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EQ FICO 9 - Quick Tips?

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Valued Member

EQ FICO 9 - Quick Tips?

Hey all,

I recently opened some accounts with PenFed and am trying to bring up my FICO 9 scores to qualify for some products with them. They use EQ FICO 9 as I understand it. This week I have opened up the Access America Checking with $25, both kinds of Savings with $5ea., and an Overdraft LoC of $500 ($0 bal.), and I'm in the process of moving my direct deposits, etc. over from BofA.

 

My current EQ FICO 8 score is 644, but my FICO 9 is only 603. (It was 604 until PenFed's inquiries.) I have read in some places that you need either a 640+ or 650+ FICO 9 to qualify for their loan/credit products, but feel free to correct me on this if I'm wrong! Products I'm most interested in are the CC (Promise CC?), personal loan, and auto loan.

My EQ profile basically looks like this:

AccountBalanceStatusDoFd
US Dept. of Education$20,740pays as agreed / never late since 9/2015 
US Dept. of Education$4,148pays as agreed / never late since 8/2008 
Credit Lending Services$11,969charged off / reposession
dinging my EQ with a 90-day late every month
9/2017
CashCall$2,598charged off8/2017
Opportunity Financial (FML)$2,416pays as agreed / never late since 3/19 
Sunrise La$761pays as agreed / never late since 03/19
this was a credit builder "loan"
 
First Savings CC$447charged off
dinging my EQ with a 90-day late every month
7/2017
Capital One$67 (of $500)pays as agreed / never late since 8/2018 
Capital One$0 (of $500)pays as agreed / never late since 11/2018 
Credit One$6 (of $600)pays as agreed / never late since 8/2018 

Inquiries: 4 (2 from PenFed this month, 2 from Cap 1 in 8/2018 and 11/2018)

BK Ch.7: 7/2016

Some lates on accounts IIB


  • So, I've already PIF the $67 Cap1. I had been trying to use it as my only utilization card, but Credit One is impossible to bring to $0 because they add interest or fees every month on statement day of a few dollars.
  • Next week I will be mailing the check to PIF First Savings CC. (I believe the $447 counts to my util of a $1600 limit?)
  • I will be PIF Opportunity Financial in 3 weeks
  • I was going to mail CashCall and ask for a PFD if I PIF at the end of August

I can't tackle the $12k on the repo'd [LEMON] car loan just yet. Barring that, is there anything else you see that I can do to boost my EQ FICO 9 in the next couple of months? If I talk to CLS and start making some kind of monthly payment arrangement, would they stop adding 90-day lates every month or would it help at all?

--Oct 07, 2020--

3 REPLIES 3
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Frequent Contributor

Re: EQ FICO 9 - Quick Tips?

I would consider other institutions entirely. Penfed isn't known for being very rebuilder friendly.

If you are eligible, NFCU is much more likely to give you a chance with their credit products.






Message 2 of 4
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Established Contributor

Re: EQ FICO 9 - Quick Tips?

I have to agree with @Standby

 

The CSR I spoke to was extremely knowledgable because he had been with PenFed for many many years and had been in that line of work for over 30 years. He told me that PenFed will absolutely not grant a credit card to anyone who has a collection on their EQ report. He also stated that your scores need to be at LEAST in the 650's. I'm honestly not sure about charge off's because I didn't have any on my report. 

 

It's weird because I was able to get a car loan with them a few years back even though I had 1 collection on my EQ report. It was only for $15,000 (they wouldn't go any higher), but it seems silly that they'll allow someone to buy a car with a collection, but not a credit card. I wanted to go with them for my new car since they did me a solid when I needed it, but they wouldn't approve the full amount of my new car (I needed about $25,000). So I don't know... I don't think they're all that great. I only went with them because my dad said I should LOL. 

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 3 of 4
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Community Leader
Super Contributor

Re: EQ FICO 9 - Quick Tips?


@Queen_Etherea wrote:

I have to agree with @Standby

 

The CSR I spoke to was extremely knowledgable because he had been with PenFed for many many years and had been in that line of work for over 30 years. He told me that PenFed will absolutely not grant a credit card to anyone who has a collection on their EQ report. He also stated that your scores need to be at LEAST in the 650's. I'm honestly not sure about charge off's because I didn't have any on my report. 

 

It's weird because I was able to get a car loan with them a few years back even though I had 1 collection on my EQ report. It was only for $15,000 (they wouldn't go any higher), but it seems silly that they'll allow someone to buy a car with a collection, but not a credit card. I wanted to go with them for my new car since they did me a solid when I needed it, but they wouldn't approve the full amount of my new car (I needed about $25,000). So I don't know... I don't think they're all that great. I only went with them because my dad said I should LOL. 


Not silly at all. A vehicle is a secured instrument. If you default, the vehicle can be repossessed. Credit cards are unsecured. If you default, CCCs are kind of SOL.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 4 of 4
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