topic Re: PENFED Platinum Cash Rewards in Credit Cards

PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 15:03:37 GMT

As indicated by my signature I am still a long distance away, but for planning purposes, what are the minimum requirements for a Penfed Plat Cash Rewards Card? I am particularly interested in the minimum aaoa, cs, income requirements etc...Also, are they inquiry and utilization sensitive? If so, should I be under a certain amount/percentage? Any advice will be appreciated.

Thanks,

Re: PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 15:13:30 GMT

They are inquiry sensitive. As for other stuff, I doubt anyone can give you good answers. They are one of most conservative/prime lenders. Personally if I had no inquiries in last six months, I would join and take inquiry hit and then app for it since uses same inquiry. They like active relationships. If your scores are accurate, you are close if not there. However since you didn't give any other info on credit file, can't give you any more advice.

Re: PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 15:15:26 GMT

Btw, I had close to 800 fico on equifax (which they pull) and no inquiries in 1 year when I apped. Funny thing was I had gotten several new accounts within last six months but for some reason no one pulled equifax. Lucky me.

Re: PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 15:36:25 GMT

I don't plan on applying until 2014, but currently, my scores are 720ish...took a fall with recent apps/trade lines. My aaoa is 3.9 years, and my income is low 6 figures. Hopefully by 2014, I'll have zero inquires, and an aaoa of 5+ years.

Re: PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 15:39:24 GMT

More clarity....I've added 9 new trade lines since Sep 11, and I have 7 inquires, 5 in the past 10 months on my Equifax report...They should all be gone by 2014.

Re: PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 15:50:30 GMT

No need to wait that long. If they hit one year on inquiries on equifax, you are good. Personally I would do it now. Existing members with active accounts seem to have easier approval process. Since it takes I quirky to join Penfed, why not app. If rejected, wait 6 months to year to app again.

Re: PENFED Platinum Cash Rewards

bettercreditguy1 — Mon, 09 Jul 2012 23:19:05 GMT

I apped on line with them. They asked for proof of income before opening my Pen Fed Platinum Cash Rewards Card. About four months later, I apped and was approved for a new automobile loan with no additional hard pull. Customer service is excellent, allow 5-10 business days for approval. They are very conservative and thorough. They gave me the lowest APR of the current credit cards in my posession. PLUS, the 5% cash discount on your gasoline purchases is taken off of your balance due BEFORE they punch the statement. No hastles, no extra steps, no signup categories, checks, etc. Just smoother than a well oiled machine.If you like definitive detail, they are the epitome!

Re: PENFED Platinum Cash Rewards

Anonymous — Mon, 09 Jul 2012 23:34:24 GMT

@bettercreditguy1 wrote:
I apped on line with them. They asked for proof of income before opening my Pen Fed Platinum Cash Rewards Card. About four months later, I apped and was approved for a new automobile loan with no additional hard pull. Customer service is excellent, allow 5-10 business days for approval. They are very conservative and thorough. They gave me the lowest APR of the current credit cards in my posession. PLUS, the 5% cash discount on your gasoline purchases is taken off of your balance due BEFORE they punch the statement. No hastles, no extra steps, no signup categories, checks, etc. Just smoother than a well oiled machine.If you like definitive detail, they are the epitome!

Thanks! Do you mind sharing what your credit profile looked like at the time of approval?

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 03:33:58 GMT

I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account. I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me! So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!

Re: PENFED Platinum Cash Rewards

bettercreditguy1 — Tue, 10 Jul 2012 11:30:02 GMT

Sure, from memory I believe TU was 755, I do not know EX or EQ scores. One paid med for $ 161.00 six years old, one thirty day late fall 2009, and one account pif, then closed which went 30, 60, 90 late in 2009/ 2010. All other trades, about 19, never late. Inquiries five or six.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 12:28:53 GMT

They're not fans of high utilization or significant credit scars, LOL!

They rejected me twice for the gas card. First reason was income, second time the rep tersely referred to a paid CO (that was on my report first application) and explained "Our products are for people with perfect credit". I decided against apping a third time to retain some dignity, LOL!

EQ/EX are perfect now but the gold bar hasn't showed to challenge my resolve. For where I am right now, they don't have a product worth an HP.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 13:56:51 GMT

@Anonymous wrote:
I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account. I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me! So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!

Your income and credit score seem more than sufficient to me. Is this typical of PenFed? Do they require a certain level of income to be eligible for their credit products? I'd planned on applying, but I make less than 6500 a month, so perhaps I shouldn't waste an inquiry?

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 14:24:22 GMT

@Anonymous wrote:
@Anonymous wrote:
I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account. I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me! So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!
Your income and credit score seem more than sufficient to me. Is this typical of PenFed? Do they require a certain level of income to be eligible for their credit products? I'd planned on applying, but I make less than 6500 a month, so perhaps I shouldn't waste an inquiry?

I agree...With most lenders, that income and credit score would be more than sufficient. They appear to be "ultra" conservative. Hence, my reluctance to apply until 2014 when all of my ducks are aligned.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 14:30:49 GMT

@Anonymous wrote:
@Anonymous wrote:
I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account. I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me! So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!
Your income and credit score seem more than sufficient to me. Is this typical of PenFed? Do they require a certain level of income to be eligible for their credit products? I'd planned on applying, but I make less than 6500 a month, so perhaps I shouldn't waste an inquiry?

Nah. Your income is fine. I find they do the income thing when they see something on app they don't like.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 14:36:17 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account. I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me! So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!
Your income and credit score seem more than sufficient to me. Is this typical of PenFed? Do they require a certain level of income to be eligible for their credit products? I'd planned on applying, but I make less than 6500 a month, so perhaps I shouldn't waste an inquiry?

I agree...With most lenders, that income and credit score would be more than sufficient. They appear to be "ultra" conservative. Hence, my reluctance to apply until 2014 when all of my ducks are aligned.

Missing the point searchingfor. You have great credit file. However Penfed is conservative and picky lender. On the positive side, they do value relationships. So helpful to be a member for a while with active account when you apply to increase your chances. So best case for you is to join. However if you join Penfed, you need to take hard inquiry on your equifax. Additionally they can use this same inquiry to any applications for a couple of months. So why not apply? If rejected, then you get more info. At that point, recommend transferred 50 bucks a week to checking/savings account there or make it active bank for you, and app when you are ready again.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 14:41:58 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account. I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me! So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!
Your income and credit score seem more than sufficient to me. Is this typical of PenFed? Do they require a certain level of income to be eligible for their credit products? I'd planned on applying, but I make less than 6500 a month, so perhaps I shouldn't waste an inquiry?

I agree...With most lenders, that income and credit score would be more than sufficient. They appear to be "ultra" conservative. Hence, my reluctance to apply until 2014 when all of my ducks are aligned.

Missing the point searchingfor. You have great credit file. However Penfed is conservative and picky lender. On the positive side, they do value relationships. So helpful to be a member for a while with active account when you apply to increase your chances. So best case for you is to join. However if you join Penfed, you need to take hard inquiry on your equifax. Additionally they can use this same inquiry to any applications for a couple of months. So why not apply? If rejected, then you get more info. At that point, recommend transferred 50 bucks a week to checking/savings account there or make it active bank for you, and app when you are ready again.

Thanks for the advice Crashem!

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 14:59:11 GMT

Searchingfor, I had similar scenario. I joined looking to app in the future and build my relationship with them in meantime. My score was great but had just done an app spree and didn't think I would qualify. Luckily for me, in California, I take mostly experian hits. So it turns out, only had one or two inquiries on equifax. While setting up accounts, CS reps kept asking if I wanted credit product and pointed out I had already taken equifax hit to join. I took it as a hint. So apped. Immediate approval. However after some hassle (income etc)I finally got final approval but underwriter reduced the computer approved cl.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 15:39:46 GMT

Is my understanding correct that you have to request a specific CL from PenFed rather than apply and have them automatically assign you the highest CL they're willing to offer you?

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 15:47:35 GMT

@Anonymous wrote:

Is my understanding correct that you have to request a specific CL from PenFed rather than apply and have them automatically assign you the highest CL they're willing to offer you?

Actually I don't exactly remember. I seem to remember the Penfed computer giving me some number but I might have just requested that number and Penfed computer giving me number back. However I do remember that cl was reduced from 40(?)k to 30k by underwriter somewhere in process. Just showed up in my account one day at that limit.

Re: PENFED Platinum Cash Rewards

Anonymous — Tue, 10 Jul 2012 16:07:55 GMT

@Anonymous wrote:
@Anonymous wrote:

Is my understanding correct that you have to request a specific CL from PenFed rather than apply and have them automatically assign you the highest CL they're willing to offer you?
Actually I don't exactly remember. I seem to remember the Penfed computer giving me some number but I might have just requested that number and Penfed computer giving me number back. However I do remember that cl was reduced from 40(?)k to 30k by underwriter somewhere in process. Just showed up in my account one day at that limit.

Thanks, Crashem.

I plan to join and apply for a CC later this month. My only CC (USAA MC) has a $4,200 CL. If prompted, do you think it would be reasonable to ask for a $5,000 CL from PenFed? I'd be willing to ask for less and then let the CL grow in time.