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Penfed Questions

The last post in this topic was posted 3125 days ago. 

 

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Ok, so from what I read, PenFed will use the same membership pull towards credit products within 90 days.

 

I was wondering if I should bother applying now, or hold out a bit. I'd like to have membership, just so down the line if I decide to app for a mortgage with them, I'm already in. The 5% gas card is pretty nice looking too. Basically, if I app for membership and burn an inq, I'd like something to show for it.

 

Here is where I am:

EQ Inq: 1, Alliant from July

Last new Card: BCP from Sept, backdated to 2008

AAOA: 3 yrs, 9 months

Reported Util: 13%

EQ Score: 766 in August (checked myFico after Alliant inq posted)

 

I know they don't like recent apps/new lines when applying for a card. However, the only line i've added in the last 2 years was the Amex BCP back in September, but it's backdated to 2008. My only INQ on EQ is Alliant (savings only) from July.

 

1) Do I stand a reasonable chance of getting the card now, or should i wait/do anything to increase my odds?

 

2) Does a backdated Amex "look" like new credit, especially if the INQ is not on the report being pulled?

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If you don't have any collections or baddies, I say go for it. You'll get a hard inq when you apply for membership anyway. It doesn't hurt.

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If you don't have any collections or baddies, I say go for it. You'll get a hard inq when you apply for membership anyway. It doesn't hurt.

 

+1

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I've just heard a lot of people saying they have issue with new accounts (less than 6 months old). The Amex was opened in Sept, but backdated to 2008, so I'm not sure if they will view it as new or not. I don't want to take another hit later just to get the card, so i'm just hesitating on that point.

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I've just heard a lot of people saying they have issue with new accounts (less than 6 months old). The Amex was opened in Sept, but backdated to 2008, so I'm not sure if they will view it as new or not. I don't want to take another hit later just to get the card, so i'm just hesitating on that point.

They will view it as old (2008). You are like the ideal candidate for Penfed.

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In my opinion you should be good. I had several new accounts (less than 4-5 months old) and a couple of inquiries and still got approved for their Cash Rewards Visa (my FICO was way less than yours too, around 730ish I believe).

 

Good luck.

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well penfed can be very particular and 13% utility seems a little high for trying to shoot to a such a conservative creditor. I personally would get my utility lower with no more than 1 card reporting a balance before I'd app for a penfed card.

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My total DTI (im assuming it's based on pre-tax income) is 3%.

 

As for the util, I PIF, I've just been lazy about letting the ideal balances post. I can shoot for that in January, it's a little late for this month.

 

Opening a new card will cause my AAOA will drop about 7 months (from 3y9m to 3y2m).

 

 

If I want to apply for a mortgage some time in 2012, will the AAOA hit be a big deal? Also, is there a certain length of time I should let the new card report before applying? I know "new credit" can throw a red flag, and I don't know when it is no longer considered new. If it's too risky, I can always put it off. I just want to get in with PenFed now, and it seems silly to not make the most of the inquiry.

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My total DTI (im assuming it's based on pre-tax income) is 3%.

 

As for the util, I PIF, I've just been lazy about letting the ideal balances post. I can shoot for that in January, it's a little late for this month.

 

Opening a new card will cause my AAOA will drop about 7 months (from 3y9m to 3y2m).

 

 

If I want to apply for a mortgage some time in 2012, will the AAOA hit be a big deal? Also, is there a certain length of time I should let the new card report before applying? I know "new credit" can throw a red flag, and I don't know when it is no longer considered new. If it's too risky, I can always put it off. I just want to get in with PenFed now, and it seems silly to not make the most of the inquiry.

 

If you plan on getting a mortgage in 2012, the AAof A won't make any difference to the underwriter! NEW inquiries wil make a difference. Work on reducing debt, saving money prior to a mortgage application. PenFed will still be there for you after you get your mortgage FUINDED!

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My total DTI (im assuming it's based on pre-tax income) is 3%.

 

As for the util, I PIF, I've just been lazy about letting the ideal balances post. I can shoot for that in January, it's a little late for this month.

 

Opening a new card will cause my AAOA will drop about 7 months (from 3y9m to 3y2m).

 

 

If I want to apply for a mortgage some time in 2012, will the AAOA hit be a big deal? Also, is there a certain length of time I should let the new card report before applying? I know "new credit" can throw a red flag, and I don't know when it is no longer considered new. If it's too risky, I can always put it off. I just want to get in with PenFed now, and it seems silly to not make the most of the inquiry.

 

If you plan on getting a mortgage in 2012, the AAof A won't make any difference to the underwriter! NEW inquiries wil make a difference. Work on reducing debt, saving money prior to a mortgage application. PenFed will still be there for you after you get your mortgage FUINDED!

 

In that case, is it possible just to apply to PenFed when I start mortgage shopping? I wasn't sure if there was a benefit to becoming a member earlier. I can always put off this card, like you said. I just figured if I was going to join, it would be nice to have something to show for the hard pull.

 

It's my understanding that for a mortgage, lenders pull all 3 bureaus. I wasn't sure if joining PenFed and apping for a mortgage right away would hit 2 EQ inquiries, or if they would just use the same pull.

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