Penfed - How to avoid "Debt Pyramid"

[Quietman]

I've seen it posted throughout the forum, and Houston Lynne has it immortalized in her signature block.

 

I've opened a Penfed savings account, but have not applied for any of their credit products yet. Is there anything I should be cautious about to avoid the "Pyramid Alert!" with Penfed?

 

I do have several credit union accounts (NFCU - $30K, $10K, BECU - $8.5K, NASA - $30K) and zero balances.

 

Any thoughts? (PM me if you are concerned about giving away the farm)

 

Edited December 28, 2014 by Quietman

[Quietman]

Oh ya, should mention (after reading many other posts on the topic), I have only one inq on EQ (from Penfed), zero on TU and 7 on Experian.

 

Over the last year I've opened 4 new accounts, three last May and one in August.

[mendelssohn]

Since you already took the inquiry from PenFed, you might as well apply for a CC. They won't pull again if you do it within 30 days IIRC, and they are only looking at EQ for approvals.

 

Pyramiding Debt is the excuse they give for a lot of new accounts. I wouldn't consider 4 to be a lot.

 

Many people have been approved with a lot of new accounts and others have been denied for what seems like no reason. YMMV

 

Go for it!

[Quietman]

Thank you Mendel, I'll give it a go

 

 

Sent from my iPhone using Tapatalk

[HoustonLynne]

Yeah, ditto what mendel said.

 

The general consensus was that I'd be laughed off their radar.

 

Approved for $14.5k. I don't think I had any INQs, cuz EQ keeps deleting mine, which is really annoying.

But I had a bucket full of new accounts.

[takeshi]

Is there anything I should be cautious about to avoid the "Pyramid Alert!" with Penfed?

Who knows? Some get "pyramiding" with a few new accounts. I had a number of new accounts and no mention of "pyramiding". Apply and see.

[mizliz1011]

EQ keeps deleting mine, which is really annoying.

 

But I had a bucket full of new accounts.

I believe that the pyramids are one of the seven wonders of the world...so it makes sense...

[HoustonLynne]

 

EQ keeps deleting mine, which is really annoying.

 

But I had a bucket full of new accounts.

I believe that the pyramids are one of the seven wonders of the world...so it makes sense...

 

Same here.