Penfed question

[kugel]

I wanna try to get in doors with cu for the first time i just realized I am a member in penfed cu since 2008 and have a open savings account open since than with $5

First question
If I put More money in the account now for the next 9 months does this give me a better chance of approval later ??

Are the easy to get a approval ? And what card
I do have Satisfied judgment $1200 payed in 2011 do I have a chance with this showing on cr .tia

[baller4life]

The amount of savings you have won't have any affect on approvals. What is your EQ Fico? Do you have alot of new accounts/inqs?

[kugel]

I have revolving accounts from 2007 closesd and payed was running to at 2010
From 2010 till few months ago no cards only had authorized user accounts but now I have 3 accounts us bank $2000
Credit one $700
Cap1 $500
Hopefully they will increas in the next 7 months
Equifax fico score now is 651
3 inquiries only

[kugel]

Was saying if I put now at least $5000 for the next 8 months

[Anonymous]

Penfed will use a slightly different FICO score, EQ next gen. From the looks of it, I asume you are rebuilding? Do you have negatives on your reports? How is your utilization on the 3 cards you currently have? I would use the $$ you plan on depositing in your Penfed savings and put it towards paying utilization down, if you have it and trying to clean your reports if there are negatives. Doing that will boost your score over time. Then, when your EQ gets higher, try for Penfed. I think you're probably too low right now.

[kugel]

Yes its rebuilding back
No negative only a payd judgment that was satisfied in 2011 don't think it has a effect now
Utilization on all open cards together are only 1%

So for a better chance I should let thi account grow 7morw months I guess?
And deposit money in the penfed will make any diff?

[Anonymous]

Depositing the $ isn't going to sway their decision to approve unless it's a secured card. Nothing wrong with putting it in your savings, but it won't sway heir decision. I would say just continue to use what you have, pay on time, and let your scores grow. Then once they climb, maybe try. 

[Anonymous]

As others have said, wait for your score to improve and you should be successful...

[kugel]

Thanks

[bk510]

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@Anonymous wrote:

Depositing the $ isn't going to sway their decision to approve unless it's a secured card. Nothing wrong with putting it in your savings, but it won't sway heir decision. I would say just continue to use what you have, pay on time, and let your scores grow. Then once they climb, maybe try. 

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+1