topic Re: Penfed Application Question in Credit Cards

Penfed Application Question

ccpat — Thu, 14 May 2020 01:37:41 GMT

Hello,

I have a Penfed account. I have a checking, savings, auto loan and overdraft line of credit. My score took a hit recently and I'm now at 632 (Penfed score). I received a Power Cash Rewards Visa application code in the mail. Don't think it's preapproval.

Two questions: What is the easiest CC to get? Do I have a better chance for approval since I have other accounts?

Re: Penfed CC approval

AllZero — Thu, 14 May 2020 01:39:36 GMT

@ccpat wrote:
Hello,

I have a Penfed account. I have a checking, savings, auto loan and overdraft line of credit. My score took a hit recently and I'm now at 632 (Penfed score). I received a Power Cash Rewards Visa application code in the mail.

Two questions: What is the easiest CC to get? Do I have a better chance for approval since I have other accounts?

I think all their cards have the same underwriting?

I think you may have a better chance if you get your scores up, e.g. reduce utilization. Besides scores, they will look at your Income, DTI Debt To Income, etc.

Re: Penfed Application Question

K-in-Boston — Thu, 14 May 2020 01:41:15 GMT

If they are targeting you, odds are probably pretty good on approval. I don't think any of their cards have different underwriting requirements except for secured cards, affinity cards that require you to be a member of a particular group, or military only cards (although I believe my Defender is no longer available to new applicants).

Re: Penfed Application Question

Aim_High — Thu, 14 May 2020 01:41:34 GMT

@ccpat wrote:
I have a Penfed account. I have a checking, savings, auto loan and overdraft line of credit. My score took a hit recently and I'm now at 632 (Penfed score). I received a Power Cash Rewards Visa application code in the mail. Don't think it's preapproval.
Two questions: What is the easiest CC to get? Do I have a better chance for approval since I have other accounts?

How old are your PenFed banking accounts?

I don't think one card is easier to get than others, so apply for what you want.

Yes, you have a much better chance since you have accounts and got a mailer.

There was just a similar thread and approval on PenFed earlier today.

I posted a detailed analysis of PenFed's lending towards the end.

See this link:

https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Power-Cash-Rewards/td-p/6018576

Re: Penfed Application Question

M_Smart007 — Thu, 14 May 2020 01:44:34 GMT

More info here;

https://ficoforums.myfico.com/t5/Credit-Cards/Penfed-Power-cash-visa-offer-letter-was-in-my-mail-box-today/td-p/6019769