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creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE

[ Edited ]

toful wrote:

 

creditnocash, I'm lucky, I started my job at 57k. Yeah, I feel the short history I have is killing me.

 

Anyways, I'm getting really antsy. It's still under review with PenFed for $9K. I wonder why they would start me off at so high. I'd be happy with 2k if it meant I could get the cards and those awesome rewards :smileyhappy:. I filled up my gas tank today with my Chase Freedom as it's the last day, and all I could think about was how I wouldn't have to worry about that if I get my PenFed Platinum Rewards card haha!


yes thats pretty good i got a recent bump to 32k a year without bonuses included. 21 and associates degree going for bachelors. 

 

 

do you happen to have a costco membership? 

there true earnings card from what i here is pretty good to have as the rewards are 3% cash back on gas for the first 4k you spend 

2% on restaurants and 1% on everything else and if your an executive member (which I am) its 55 more but you get 2% cash back on costco purchases on top of what the card gives you and some gift cards and if your a new sign up they give you like a 30 dollar statement credit(first one only)i think. and the guy said if you dont spend enough to get the cashback back or are unsatisfied with it you could downgrade and get your 55 dollars back. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Established Member
toful
Posts: 35
Registered: ‎09-30-2012
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE

Wow! I made no money when I was 21 :smileysurprised:. Yeah, this is my first job. The Costco AMEX sounds really good, it's just that I don't want to pay an annual fee with the uncertainty in my life, which is why the PenFed looks so amazing to me. My parents have it, they love it. I hope to one day get to that level!

Capital One Platinum $750 (3/11) | Macy's $2K (1/12)
Chase Freedom $4.5K (8/12) | Chase Sapphire Preferred $5K (11/12) | Amex BCE $12K (10/12)

TU: 751 (10/1/12 - Amex), 747 (5/23/12 - Transunion.com) | EQ: 718 (10/1/12 - myFICO)
Gardening since: 11/12/12

Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE


toful wrote:

Wow! I made no money when I was 21 :smileysurprised:. Yeah, this is my first job. The Costco AMEX sounds really good, it's just that I don't want to pay an annual fee with the uncertainty in my life, which is why the PenFed looks so amazing to me. My parents have it, they love it. I hope to one day get to that level!


its only an annual fee if you dont have the costco membership anymore. 

 

so if your parents have one card and have them make you the second (household card) and then you qualify. (for no annual fee) 

 

but im not doubting penfed as i one day want to get into there as well. 

even at this point in my life i have more credit then i will ever use but its nice to have just to say that i have it. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE

[ Edited ]

toful wrote:

Hey guys, I seem to have lost my account password. Silly me! I can make debt payments, but not keep track of password for accounts I made that day haha.

 

Thanks, RyVision! That's a lot of good info. Yeah, I know PenFed would be hard and so would AMEX. I think my credit is decent right now and I just want to try. If it fails, like I said, I would sit on my Chase Freedom for awhile and be plenty happy and just try again in 6 months or so.

 

To answer your question about AMEX offers I have received: I actually received an offer in the mail for AMEX Gold, and when I go to that website you linked, I get an offer for Blue Sky Preferred and Starwood Preferred. If I'm getting an offer for a Blue card, does that mean I might have a chance for a BCE?

 

creditnocash, I'm lucky, I started my job at 57k. Yeah, I feel the short history I have is killing me.

 

Anyways, I'm getting really antsy. It's still under review with PenFed for $9K. I wonder why they would start me off at so high. I'd be happy with 2k if it meant I could get the cards and those awesome rewards :smileyhappy:. I filled up my gas tank today with my Chase Freedom as it's the last day, and all I could think about was how I wouldn't have to worry about that if I get my PenFed Platinum Rewards card haha!


 

Considering that info (and I'm somewhat breaking one of my rules with this type of advice), I'd be tempted to try for the Zync\BCE combo.  Why?  Well, even if you don't want the 25$ annual fee with Zync, you could always close it (it will report on your CRs for 10 years adding to your AAoA later, frankly, it's only 25 bucks, I'd keep it myself).  You could also call AMEX and tell them you'd like to apply for the BCE though you were offered the others on their site, sometimes their reps are helpful in taking care of that right away as well as telling you the limit right then (that's what they did for me anyway).  I'm 99% certain you'd have no problem getting at least Zync with AMEX.  They may FR (Financial Review) you later once they see the car and PenFed; but doesn't sound like you have much to worry about there (tax time is right around the corner and you'll have IRS docs as well as the employment info).

 

You're PenFed account (which may be approved) is not reporting yet, 2 AMEX accounts in good standing (even though new) will most likely not hurt your standing with PenFed.  PenFed is obviously serious about keeping you as a customer if they're considering a 9k limit on that card (I think it's their hardest card to get frankly, now that the 5% cash back on gas at the pump was replaced by it).   If PenFed asks about it later, you can tell them you felt they along with AMEX would be the best cards you could carry and use (from what I gather, that's what you were saying here).   I however would stop there as anymore could very well cause issues.

 

Seems to me you may be in a bit of a "sweet spot" type of position for the card you want.....  Just food for thought...

 

Others will probably chime in about this post, I just hope they don't rip me to shreds too bad :smileylol:

 

[I forgot to mention, I was never offered anything on AMEX's site, only got 1 offer in the mail, that's part of why I think you have a better chance though no guarantee]

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE

OP where did the 9K number come from on the PenFed app??




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
toful
Posts: 35
Registered: ‎09-30-2012
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE

The 9K figure is the credit limit for the credit card that is under review by a loan officer at PenFed. I applied last night and that's what they told me, I should know by e-mail hopefully soon.

 

Thanks for the advice about the two AMEX cards, but I really only want one. I know it isn't much, but I'm trying to keep the # of cards I have down as low as possible to avoid temptation haha. I haven't really read much about the Zync, what's the best way to use it?

 

I guess I won't have to worry about PenFed asking about the AMEX cause I'll only get it if I don't get the PenFed. I hope I won't have to apply for the BCE! :smileyhappy:

Capital One Platinum $750 (3/11) | Macy's $2K (1/12)
Chase Freedom $4.5K (8/12) | Chase Sapphire Preferred $5K (11/12) | Amex BCE $12K (10/12)

TU: 751 (10/1/12 - Amex), 747 (5/23/12 - Transunion.com) | EQ: 718 (10/1/12 - myFICO)
Gardening since: 11/12/12

Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE


LS2982 wrote:

OP where did the 9K number come from on the PenFed app??


With us the rep just said "looks like we can offer you 12k, is that enough?"  we said "yes, that's fine"  and she said "you should receive your cards in about a week, anything else I can help you with or any other questions I can answer?"  and we said "no, thank you so much for your help etc"   ....

 

I think they (their system)  picks an amount based on score and info  you give and if you're instantly approved they let you adjust and if not, it's their number they're going by and it goes to underwriting (loan dept) or what have you.  I think that takes a couple of days.

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LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE


RyVision wrote:

LS2982 wrote:

OP where did the 9K number come from on the PenFed app??


With us the rep just said "looks like we can offer you 12k, is that enough?"  we said "yes, that's fine"  and she said "you should receive your cards in about a week, anything else I can help you with or any other questions I can answer?"  and we said "no, thank you so much for your help etc"   ....

 

I think they (their system)  picks an amount based on score and info  you give and if you're instantly approved they let you adjust and if not, it's their number they're going by and it goes to underwriting (loan dept) or what have you.  I think that takes a couple of days.


Thats a crazy away of approving someone :smileyvery-happy:

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE


LS2982 wrote:

RyVision wrote:

LS2982 wrote:

OP where did the 9K number come from on the PenFed app??


With us the rep just said "looks like we can offer you 12k, is that enough?"  we said "yes, that's fine"  and she said "you should receive your cards in about a week, anything else I can help you with or any other questions I can answer?"  and we said "no, thank you so much for your help etc"   ....

 

I think they (their system)  picks an amount based on score and info  you give and if you're instantly approved they let you adjust and if not, it's their number they're going by and it goes to underwriting (loan dept) or what have you.  I think that takes a couple of days.


Thats a crazy away of approving someone :smileyvery-happy:

 


 

That is a rather condensed version though :smileylol:

 

The main applicant was my DM and they said her and Dad were with them before (according to what the rep was looking at).   DM also had a rather thick file (12 accounts still showing then), I think 4 INQs and a 755 EQ FICO with perfect history, length of credit history 35+  years, AAoA 7+  years.  Plus a somewhat respectable retirement income. They tried to throw her a new car loan on that call too (no need for one).  Obviously we felt their CSRs were very nice.  

 

It really shows what length of history and AAoA along with never a late or worse does for ones chances.  Something finally fell off though as her length of history has dropped to 23 years (ADM on my AMEX) and AAoA of just over 6 years (we were comparing her reports the other day due to the AMEX member date issue). 

 

This is really where I think membership date with AMEX is more than justified, she had a 35+  year history anyway, so to add her to my 23+ year AMEX is only holding onto her credit experience time line.  I just wish they could find her AMEX member since date of 73 in their records (so far that has been impossible however she is on 1 of mine for 89, the other 2012, which is the one we want fixed).

 

I have to admit, even I was a little surprised at the way the call was handled.  Only time I got asked "is that enough?" was when I apped for DM, and I didn't get a higher CL than the 6.5k they offered when I said 10k would be better. :smileylol:  (But they upped it to 8.5k so 1.5k from my 10k wish isn't too bad I guess within a year :smileylol:)

Valued Contributor
RockinRay
Posts: 1,947
Registered: ‎08-13-2007
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Re: App sent: PenFed Platinum Rewards - Considering: Amex BCE


toful wrote:

The 9K figure is the credit limit for the credit card that is under review by a loan officer at PenFed. I applied last night and that's what they told me, I should know by e-mail hopefully soon.

 

Thanks for the advice about the two AMEX cards, but I really only want one. I know it isn't much, but I'm trying to keep the # of cards I have down as low as possible to avoid temptation haha. I haven't really read much about the Zync, what's the best way to use it?

 

I guess I won't have to worry about PenFed asking about the AMEX cause I'll only get it if I don't get the PenFed. I hope I won't have to apply for the BCE! :smileyhappy:


Be prepaired to send them bank statements, tax returns, and a couple of paycheck stubs. I am sure they will ask you to prove your income. Most here have had to send this information.

 

Once that is done, I think you a have pretty good change at approval on the card!

 

Good luck and keep us posted.

Ray

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