drdre1443

So the last of my collections fell off last month. I decided to try for a Penfed CC as I've had a few savings accounts and CD's for a few years. I was denied. No problem, but what I thought was a good score for me reall wasn't. I bought my FICO score from MYFICO on Tuesday and for Equifax it was 703. Penfed told me in their denial letter that my Equifax score was 609. No claim of collections for denial or what not. So I'm curious, and I pull my Equifax score from Equifax yesterday, 646. I did notice that Penfed's letter said Equifax scores range from 150-950, and FICO says 350-850. I am not used to seeing such a wide range of credit scores for a report with no collections, lates etc. Does anyone have any inside info on Penfed's version of scoring? For the past 5 years I was dreaming of the day I would go back to 700, but it's somewhat bittersweet for now.

I just got approved for the amex gold too, I didnt think I would be. I have 4 medical collections for $4K from 5 years ago, 4 30 days late on a car loan from 4 years ago. EQ was 641, EX 658, TU 672. Applied 5-8-10, mortgage ficos from 4-7-10

I went ahead and applied for the card the recommended me for, the gold. It said the fee was $125. So I went with it. I don't know what was up with that $450 for the green card T&C!

I clicked the link to see about the amex....It said I was pre-approved for the gold card, but all I wanted was the green. SO I was fine applying for the green with a 95 AF. When I got the T&C, it said the annual membership fee was $450. Can that be? Or am I reading something wrong here? There is a card fee AND a Amex member fee? That amounts to $45 a month for a CC!

Audi financial services is an arm of VW credit. They operate separately, but can see everything internally companywide, and vice-versa. There wasn't an online app when I worked for VW 4 years ago. They are VERY loyal to their customers as I have seen approvals for second cars with credit scores in the 500's but perfect VW + Audi payment history. Even first car approvals with top tier financing with b ad credit but perfect VW payment history, They will report as Audi Financial Services. What's great about the way they report is that your high credit/limit will be the "total amount paid" after all payments are paid. So if you get a loan for 30K, after one payment the report will show a 29,xxx balance with a high credit/limit of 35K (example). make sure to never pay 15 days late. Even though they only report 30 days late to CRA's, they have an internal scorecard which looks down upon 15+ days late payments. Their late payments are usually cheap; 5-10 bucks and are charged usually on the 11th day. They can be quirky in reporting as I've seen some reports showing no payment history for 3-6 months, then reports normal, then one month no reporting, then normal again. Not bad but they can take their sweet time in reporting current balance.

APPROVING BANK Wachovia Dealer Services BUREAU PULLED Equifax CREDIT SCORE 622 CUSTOMER STATE OF RESIDENCE NC NEW/USED Used YEAR OF VEHICLE 2009 MILEAGE 46K RETAIL/LEASE Retail AMOUNT OF LOAN $15K ADVANCE PERCENTAGE % TERM CONTRACTED 60 APR/LEASE RATE 10.9% MONTHLY PAYMENT $318.56 MISCELLANEOUS COMMENTARY: Second car currently financed. First time allowed to do so. Repo with Wachovia 8 years ago, off reports. high income, DTI with new loan 22% CC UTI 52%

Finished with: 1. AMEX (lies) 2. Wells Fargo (lies) Seriously considering abandoning: 1. Hooters-card (RJ) 2. Orchard Bank (RJ) Loyal to: 1. Capital One--Amazingly reduced my rate and increased my limits w/o me asking 2. B of A--unsecured my card and reduced my rate. 3. Citi--but only on the banking side, I have no credit with them. 4. GEMB--Got 3 new accounts in the past year and CLI on 4 acct's

I clicked on your link and it said the page was no longer available once I tried to start the app.

I have a direct banking account and below my balance it shows a line for "loans and lines of credit" My assumption is that if you had a large balance you could use your deposit for collateral? and for #3, I don't travel, but I DO use the card for online poker and betting on football. So it saves me a few bucks

I thought it was 10 days

APPROVED! 2K @18.24 $29 AF 681 TU FICO 40% util, 4 30 day lates >2yrs 4 unpaid med coll >4yrs 6 inq

No. A good analogy would be a car loan. The lender (Fed) wants the car buyer (Citi) to keep the car (the bank+assets) in good condition during the loan period. The lender thus imposes certain rules for the length of the loan period. The lender would need proof of insurance (think FDIC payments), and generally follow common laws of the road (or the SEC?) Most lenders don't loan to people without licenses, as the Fed would not loan to corrupted business with no hope (unless you're AIG). The collateral is the lien on the title (shares of the company). The point is that the lender (fed) is not in the business of repossessing cars, or banks for that matter. The lender wants to risk as little as possible to make a good return and do some good for the consumer, or the economy, i.e. the taxpayers.

thanks so much!