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Established Member
Posts: 67
Registered: ‎02-14-2016

PenFed Power Cash Rewards

Before my auto loan reports and drops my score wanted to apply for this CU. Was on the bucket list. Appd online yesterday went to 24hr review, used The league. Called today to find out status. Approved. Nice people. EQ 695, many inquiries and accounts. Clean file.

Was asked if I wanted to apply for a product and chose this one Power Cash Rewards since I qualify for 2%. Approved for 6k @ 14.49%. Happy about that. Good Day for me. Easy process

39 INQ - Upper 600's - 7 Months aaoa

100050015003007001300200030001000100016002600
Frequent Contributor
Posts: 346
Registered: ‎02-11-2015
0

Re: PenFed Power Cash Rewards

Congratulations, I'be been eyeing this one to maybe replace my DC. The EQ score you posted, was that their nextgen score or a fico8?
EX08: 722 (19)inqs, TU08: 726 (7)inqs, EQ08: 723 (16)inqs. 3% util., $126,950 spread across 8 cards. THE DIRT: (1) settled BofA acct-01/11, F/C-01/12, (1) 60 days late-9/13, (2) 30 days late-7/13 as of 6/10/17
Valued Contributor
Posts: 2,216
Registered: ‎02-14-2016
0

Re: PenFed Power Cash Rewards

congrats! I like PenFed alot, but they just denied my app for that same card citing 'sufficient indebtedness', so I PIF'd the only balances I had and will try again next month.

Established Member
Posts: 67
Registered: ‎02-14-2016

Re: PenFed Power Cash Rewards

They didn't tell me my Next Gen score. The 695 was Fico 8, utility is 22% among 4 cards. Will report what it is when I get the welcome packet. The cc wasn't instant either went to UW for about 5 min.
39 INQ - Upper 600's - 7 Months aaoa

100050015003007001300200030001000100016002600
Frequent Contributor
Posts: 346
Registered: ‎02-11-2015
0

Re: PenFed Power Cash Rewards

Okay thanks for the info
EX08: 722 (19)inqs, TU08: 726 (7)inqs, EQ08: 723 (16)inqs. 3% util., $126,950 spread across 8 cards. THE DIRT: (1) settled BofA acct-01/11, F/C-01/12, (1) 60 days late-9/13, (2) 30 days late-7/13 as of 6/10/17
Established Contributor
Posts: 560
Registered: ‎06-01-2014
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Re: PenFed Power Cash Rewards


wanderingbuilder wrote:

congrats! I like PenFed alot, but they just denied my app for that same card citing 'sufficient indebtedness', so I PIF'd the only balances I had and will try again next month.


That may not necessarily improve your chances of approval.  They may be talking about the amount of credit available to you, rather than just the current balances being reported.

Valued Contributor
Posts: 2,216
Registered: ‎02-14-2016
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Re: PenFed Power Cash Rewards


Falere wrote:

wanderingbuilder wrote:

congrats! I like PenFed alot, but they just denied my app for that same card citing 'sufficient indebtedness', so I PIF'd the only balances I had and will try again next month.


That may not necessarily improve your chances of approval.  They may be talking about the amount of credit available to you, rather than just the current balances being reported.


Not sure why you think that... 

 

in·debt·ed·ness
inˈdedədnəs/
noun
  1. the condition of owing money.
    "the industry is taking steps to reduce indebtedness and cut costs"
Valued Contributor
Posts: 1,281
Registered: ‎03-01-2016
0

Re: PenFed Power Cash Rewards

They will give you your NextGen score in your approval letter; you can see it online.
Congrats on your approval!! I was approved for this 12 days ago and it has already reported to my reports.
PenFed has been great to work with so far
State Farm Rewards (3,000) ~ Marvel MC (5,000) ~ PenFed Power Cash (5,000) ~ PenFed Promise (6,000) ~ PenFed OLOC (500) ~ Discover ($1,000) ~ Citi DC (1,700) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (1,700) ~ NFCU CLOC (15,000) ~ QuickSilver Visa (10,300) ~ DCU Visa (5,000) ~ Chase Freedom Unlimited (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG Business (3,000) ~ Care Credit (12,000)
Current Scores (7/8/17): 673 Transunion, 616 Equifax, 651 Experian
Frequent Contributor
Posts: 492
Registered: ‎12-18-2014
0

Re: PenFed Power Cash Rewards


iblitz25 wrote:
Congratulations, I'be been eyeing this one to maybe replace my DC. The EQ score you posted, was that their nextgen score or a fico8?

how is this better than DC?

7/05/2017 FICO TU-780|EX - 808|EQ -763
Goal for 2017 - 790 across all. Total Credit - $196.4K. AU - $14.5k. Gardening since 02/29/2016.$$Waiting for $200k Milestone $$ Smiley Happy
Established Contributor
Posts: 993
Registered: ‎04-14-2016
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Re: PenFed Power Cash Rewards


GetMeSlick wrote:

iblitz25 wrote:
Congratulations, I'be been eyeing this one to maybe replace my DC. The EQ score you posted, was that their nextgen score or a fico8?

how is this better than DC?


DC Redemption games - The whole "1% when you buy and 1% when you pay" gimmick is well...gimmicky...and the redemption threshold is super annoying

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