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Should I apply to penfed?


Should I apply to penfed?

Im looking to expand my CCs as I have very few. my EQ is 708 of maybe slightly higher by now. My util is 1%, I have only 1 new CC this year about 9 months old; however I have 8 total inqs on EQ which is my concern. 5 are in the last year, but most are stupid: one for rentin, one from comcast, one from AT and T, 1 for chase freedom and 1 for CLI for chase. I know Penfed is very sensitive to inqs, do you think I can get the rewards visa?
5/08 EQ 696.....9/13 EQ 796.....9/17 EX 824, EQ 843
Amex Blue Cash 15K || PenFed Cash Rewards 18K || Chase Freedom 12K || Cap1 Quicksilver 15K || Amazon Prime 3.8K || Citi Double Cash 10.8K
Message 1 of 3
Moderator Emerita

Re: Should I apply to penfed?

You should be OK, if I read your post correctly. PenFed is sensitive to recent new accounts, and you only have one opened 9 months ago, which is hardly recent.

Do you have any baddies?

If I were you, I would apply over the phone, so that if there is a question about the inqs, you can explain then and there. I'm assuming that the Freedom inq was for the 9-month-old card, and the CLI inq for an increase on that card? Comcast, AT&T and a refi hardly make you sound like a wild-eyed credit-seeking maniac. Smiley Happy

If you're worried, you can even call and ask them about this in general, but I don't know if they'd tell you anything more than they'd have to look at the report (= apply) to decide. Good luck!

just notice your siggy and scores: if I may ask, what's with your EQ being so much lower? If there's something on there besides inqs, you'll need to be ready to discuss that.

Message Edited by haulingthescoreup on 06-18-2008 07:48 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 3
Established Contributor

Re: Should I apply to penfed?

Hauling is correct, in that, PenFed is sensitive to new accounts rather than INQ's. My suggetion... start a savings account with them and build from there.
Message 3 of 3