topic App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK - Update: Approved in Credit Card Approvals

App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK - Update: Approved

adamseve — Thu, 19 Jul 2018 01:38:38 GMT

Hi, everyone!

It has been some time since I've been on the site. I've been gardening since 2016, but today I app'd with PenFed. Got the message that my app is under review.

Here are my stats:

EQ 09 Fico: 693

Penfed Nextgen: Unknown

Instant or Review?: Review

AAOA: 5 yr, 7 mths

Derogs?: (If you have a BK please list type and discharge date!); Ch7 BK Discharged 1/13 - no others

Util: 1%

Total EQ Inquiries: 2

Last 12 months: 0

Last 6 months: 2 - Mortgage Lender & Cabelas CL Increase ($10k)

New Accounts in last 12 months: 0

Last 6 months: 1 - Lowes $7500 CL

I think I've got a good chance of being approved. Got my fingers crossed!

Glad to be back!

Re: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

padme — Wed, 18 Jul 2018 00:47:53 GMT

I think every app goes to review there, i have a discharge from 2013, and have had 2 cards with them, started with 2500 Promise card about 2 years ago.

Re: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Wed, 18 Jul 2018 00:56:14 GMT

Thanks for letting me know that everyone typically goes to review. The waiting is tough, but I'm praying this HP won't be a waste.

Re: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

Anonymous — Wed, 18 Jul 2018 01:08:14 GMT

Fingers crossed for you! I've been very happy with Penfed. Keep us updated!

Re: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Wed, 18 Jul 2018 01:36:18 GMT

Will do!

I've got to go watch TV or something because I keep looking at my PenFed online account lol! This is fun but exhausting.

UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Wed, 18 Jul 2018 13:20:08 GMT

I woke up to a $500.00 SL! I want to kick myself for coming out of the garden. I haven't had a credit line this low since I started rebuilding in 2013.

Any suggestions? I'm definitely going to ask for a reconsideration.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

Anonymous — Wed, 18 Jul 2018 13:26:03 GMT

That's a WAY low SL given your stats, and the length of time out from BK discharge, so I certainly would ask for a recon. I got my own PCR last year when I was 2 1/2 years out from Chapter 7 discharge, EQ (NextGen at the time) somewhere around 690, and more inquiries and accounts than you do, and was given a $2000 SL.

Keep in mind, though, that PenFed is a lot stricter than it used to be when it comes to their cards. There's a hard upper limit of $50K on unsecured credit (including personal loans), and you have to have $15K per month in income to get that much. I'm at $7K now, have only been able to get one CLI in the past year from them, and will likely be lucky to ever hit $15K CL on that particular card unless and until PenFed loosens up again.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Wed, 18 Jul 2018 14:25:06 GMT

@Anonymous wrote:
That's a WAY low SL given your stats, and the length of time out from BK discharge, so I certainly would ask for a recon. I got my own PCR last year when I was 2 1/2 years out from Chapter 7 discharge, EQ (NextGen at the time) somewhere around 690, and more inquiries and accounts than you do, and was given a $2000 SL.

Keep in mind, though, that PenFed is a lot stricter than it used to be when it comes to their cards. There's a hard upper limit of $50K on unsecured credit (including personal loans), and you have to have $15K per month in income to get that much. I'm at $7K now, have only been able to get one CLI in the past year from them, and will likely be lucky to ever hit $15K CL on that particular card unless and until PenFed loosens up again.

I was thinking the same thing. Additionally, my income is 6 figures. The only debt I have is my car loan of $10k other than deferred student loans. I'm wondering if the student loans are the reason for the low SL.

I am looking for a recon # to call them. I'm happy to have my foot in the door, but it would be nice to have a card with at least $2k+ available. If nothing else, I'll use the card for gas each month and hope for the best.

Will update as soon as I get some feedback!

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

Anonymous — Wed, 18 Jul 2018 14:40:41 GMT

@adamseve wrote:
@Anonymous wrote:
That's a WAY low SL given your stats, and the length of time out from BK discharge, so I certainly would ask for a recon. I got my own PCR last year when I was 2 1/2 years out from Chapter 7 discharge, EQ (NextGen at the time) somewhere around 690, and more inquiries and accounts than you do, and was given a $2000 SL.

Keep in mind, though, that PenFed is a lot stricter than it used to be when it comes to their cards. There's a hard upper limit of $50K on unsecured credit (including personal loans), and you have to have $15K per month in income to get that much. I'm at $7K now, have only been able to get one CLI in the past year from them, and will likely be lucky to ever hit $15K CL on that particular card unless and until PenFed loosens up again.
I was thinking the same thing. Additionally, my income is 6 figures. The only debt I have is my car loan of $10k other than deferred student loans. I'm wondering if the student loans are the reason for the low SL.

I am looking for a recon # to call them. I'm happy to have my foot in the door, but it would be nice to have a card with at least $2k+ available. If nothing else, I'll use the card for gas each month and hope for the best.

Will update as soon as I get some feedback!

You could contact them via secure messaging on your account page. That's what I did on my last (unsuccessful) attempt to get a CLI.

I'm not sure how much the student loan would factor in. I have a very old one (dating back over 30 years, actually!) which has been deferred or placed in forbearance numerous times (long story), but has been in regular repayment now since the end of 2015 and actually has less than $5K in principal remaining. Oddly enough, that old student loan, as annoying as I've found it over the years, has done wonders for my AAoA on my credit rebuild, not to mention filling a crucial slot as an installment loan!

Also, you might look at your Equifax report to see if there's something on there that might look off-kilter to PenFed. PenFed pulls EQ.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Wed, 18 Jul 2018 21:41:35 GMT

@Anonymous wrote:
@adamseve wrote:
@Anonymous wrote:
That's a WAY low SL given your stats, and the length of time out from BK discharge, so I certainly would ask for a recon. I got my own PCR last year when I was 2 1/2 years out from Chapter 7 discharge, EQ (NextGen at the time) somewhere around 690, and more inquiries and accounts than you do, and was given a $2000 SL.

Keep in mind, though, that PenFed is a lot stricter than it used to be when it comes to their cards. There's a hard upper limit of $50K on unsecured credit (including personal loans), and you have to have $15K per month in income to get that much. I'm at $7K now, have only been able to get one CLI in the past year from them, and will likely be lucky to ever hit $15K CL on that particular card unless and until PenFed loosens up again.
I was thinking the same thing. Additionally, my income is 6 figures. The only debt I have is my car loan of $10k other than deferred student loans. I'm wondering if the student loans are the reason for the low SL.

I am looking for a recon # to call them. I'm happy to have my foot in the door, but it would be nice to have a card with at least $2k+ available. If nothing else, I'll use the card for gas each month and hope for the best.

Will update as soon as I get some feedback!
You could contact them via secure messaging on your account page. That's what I did on my last (unsuccessful) attempt to get a CLI.

I'm not sure how much the student loan would factor in. I have a very old one (dating back over 30 years, actually!) which has been deferred or placed in forbearance numerous times (long story), but has been in regular repayment now since the end of 2015 and actually has less than $5K in principal remaining. Oddly enough, that old student loan, as annoying as I've found it over the years, has done wonders for my AAoA on my credit rebuild, not to mention filling a crucial slot as an installment loan!

Also, you might look at your Equifax report to see if there's something on there that might look off-kilter to PenFed. PenFed pulls EQ.

I called them and the helpful young woman indicated that it was the BK. She suggested that I submit a recon email to them to explain and provide any other info that might help my cause. I submitted the email earlier today. We'll see what happens!

Re: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

Mahraja — Thu, 19 Jul 2018 01:54:00 GMT

Adam no worries that HP is good for 90 days if anything goes wrong you can re apply same product or different product and will get approve instantly or you can call to reconsider as many time as you like with same HP one UW would say no other would say yes penfed is very easy to deal with ... but i wish you get the good news for the product you applied for Good luck

Re: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Thu, 19 Jul 2018 02:16:42 GMT

@Mahraja wrote:
Adam no worries that HP is good for 90 days if anything goes wrong you can re apply same product or different product and will get approve instantly or you can call to reconsider as many time as you like with same HP one UW would say no other would say yes penfed is very easy to deal with ... but i wish you get the good news for the product you applied for Good luck

Awwww...thank you for your kind words!

UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Fri, 20 Jul 2018 20:21:40 GMT

...I'm IN!

I wasn't able to get a higher SL on the PCR card so $500 it is. However, I fully used my HP and I was approved for the following:

1. Promise Card: $6k SL

2. PLOC: $500 SL - Requested $5000 but they countered with this limit. I asked if they'd consider $1500 at least and was told that counteroffers are pretty firm.

3. Thrift LOC: $3k

I love their customer service. In fact, I told them that they could teach USAA a thing or two about customer service. I spoke with at least 5 people over the last 72 hours and each of them were pleasant, patient, helpful, and had a smile in their voice. I'll definitely be considering them for our mortgage lender when that time comes.

Thank you everyone that commented, shared helpful tips & kept me laughing through the process.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

Anonymous — Mon, 23 Jul 2018 09:27:43 GMT

Congratulations!!!

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

Anonymous — Mon, 23 Jul 2018 10:34:03 GMT

@adamseve wrote:
...I'm IN!

I wasn't able to get a higher SL on the PCR card so $500 it is. However, I fully used my HP and I was approved for the following:

1. Promise Card: $6k SL

2. PLOC: $500 SL - Requested $5000 but they countered with this limit. I asked if they'd consider $1500 at least and was told that counteroffers are pretty firm.

3. Thrift LOC: $3k

I love their customer service. In fact, I told them that they could teach USAA a thing or two about customer service. I spoke with at least 5 people over the last 72 hours and each of them were pleasant, patient, helpful, and had a smile in their voice. I'll definitely be considering them for our mortgage lender when that time comes.

Thank you everyone that commented, shared helpful tips & kept me laughing through the process.

Super Congrats on your Pen Fed SLs and your perserverance!

From $500 to $10,000 in combined limits is a solid start post BK7.

With responsible monthly management you should have no problem

growing those limits in no time. BTW, Pen Fed's Promise Visa is their

most popular card and the easiest to qualify for. No doubt Pen Fed

will be watching how you handle the Promise and rest of your limits

before they grant you a CLI on your $500 Power Cash Rewards card.

Congrats once again, and thanks so much for sharing!

P.S. Just a thought: You might consider contacting Pen Fed and asking

them to transfer 3k from your Promise to your PCR. That way, you'd have

two cards with at least a $3,000 limit. 6 months down the road you should

have enough history with Pen Fed to request CLIs on both cards.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Mon, 23 Jul 2018 21:44:23 GMT

@Anonymous wrote:
Congratulations!!!

Thank you very much

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Mon, 23 Jul 2018 21:57:17 GMT

@Anonymous wrote:
@adamseve wrote:
...I'm IN!

I wasn't able to get a higher SL on the PCR card so $500 it is. However, I fully used my HP and I was approved for the following:

1. Promise Card: $6k SL

2. PLOC: $500 SL - Requested $5000 but they countered with this limit. I asked if they'd consider $1500 at least and was told that counteroffers are pretty firm.

3. Thrift LOC: $3k

I love their customer service. In fact, I told them that they could teach USAA a thing or two about customer service. I spoke with at least 5 people over the last 72 hours and each of them were pleasant, patient, helpful, and had a smile in their voice. I'll definitely be considering them for our mortgage lender when that time comes.

Thank you everyone that commented, shared helpful tips & kept me laughing through the process.
Super Congrats on your Pen Fed SLs and your perserverance!

From $500 to $10,000 in combined limits is a solid start post BK7.
With responsible monthly management you should have no problem
growing those limits in no time. BTW, Pen Fed's Promise Visa is their
most popular card and the easiest to qualify for. No doubt Pen Fed
will be watching how you handle the Promise and rest of your limits
before they grant you a CLI on your $500 Power Cash Rewards card.

Congrats once again, and thanks so much for sharing!

P.S. Just a thought: You might consider contacting Pen Fed and asking
them to transfer 3k from your Promise to your PCR. That way, you'd have
two cards with at least a $3,000 limit. 6 months down the road you should
have enough history with Pen Fed to request CLIs on both cards.

Thank you so much!

It was definitely a challenge waiting, but it was so worth it.

And, thank you for an excellent idea! Didn't know it was possible but I'm glad I know now.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

morgacj2004 — Mon, 23 Jul 2018 22:58:55 GMT

Congrats! Funny how things have changed. I got a huge SL with a 3.5 yo BK showing on my Plat Rewards. And a 15k Credit line. Of course that was during the time frame when they were handing out CL like candy.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

adamseve — Mon, 23 Jul 2018 23:02:39 GMT

@morgacj2004 wrote:
Congrats! Funny how things have changed. I got a huge SL with a 3.5 yo BK showing on my Plat Rewards. And a 15k Credit line. Of course that was during the time frame when they were handing out CL like candy.

Nice! What type of CL do you have with them now? So far, I'm loving them and not simply for the credit lines, but for their customer service. I didn't think that type of service existed any longer.

Re: UPDATE: App for PenFed Power Cash CC - 5 Yrs Post Ch7 BK

morgacj2004 — Mon, 23 Jul 2018 23:07:46 GMT

39.5k. CL