topic PenFed Credit Card Help in Credit Card Applications

PenFed Credit Card Help

Breezy117114 — Thu, 30 Sep 2021 21:22:58 GMT

Hello All, hope everyone is doing as well as they can during these trying times.

I have a PenFed Checking, Savings and Auto Loan currently. I am was in search of two 0% cards I could transfer some balances to. I applied for and got approved for the Low Rate card with a 7500.00 limit. I decided to try my luck with the Power Cash Rewards card as well and was denied.

How would you proceed, let the denial go and try again in a few months? Don't try again and go for a CLI on the low rate card in 4 or 6 months? No experience with PenFed credit cards or loans. If I got approved for the card, then denied for power cash, do I have any shot at a loan, if so, how much should I ask for.

Thank you!

Re: PenFed Credit Card Help

FinStar — Wed, 13 Jan 2021 18:26:04 GMT

When was the approval done for the low rate CC (7,500 CL)?

Re: PenFed Credit Card Help

Breezy117114 — Wed, 13 Jan 2021 18:44:24 GMT

Maybe half hour prior?

Re: PenFed Credit Card Help

FinStar — Wed, 13 Jan 2021 19:06:24 GMT

It sounds like PenFed has extended what they're comfortable with at this time as far as the CC approval. I would just wait 6+ months for a CLI, but their quarterly offers (when available) provide better results. No timeframe when these pop up since it's profile-dependent.

If you decide to apply for a loan, it'll be a separate HP as that's a separate system interface as they won't repurpose the HP from the CC application.

Just curious, which score data is provided, FICOs or...? PenFed uses EQ FICO9 btw.

Re: PenFed Credit Card Help

Breezy117114 — Thu, 14 Jan 2021 03:46:56 GMT

Score Data was FICO

EQ9 was showing 663, much lower than EQ8 on MyFico app.