PenFed Question?

[Anonymous]

Here's the deal...I don't 'need' a new CC nor a new CU

but I'd LIKE to have a relationship like PenFed (in my back pocket....just in case)

I'm wondering should I wait until my scores recover, from my recent credit score dives

due to HP's and new account openings......

.

I'll lost 30-50 points over the last few months ( I'm not crying, mind you)

2 HP's got me

1 NFCU Auto

1 NFCU 15k CLOC

3 USAA  CC's ( 2 Visas and 1 AmEx)

but of course 5 brand new accounts ate away at AAoA and obviously 5 new accounts reporting in

short order scares the crap out of RISK scoring.....

I'm cool and I undrestand that within a few months of showing I can juggle the new balls in the air

that my points will recover, especially adding an installment loan (car) which I didn't have before, thus

adding to credit mix.

My question is...I'd like to be greedy and have 'relations'...sorry relationships established with

Navy, USAA and PedFed...just because

The only reason I got the 3 USAA cards was I was checking on auto insurance for the car from the Navy car loan,

where I got the CLOC that I got only b/c I apped for the car in the 1st place (who's on 1st)

Anyway, I don't want to waste a HP on PenFed and be 'stuck' in a B.S. category b/c of being a 'sub-prime' admit

when I'm ok waiting til my scores pop back into the mid 700's as my new accounts mature.....

so do I wait to apply for membership or is it no big deal?

Thanks

[Anonymous]

Those are good lenders to have a relationship with.  But if I were in your shoes, I'd wait until scores go up and then apply to get in with Penfed. 

[baller4life]

What is your EQ score? Penfed is stricter than USAA and Navy Fed. 

[Anonymous]

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@baller4life wrote:

What is your EQ score? Penfed is stricter than USAA and Navy Fed. 

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I'm guessing 670-680

AAoA 1.4 on Eq (only .4 on TU)

Navy CashRewards/Disco/QS1 all under a year

Cap-1 Plat at 13 months

+ of course the Auto loan

CLOC

2 Visas

1 AmEX

all under 2 months

Trying to NOT blow my wad too soon, I can easily (well relatively) wait till next year, just thought it'd be cool to have them all

aging together?

Should I app for member and chill or maybe wait till they send me an offer (did that with Navy and they sent me an invite to apply)

[Anonymous]

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@Anonymous wrote:

Those are good lenders to have a relationship with.  But if I were in your shoes, I'd wait until scores go up and then apply to get in with Penfed. 

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Agreed!

[Creditplz]

Gemini when they pull for membership that same pull is used for 60-90 days on CC's and such, I was able to recon with a 639 but all files are different.

[Revelate]

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@baller4life wrote:

What is your EQ score? Penfed is stricter than USAA and Navy Fed. 

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Not for membership.

They took me when I was 550ish, where I got stuck 4 years later while they happily gave me a non-trivial PLOC (20k, way more than I needed) I have some stupid flag on my account where I can't transfer money INTO the institution... and they're telling me they're going to have to check credit which might be a HP, or at least they need my bloody written authorization to do it at any rate.  Snail mail, SMH.

Maybe I'll straighten that out, meh, probably should after I get the other things I need my credit for in the next few months taken care of.

Anyway Gemini I'd follow the suggestion of waiting, we have enough people who get decent approvals with effectively zero relationship that it's probably not worth the effort unless you're comfortable eating a second HP potentially later.  Doesn't really bother me but it's an irritant and inconvenience needing to wait till I was going to take a hit on a small spree anyway.