PenFed Approval and Denial... CLI?

[CreditInspired]

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@AverageJoesCredit wrote:
Op, congrats on your success so far. You must understand that Penfed will never be Navy and vice versa. Considering the distance in revenue earned between the two i can see why there may be a difference in credit extended to those that qualify. Just take the advice given by Penfed and you should be fine in 6 months. In my humble opinion, too many times we see people getting such big limits that all they seem to want is more more more NOW. When the reality is, if one justs waits the 3 - 6 months that is normally asked to build some history, they usually get it anyways.

Remember, where you may see your limit as low, there are always those who actually do receive lower, so enjoy the approval and watch it grow as you plant the foundation together with Penfed

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+100

This entire post hit the jackpot! 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So, I just became a member of Penfed today and opted to apply for the Power cash rewards. I was approved for a pretty low limit of 2500. So I applied for the Platinum visa rewards... DENIED! Reason for denial is because they want to see 6 months of conistient payments and then they could possibly approve me for the Platinum visa rewards... Very Dissapointing because NavyFed approved me for 15000 Visa Cash Rewards and also the 15000 CLOC ALONG WITH 2000 gO Rewards...

Equifax current score: 658

Ive been seeing that Penfed really has no CLi standards so would I be jumping the gun to apply for a CLI in a few weeks on the Power Cash card I was just approved for or should i just leave them alone for now and just hit the garden for a while???  

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Congrats on your recent approvals. It is disappointing to get a low starting limit after getting such great results with NFCU. NFCU and PenFed have different standards; in fact, the PenFed of a few years ago probably would have flat out denied you for both cards. 

A couple of things can happen with PenFed. 1) you may receive a survey from them regarding your recent experience/credit denial. Many here have reported that by indicating that they were not pleased with their experience they received a phone call from PenFed and were able to get a denail reversed or even a higher starting limit.  and 2) once you become an established member, PenFed may offer quarterly pre-approvals on your online account management (as well as emails reminding you of your pre-approvals. Once you get one of those pre-approvals you can review them to see what you get. You may receive a pre-approved credit line increase on your existing card or an offer for one of their other cards. If the latter, you will be able to accept the offer for the new card but then choose the option within the application to increase a current card instead. They make it pretty easy.

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That's how I got my new Power Cash Rewards this past weekend. What happens is that, every quarter in February, May, August and November, Penfed pulls Equifax NextGen 2 FICO scores for all members with existing credit products and posts them on members' account pages a month or so later. At that point, they will add a box to the page called "My Offers" in the lower right section of the page (don't confuse it with the ad box at the very lowest right corner) and post whatever pre-qualified or pre-selected offers you're eligible for under a link titled "See All Offers". That link shows you a list of pre-selected credit card and vehicle loan offers which you may or may not be approved for upon application.

What you want is whatever's available in the small "Credit Cards" box right above the "See All Offers" link. That box has a button labeled "Apply". Click it and, if you're in luck, you'll get at least one offer for a new Penfed card and/or a CLI on your active Penfed card(s).  You'll know it's pre-approved because the text will tell you straight-up that you've been approved for one of those offers and give you single-figure APR and SL quotes (or proposed increases if you've been tendered an offer for a CLI). Once you make your selection, all you need to do is to complete the application, which may include updating appropriate information, and sign the agreement. If you're applying for a CLI you'll have the option to fill in a different amount than the one offered and see if Penfed will OK that, come back with a different offer or stick to the original one.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Oh wow Sebastian... Kinda harsh but thanks for the input i guess... I was just trying to get assistance and more of an understanding since im not familiar with Penfed just yet

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Welcome to the forums. Don't let anyone rent space in your head. Just ignore the sarcastic posts. The wealth of good responses with great information will out weigh the BS.

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Huh? Wha? And I've been letting people stay in there all this time for free? And their advice sucks

On Topic: PenFed will roll out the carpet after awhile for you if you use that card and make regular payments. They're a lot like AMEX on that count. A $2,500 SL isn't too shabby, what were you planning on doing with it? 

Build and Grow OP, that's the name of the game.

[fedxboy]

I joined PenFed.org around 2 months and app'd for the Penfed Power Cash rewards with SL of 10k and an APR OF 14.74.  I don't want to push my luck, but I do see in the OFFERS section -- 3 offers .... the Penfed Promise Visa, Great Auto loan Rates and fixed and adjustable rate mortgage options.   I've only had my power cash rewards for 2 months now......I'm in no rush, trying to build a relationship.

NAVY, I joined last year and my OFFERS always come up blank....lol...oh well.....I also, think they denied for for 2 apps for credit cards.....so,,..I opened up a secured card for $1500 and we'll see how that pans out......... slow and steady, wins the race.......

[Anonymous]

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@AverageJoesCredit wrote:
Op, congrats on your success so far. You must understand that Penfed will never be Navy and vice versa. Considering the distance in revenue earned between the two i can see why there may be a difference in credit extended to those that qualify. Just take the advice given by Penfed and you should be fine in 6 months. In my humble opinion, too many times we see people getting such big limits that all they seem to want is more more more NOW. When the reality is, if one justs waits the 3 - 6 months that is normally asked to build some history, they usually get it anyways.

Remember, where you may see your limit as low, there are always those who actually do receive lower, so enjoy the approval and watch it grow as you plant the foundation together with Penfed

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@I entirely agree with this. I was talking with @DaveInAZ about the Penfed CLI schedule yesterday, and he found out from a Penfed representative that one should wait at least 2 months (I'd say at least 3) from opening a card with them before trying for a CLI. As I got my own PCR after the quarterly EQ scores posted last weekend, my plan is to wait until the next quarterly review/score post, which should be in early October, and then check the "My Offers" box on my main account page. If I've been a good boy, there might be a preapproved CLI offer waiting for me there!

@fedxboy: If you have the PCR already (great SL!), you probably don't need to bother with the Promise, which is a lower-tier card with no rewards. Whether you want to take either the vehicle or mortgage loan offers, though, is up to you. I agree it's a good idea to build your relationship first, but that being said, sometimes you just get a deal you can't refuse!