No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I'm curious, would my profile be sufficient for them when I want to app July of next year:
AAoA should be close to 2 years
All EQ INQ's will be over a year old, and about 13 reporting.
I will have 5% or lower util. reporting
All CC accounts will be over a year old and some over 2 years (14 total)
Think I would make it in for their 5% gas card? (if tis still around lol)
@LS2982 wrote:I'm curious, would my profile be sufficient for them when I want to app July of next year:
AAoA should be close to 2 years
All EQ INQ's will be over a year old, and about 13 reporting.
I will have 5% or lower util. reporting
All CC accounts will be over a year old and some over 2 years (14 total)
Think I would make it in for their 5% gas card? (if tis still around lol)
Pen Fed can be uneven with their approvals... they're generally ultra conservative upon app but can be generous with limits (preapprovals) if they like you. The flurry of relatively new inq and accounts could be sticking points, worth a shot perhaps-they'll like the low UTI but could be another couple of years before the odds of approval are stacked more favorably, given the big growth spurt of 2 year old ish accounts. New accounts can = 24 months in Pen Fed speak (denial reasons). I was denied a few times over a couple of years before landing an approval. It was worth the wait, hope you get in sooner than later. IMO it could go either way based on OP.
I have them and they pulled my credit for membership and looked for a credit card and they said no with a 715 EQ. You need to have perfect credit.
Near perfect credit history AND a relationship with them is what I believe they look at. I got denied right after being approved for USAA with an incredible CL. My score was near 700 on EQ. I will keep my account with them because their products are cream of the crop and I believe sometime next year I could get an approval after I've established a direct deposit with them. Ultra ultra conservative but I really like having them in the line up for the future. Best of luck!
Good chance of approval looks like 740+, no thinish or too young file, little no recent inquiries on eq. Decent chance is 720+ with same characteristics as good chance. Marginal is 700+. Backdoor to Penfed might be to get one of loan products that has assets behind them like auto loan. If I was 700-730, I would use them as auto loan first. They look easier to get than cc. Also auto loan products are highly competitive if not best around. Refinance of auto loan works too.
@Crashem wrote:Good chance of approval looks like 740+, no thinish or too young file, little no recent inquiries on eq. Decent chance is 720+ with same characteristics as good chance. Marginal is 700+. Backdoor to Penfed might be to get one of loan products that has assets behind them like auto loan. If I was 700-730, I would use them as auto loan first. They look easier to get than cc. Also auto loan products are highly competitive if not best around. Refinance of auto loan works too.
+1 - PenFed is a tough one to get in with.
LS - you might consider a re-fi on your auto loan. As Crashem stated, their auto loans are super cheap! I think worth some consideration. You get in, re-fi the auto loan, and wait until you build some payment history with them, then go after the Visa.
If you can get your foot in the door - and I do think you have a chance, even today, you can start to build with them.
We have been members now for over a year, have the Cash Rewards Visa with a $20k line, and I have yet to see any pre-approvals for any of there other products. So, I am just waiting for something to show up. And, I keep $100 in the savings account with them.
You have made some solid improvements as of late. If you applied for membership and were turned away, I would call and argue my point. The CS is US based and generally very nice people to talk to.
"If" you decide to try, I wish you good luck!
Membership is as easy as a $25 fee and a credit inquiry; however, acquiring any of their loan products is the challenge. I like Crash's auto loan idea (though I think LS you kicked DW's auto loan down to ~2% with PSECU?), and I opened an account in January and was planning to go that route until DCU blew away my expectations and I just decided to call it good with my admittedly subprime score.
They're (Penfed) a pretty good CU all things considered, but I don't see how they're going to realistically help me much in the future until I'm gold-plated, in which case I may not even need or want them. I just don't have enough ways to split my financially uncomplicated life to try to build history with them without sacrificing plans with one of the other lenders on my list... and Penfed vs. Chase / USAA / or even DCU for me, is just a non-starter. That may even apply with BOFA too in my case.
For a little perspective from someone in similar shoes as you...
I joined PenFed last November right after I discovered this forum - dumb about all things credit-related, and positive that I could get my car refinanced down to their 2.49% interest rate. They accepted me for membership no problem, but it was an instant decline on the refi - EQ score at the time was 656.
Fast-forward to July '12, and I'm up to a 701 EQ Fico. I have had no business with them for 8 months other than my $5 deposit still sitting in my share account. Applied for the auto refi and was approved at 1.9%. Called to see when the check would be mailed out, and the CSR asked me if I wanted to go ahead and try for one of their CC since I already had the HP. I agreed, and it was an instant "turned down" (nicer way of saying rejected).
I've got my foot in the door with them now, and I just made my first payment on the car refi. I've had an opportunity to interact with their CS twice, and both times they were extremely friendly/helpful. I am (im)patiently waiting for the day when I see a preapproval for one of their cards. I don't think it will be anytime in the next year, as I've opened about 5 new cards this summer alone. However, as I continue to pay down my revolving utilization and let these accounts age, I'm hopeful that my time will come. It will be worth it in my opinion.
anyone have a backdoor number for pen fed? I would like to get my truck refinanced
@swpopham wrote:anyone have a backdoor number for pen fed? I would like to get my truck refinanced
backdoor number? Did you get turned down? Are you member?