topic Re: PenFed Credit Cards in Credit Cards

PenFed Credit Cards

Anonymous — Fri, 22 Jan 2016 17:22:42 GMT

I was just recently approved for a penfed rewards credit card after refinancing my auto loan. I just wanted to know if anyone knew or had experience getting multiple penfed credit cards within the 90 day period they use to evaluate your credit?

I just dont want to push the envelope if its not gonna be good.

Re: PenFed Credit Cards

Anonymous — Fri, 22 Jan 2016 17:27:57 GMT

I was just approved for two cards. My auto refi with them was late October so it's possible.

What was your score and did they give you a big CL? That might make a difference.

Re: PenFed Credit Cards

Anonymous — Fri, 22 Jan 2016 17:36:14 GMT

Oh nice!

How much was ur loan amount for and your starting cl that they approved another card? Did you use the first credit card alot or just casually?

My starting limit is 10k and the loan refinance amount is for 22k.

My scores are Equifax 708 Transunion 689 and Experian 698 these are the Fico 8 scores though.

My Fico 5 Equifax is 677 though but my Fico 5 Bankcard Equifax is 702.

So I have no clue which one they used lol

Re: PenFed Credit Cards

Sharingan — Fri, 22 Jan 2016 17:51:25 GMT

When I joined last year, I applied for both the PenFed Platinum Rewards Visa Signature and the PenFed Platinum Cash Rewards about a month a part. Both were instant approvals for 10k each at 11.99%. I really don't remember what my EQ score was with the model they used, but I want to say 730ish.

I have been very satisfied with PenFed so far. The subsequent preapprovals for their other products have been very enticing as well.

Re: PenFed Credit Cards

Anonymous — Fri, 22 Jan 2016 17:56:50 GMT

I'd wait 30-60 days and then try another card with the same hp. Give them time to see usage on the cc and a payment on the auto loan. Just my opinion.

Re: PenFed Credit Cards

Anonymous — Fri, 22 Jan 2016 18:05:20 GMT

When I joined I also applied for two credit cards and was approved for the Rewards card and the Promise card. My EQ score was around 744 at the time. Interest on the Rewards card is 9.9 and the Promise 7.99. I love the cards and use the Rewards card often. However, when I applied for the PLOC two months later, it was denied because I had acquired several other new accounts by then. (I was an Egyptian.lol)

Re: PenFed Credit Cards

L0RDAVENTAD0R — Fri, 22 Jan 2016 18:14:30 GMT

@Anonymous wrote:
I was just recently approved for a penfed rewards credit card after refinancing my auto loan. I just wanted to know if anyone knew or had experience getting multiple penfed credit cards within the 90 day period they use to evaluate your credit?

I just dont want to push the envelope if its not gonna be good.

If your credit portfolio is solid (no bks, no collection accounts, no missed payments, years of history, etc.) then it's pointless to wait - Just apply for everything you want to apply for.

In the span of 25 days, I applied and was approved for four products:

$10,000 PenFed Platinum Visa Signature (instantly approved)
$8,000 PenFed Promise (instantly approved)
$15,000 PenFed PLOC (approved after Loan Officer review)
$5,000 PenFed Premium Travel AMEX (approved after Loan Officer review)

Same HP on everything. I have yet to use any of the credit cards or PLOC or even deposit any money into my checking/savings past the requried amount.

So it's definitely is possible to get approved for multiple products without usage evaluation.

Re: PenFed Credit Cards

Anonymous — Fri, 22 Jan 2016 19:00:54 GMT

I have Rewards Visa, Promise and PLOC. I applied for all within 90days.