the hard INQ taken at membership time if not fully ready to file a CC app that will stand on its own two feet.

Message Edited by creditwherecreditisdue on 07-16-2009 10:30 PM

[score_building]

i agree with HTSU but was told this too (about under 38%) and then denied under 28% with fairly strong app.

[wmarat]

First time denied with my standart util. 0%, than approved with the same util.

Seriously, util. is only one of criteria.