bsal wrote:
Well cheader thanks for replying but here is the skinny, I think Penfed looks at equifax the most but on my equifax i have a 717 score, no collections, no baddies no nothing just two inquries and my installment loan witch is only 2,477.00 dollars that i have been payin on time, i have no credit cards at all, but in my transunion, my score is 660 but its showing one collection that i'm going to dispute cause it shouldnt be on there, but evrything is the same like in my eqifax report, and in my expierion its not even tellin me my score because when i tried to purchas scores from them , they wouldnt let me because it said i didnt have enough stuff on my report for them to generate a score, but let me ask u this do u think i would get approve by another bank for a credit card with my current scores since your saying that 700 is the minium for Penfed, what do u think i should do?
You are right that Penfed pulls EQ. Remember that scores are not everything. The 700 score I mentioned is just a starting point for getting a Penfed account. The reason you were denied is lkely the sentence I put in bold above. You have no credit cards. A Penfed account is not intended to be a starter account. You need to build a good history on a couple of other CCs before you think about Penfed.
There are lots of opinions about which cards are the best to start with, but they all have their pros and cons. Capital One and HSBC/Orchard are good places to start, as long as you know ahead of time that they are unlikely to grow with you as your credit impoves. One day, you'll likely get frustrated with them and move on to bigger and better cards. It's best to use them to serve their purpose, knowing that one day you will cut them loose when the time comes.
If all else fails, you can try to get a secured card with BofA, Citi, or maybe a local CU. Just stay away from the bottom feeder cards that will give you a $250 CL in exchange for $200 in fees.
