Pentagon Federal Credit Union Data Share

[Anonymous]

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@masscredit wrote:

There is a lot of PenFed knowledge here so I'm looking for a little guideance. I was denied for the Power Rewards card when I applied online two weeks ago.  The denial reasons were my  BK (7 1/2 years ago), recent new credit (3 cards from 1 1/2 years ago) and current balances (a couple of cards. Both less than 33%). I called last week to recon. They gave me a $3500 limit. I think that is kind of low compared to my other cards. Most are over $10K (see signiture). Seeing that I reconned to get that, I doubt they will do anything else with it.  But... I feel like I should do something else with my HP that is good for 90 days.  I really don't have a need for a LOC so that wouldn't do anything for me. Maybe another card?  I see some people (like rcsmith above) saying they were approved for two cards. One card will sometimes have a healthy SL while the other is just okay. Maybe my Power Rewards like will be the one that is just "okay"?  If I do apply for another card, do I do it online or call?  I want to make sure it's covered under the origional HP.   

I have two goals -

1 - Maximize what I can get with this HP

2 - Get a card with a SL high enough to take care of a BT that I want to do.  I need about $8500.  That's the reason I applied in the first place.

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Regardless of what you need the card for, i would call and recon.  My Ch7 was discharged on 10/2010 and denied in 2016 for PenFed Amex and PenFed Visa.  I got approved on recon for both with $5k on each card.  I talked to the Director of accounts on the phone later that week and when providing my overtime statements from work, she raised my limits to $7,500 on each card.

[masscredit]

You think it might be worth it to call again to see if they will increase my limit?  I was going to wait until my 90 day HP is about to expire then try for a CLI.

And/or maybe apply for another one of their products? 

[Anonymous]

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@masscredit wrote:

You think it might be worth it to call again to see if they will increase my limit?  I was going to wait until my 90 day HP is about to expire then try for a CLI.

And/or maybe apply for another one of their products? 

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 You had the recon to get the limit that you have now right? If you insist on pushing it, they may require proof of income. Again, you should not seek a credit card for a BT. 

[DaveInAZ]

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@Anonymous wrote:

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@masscredit wrote:

You think it might be worth it to call again to see if they will increase my limit?  I was going to wait until my 90 day HP is about to expire then try for a CLI.

And/or maybe apply for another one of their products? 

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 You had the recon to get the limit that you have now right? If you insist on pushing it, they may require proof of income. Again, you should not seek a credit card for a BT. 

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I agree that since masscredit already reconned once calling again might be pushing it - patience, wait until the next acount review Oct. 1 and see if you're offered a CLI.

But I respectfully disagree that one should not seek a CC for a BT. If done right using a new CC for a BT can be very useful. I app'd & was approved for a Barclays NFL card in March 2015. My sole intention was to use it for it's 15 month 0% BT. I used the BT to pay off a Prosper loan that wasn't bad at 10.9% APR, but I saved hundreds in interest expense by using the 0% BT to pay it off, and then paid off the BT in the 15 months. While I do like football, the NFL card's reward dprogram is only good for over priced NFL merchandise & game tickets, so after I paid it off I app'd & was approved for Cashforward, and called in and got the NFL CL moved over to Cashforward & closed NFL.

[itlm062]

adding our story to this 450+ page thread: )

Wife and I had a bk chap13 filed on 8/2011, discharged 7/2016.

I applied for a penfed card on feb 2017 and got approved for 7k (cash reward). according to the credit reprot they pulled, the score was 682 at the time.

fast forward 5 months, wife applied this week, and was turned down with a score of 697...(reason given : bk and length of accounts)

the only difference I can think is I was on the phone while she applied over the web...

Think this is worth to call in the backdoor number for a reconn?

thanks.

[Anonymous]

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@itlm062 wrote:

adding our story to this 450+ page thread: )

Wife and I had a bk chap13 filed on 8/2011, discharged 7/2016.

I applied for a penfed card on feb 2017 and got approved for 7k (cash reward). according to the credit reprot they pulled, the score was 682 at the time.

fast forward 5 months, wife applied this week, and was turned down with a score of 697...(reason given : bk and length of accounts)

the only difference I can think is I was on the phone while she applied over the web...

Think this is worth to call in the backdoor number for a reconn?

thanks.

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Definitely yes. As I said elsewhere, computers are actually pretty stupid at this; all they can do is what they're programmed to work with. Penfed is known for being exceptionally generous on recon.

[Total80sKid]

@DaveInAZ

I actually did use the Promise card as my first BT card

Have never had a limit high enough to do one and was able to fit my entire debt of $5600, across several cards, on the Promise card.

Will be using all 12 months at 4.99% as I'm very low income and need every bit of financial help I can get.

It's an amazing feeling seeing all of my maxed out for years cards now reporting a $0 balance.

Also nice only having to worry about one payment a month now.

[Total80sKid]

@itlm062

I definitely suggest calling.

I applied online and got an error message and thankfully the CSR I got was one of the best CSR's I've ever dealt with.

I wish you luck! PenFed has treated me better in the last week than Cap1 has in 3yrs (super excited to call tomorrow and close both of my Cap1 accounts )

[Anonymous]

@Total80sKid - unless those Cap 1 cards have an AF I might recommend just leaving them open. Your score will take a massive hit if you reduce your total available credit too much.

[AverageJoesCredit]

TygerHawke, i believe his Cap One cards do have AF and they wont budge. Thats one of Totals headaches with them