Chance of approval / PenFed Plat Rewards Card

[Anonymous]

Hello everyone,

I've been looking for a new rewards card mostly used for gas & groceries and came across the PenFed Platinum Cash Rewards and thought it would be perfect.  I just wanted to know if PenFed is sensitive to approving with a lot of inquiries? Here are my stats:

EQ FICO: 718

AAoA: 4 years

Util: 6%

5 inquiries in past 12 months

No baddies

Any responses with your experience of getting approved with multiple inquiries would be great.

[BoSox617]

Hi cjmcquain,

Check out this thread:

http://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Credit-Union-APP-results-and-FICO-SURVEY/td-p/47...

From what I have read, PenFed is indeed inquiry sensitive, and also sensitive to what they perceive to be pyramiding credit.  You may want to consider waiting a bit before applying (at least 6 months from your last inquiry, maybe more).

FYI - PenFed is doing away with the 2% supermarket cashback eff. 3/1/11, so all that will be left is the 5% off gas at the pump and 1% on everything else.

Good luck

Edited because I can't seem to paste links right the first time

[wollepopolle]

There is also Fort Know Fed. CU that offers a 1.25% general and 5% gas CC. That would indeed be a better card than the PenFed.

I'd be interested, too but with my three inquiries at 6 months, I'll wait another 6 months before I apply for. I think they're very sensitive. Not worth it wasting an inquiry if patience could get you farther with them.

[Anonymous]

I decided to apply anyway and was turned down. The only reason stated was "Sufficiently obligated with unsecured indebtedness". What does that mean? My util is 6% which translates to about $1300

[DI]

---

@Anonymous wrote:

I decided to apply anyway and was turned down. The only reason stated was "Sufficiently obligated with unsecured indebtedness". What does that mean? My util is 6% which translates to about $1300

---

It means the balances on your revolving accounts which are unsecure are too high.  At least that's what PenFed thinks.