topic Re: Multiple PenFed approvals!! in Credit Card Approvals

Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 18:46:22 GMT

Hi all, I have been lurking on this forum for a few years now. This is my first post.

I opened a Penfed savings acct March of this year. I applied for the power cash rewards and was declined. Score 637 as per the letter they sent. I decided to start saving there every month and build a relationship.

Yesterday I decided out of the blue to go online apply for their PenFed Gold card. The app went under review and then an hour later I got an approval email for $10,000! I am in shock! This is the highest SL I've ever gotten.
But wait... it gets better. I called customer service that night to ask some questions about the card, I ended up applying with the rep on the phone for the PenFed Power cash (same card I was declined in March) I got the under review msg again. 30 mins later another approval email for $10,000!!!! I mean... speechless. So now I have a 2 credit cards with combined $20,000.

I tried my luck again today called open an access America checking for the 2% cash back and applied for an Overdraft line of credit... got approved for $500.. ha!! I'm so happy
I only got one HP for the two credit cards yesterday and one HP today for both the checking acct and the overdraft.
Current Equifax Score is 690 as per PenFed
No DQ
Utilization 36%
One recent acct open in December 2018
Aaoa I believe about 6 years last I checked.
:-)

Re: Multiple PenFed approvals!!

AllZero — Wed, 18 Dec 2019 18:47:12 GMT

Congratulations on your approvals!

Re: Multiple PenFed approvals!!

M_Smart007 — Wed, 18 Dec 2019 18:47:52 GMT

Congrats!!

Re: Multiple PenFed approvals!!

SouthJamaica — Wed, 18 Dec 2019 18:50:10 GMT

@Anonymous wrote:
Hi all, I have been lurking on this forum for a few years now. This is my first post.

I opened a Penfed savings acct March of this year. I applied for the power cash rewards and was declined. Score 637 as per the letter they sent. I decided to start saving there every month and build a relationship.

Yesterday I decided out of the blue to go online apply for their PenFed Gold card. The app went under review and then an hour later I got an approval email for $10,000! I am in shock! This is the highest SL I've ever gotten.
But wait... it gets better. I called customer service that night to ask some questions about the card, I ended up applying with the rep on the phone for the PenFed Power cash (same card I was declined in March) I got the under review msg again. 30 mins later another approval email for $10,000!!!! I mean... speechless. So now I have a 2 credit cards with combined $20,000.

I tried my luck again today called open an access America checking for the 2% cash back and applied for an Overdraft line of credit... got approved for $500.. ha!! I'm so happy
I only got one HP for the two credit cards yesterday and one HP today for both the checking acct and the overdraft.
Current Equifax Score is 690 as per PenFed
No DQ
Utilization 36%
One recent acct open in December 2018
Aaoa I believe about 6 years last I checked.
:-)

Be sure not to get stuck with the $10 monthly maintenance fee on the Access America account.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 18:50:44 GMT

I forgot to add that my Equifax report only shows my $600 limit Fingerhut acct and $400 limit Chase slate

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 18:51:52 GMT

Yes thanks for the info!! I transferred in $500 to maintain the daily balance. I'm trying not to spend any unnecessary money :-)

Re: Multiple PenFed approvals!!

thornback — Wed, 18 Dec 2019 18:52:59 GMT

Very nice PenFed haul!! Congratulations!

And welcome to the forums - officially 😊

Re: Multiple PenFed approvals!!

Credit_Flavours — Wed, 18 Dec 2019 19:01:18 GMT

Congrats on two very solid approvals!

Could you pls supply further info like reported income, kind/size of savings/investments with them if not already stated etc. thanks again for the DP.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 19:15:20 GMT

They asked for Household annual income $140,000. For the overdraft they only asked for monthly gross income. No investments. I started saving $50 every pay (twice a month deposit). I had the money deposited directly from payroll to the acct. The balance is $900. I did not withdraw any money since I started saving.
Hope this helps.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 19:33:12 GMT

Great info, 850 -- thank you. It's helpful if the Penfed success stories are well documented so the miserable many, of which I am a member, remain (somewhat) hopeful Penfed success can be had.

And you got it TIMES TWO!

Big Congrats! to you.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 19:46:28 GMT

People who think they know everything will dispute this but I think PenFed has been trying to avoid the quick hitters who sign up for a membership just to get a quick, high limit credit card. Many of the new CC approvals are from people who have gotten rejected in the past. It took me a year to get my first CC after being rejected after becoming a member. I didn't post my story because it's too good to be true and I didn't want 1,000 others causing PenFed to take back what they gave (I was late with the Duck and NASA trains). Apparently, to members with some history PenFed is not as tight as we were told....and, oh yeah, might want to put a little more than $5 in that account with them also...or at least deposit something after your initial membership.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 19:51:05 GMT

There are so many variables. But I think because my score increased and I built a relationship with them. My $50 every paycheck deposit helped alot. At least I'd like to think that it did.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 19:52:48 GMT

Congrats on your PenFed successes!

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 20:01:55 GMT

Congratulations thats an awesome set of approvals from penfed!

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 20:02:28 GMT

@Anonymous wrote:
People who think they know everything will dispute this but ...

What follow this (quoted) is your opinion and I take no issue with. You might very well be right in what you claim.

But I do take issue with the quoted phrase -- you are basically saying "anyone who disagrees with my opinion is wrong" and I'm not sure that helps encourage open discussion on a message board.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 20:16:47 GMT

James_A, I think it's exactly opposite as you describe. As I was thinking of applying a second time to PenFed it was very hard for me to find current success stories. I think some MyFICO members have scared off people from taking a chance. Maybe it is their opinion that should be taken with a grain of salt. To repeat myself folks, build a relationship with PenFed and put a little extra money in that bank account. Try again a second time for a CC in a few months if you get rejected.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 20:24:07 GMT

@Anonymous wrote:
James_A, I think it's exactly opposite as you describe. As I was thinking of applying a second time to PenFed it was very hard for me to find current success stories. I think some MyFICO members have scared off people from taking a chance. Maybe it is their opinion that should be taken with a grain of salt. To repeat myself folks, build a relationship with PenFed and put a little extra money in that bank account. Try again a second time for a CC in a few months if you get rejected.

Again, I have no issue with how you interpretted your experience. It is yours, after all. But you also wrote:

People who think they know everything will dispute this ...

You are stating "if you disagree, you are a person "who thinks they know everything." People who think they know everything, as I understand it, is a common attribution for those who are most often wrong.

So you are shutting down other opinions by how you phrased your own. This is what I object to.

Please ALWAYS feel free to share your experiences, and your interpretation of same. But then please allow others to do likewise.

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 22:41:44 GMT

Wow! Congrats on your PenFed approvals!

Re: Multiple PenFed approvals!!

Anonymous — Wed, 18 Dec 2019 22:43:25 GMT

Congratulations!

Re: Multiple PenFed approvals!!

Aim_High — Wed, 18 Dec 2019 23:02:14 GMT

@Anonymous wrote:
I have been lurking on this forum for a few years now. This is my first post.
I opened a Penfed savings acct March of this year ... I decided to start saving there every month and build a relationship.
Yesterday I decided out of the blue to go online apply for their PenFed Gold card. ... I got an approval email for $10,000!
I ended up applying with the rep on the phone for the PenFed Power cash ... another approval email for $10,000!!!!
I ... applied for an Overdraft line of credit... got approved for $500.. ha!! I'm so happy

Well done!

Very nice run with PenFed and great job persisting towards your goal!

And Welcome to MyFico Forums!