Applying for Penfed Card while waiting a Balance Transfer

[Fated4Credit]

I'm really on the fence on wheather too to through applying for the PCR card while i'm waiting on 2 balance transfers to hit my reports. I recently did a 0% balance transfers on my USB Cash+ card for 13 months on May 6 (until June 2023) to pay off my Discover card that had 4k balance on it. I currently have a 12 month 0% interest promo on purchases on the card that expires in early August. I began paying off the card back in January but I knew I needed more time so the balance transfer offer from USB came in handy.

I then did another 12 month 0% balance transfer from my CFU until July 2023 for another 4k to help pay off/down a couple of other cards. That money I let deposit into my Chase checking account. Right now as its stands i'm waiting on the balance to update on my PPMC as I used the majority of the chase BT to pay off for that & I know TV at US bank posts at the end of the month do I kinda have small window to apply for the Penfed card before the balances reports & ups my utilization

My current stats:

Balance Transfer #1

USB: 6110/9000 (*2250 is the current balance on the card that's reporting before the BT)

**Current Util is 19% but the BT could push it to around 71%

Balance Transfer #2

CFU: 4579/8000 57% (*currently reporting 579 until June 8 statement)

Paypal MC 2837/12k (*paid it down to 381) waiting the Fico score update ususually around the 18-21 on the month depending on when Synch decides to report

Discover: 0/15,600

Cap 1: 16/4811 (the charge posted sooner than I expected on the reports

Paypal MC 2322/12k currently reporting

Util 10% with over 5k balance across all cards

My Fico scores I believe are pretty decent EX: 756 (inquiries 1 from 9/20 * US Cash+

& tried & failed penfed loan from 6/21)

TU: 751 (0 inquiries)

EQ: 731 from a couple months ago I'll know the current scores next month when it updates quarterly (3 from penfed from 10/20)

I had a small SSL from Penfed for $350 from April 2021 that is now closed & paid off

Before that my last app was the US Cash+ on 10/20.

AAOA: 3 yrs

AOOA: little over 5 yrs

No baddies or other loans

Income 26k

EQ 9 808 provided by Penfed last updated in April  from a small SSL from Penfed for $350 from April 2021 that is now closed & paid off

Before that my last app was the US Cash+ on 9/20.

Sorry for the long post but given the info you think its a good idea to apply now for the Penfed Cash Rewards card once the pay pal balance updates & before the new balances from the BTs reports or wait for my balance to be paid down. I'm hoping to have the balances on USB Cash+ & CFU paid down/off in 6-8 months.

This would be my 2nd attempt at the PCR card, the last being almost 2 yrs ago when I applied for membership on 10/20

**Edited for double post

[AverageJoesCredit]

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@Fated4Credit wrote:

I'm really on the fence on wheather too to through applying for the PCR card while i'm waiting on 2 balance transfers to hit my reports. I recently did a 0% balance transfers on my USB Cash+ card for 13 months on May 6 (until June 2023) to pay off my Discover card that had 4k balance on it. I currently have a 12 month 0% interest promo on purchases on the card that expires in early August. I began paying off the card back in January but I knew I needed more time so the balance transfer offer from USB came in handy.

I then did another 12 month 0% balance transfer from my CFU until July 2023 for another 4k to help pay off/down a couple of other cards. That money I let deposit into my Chase checking account. Right now as its stands i'm waiting on the balance to update on my PPMC as I used the majority of the chase BT to pay off for that & I know TV at US bank posts at the end of the month do I kinda have small window to apply for the Penfed card before the balances reports & ups my utilization

My current stats:

Balance Transfer #1

USB: 6110/9000 (*2250 is the current balance on the card that's reporting before the BT)

**Current Util is 19% but the BT could push it to around 71%

Balance Transfer #2

CFU: 4579/8000 57% (*currently reporting 579 until June 8 statement)

Paypal MC 2837/12k (*paid it down to 381) waiting the Fico score update ususually around the 18-21 on the month depending on when Synch decides to report

Discover: 0/15,600

Cap 1: 16/4811 (the charge posted sooner than I expected on the reports

Paypal MC 2322/12k currently reporting

Util 10% with over 5k balance across all cards

My Fico scores I believe are pretty decent EX: 756 (inquiries 1 from 9/20 * US Cash+

& tried & failed penfed loan from 6/21)

TU: 751 (0 inquiries)

EQ: 731 from a couple months ago I'll know the current scores next month when it updates quarterly (3 from penfed from 10/20)

I had a small SSL from Penfed for $350 from April 2021 that is now closed & paid off

Before that my last app was the US Cash+ on 10/20.

AAOA: 3 yrs

AOOA: little over 5 yrs

No baddies or other loans

Income 26k

EQ 9 808 provided by Penfed last updated in April  from a small SSL from Penfed for $350 from April 2021 that is now closed & paid off

Before that my last app was the US Cash+ on 9/20.

Sorry for the long post but given the info you think its a good idea to apply now for the Penfed Cash Rewards card once the pay pal balance updates & before the new balances from the BTs reports or wait for my balance to be paid down. I'm hoping to have the balances on USB Cash+ & CFU paid down/off in 6-8 months.

This would be my 2nd attempt at the PCR card, the last being almost 2 yrs ago when I applied for membership on 10/20

**Edited for double post

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I would apply now before the balances hit your report. Good luck 😀

[Fated4Credit]

@AverageJoesCredit: believe me its tempting lol After 2 failed attempts @ getting a loan in 2020 & 21 & the previous attempt @ the card, I feel like I'm walking on egg shells with Penfed sometimes I had to settle for getting secured loan just to have some type of history with them. I meant if I don't apply over the weekend I'm better off waiting for the BTs to be completely paid off & the 4 of 5 inquiries dropping off in October & making sure I'm rocking barely 1% Util doing AZEO. With all that would I be good enough for approval then!? 😣 I would hate for another wasted HP

[AverageJoesCredit]

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@Fated4Credit wrote:
@AverageJoesCredit: believe me its tempting lol After 2 failed attempts @ getting a loan in 2020 & 21 & the previous attempt @ the card, I feel like I'm walking on egg shells with Penfed sometimes I had to settle for getting secured loan just to have some type of history with them. I meant if I don't apply over the weekend I'm better off waiting for the BTs to be completely paid off & the 4 of 5 inquiries dropping off in October & making sure I'm rocking barely 1% Util doing AZEO. With all that would I be good enough for approval then!? 😣 I would hate for another wasted HP

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It's OK I understand. If I was more patient I think I would have 90% less hps. I have so many hps for failures lol that I need to be put in timeout

With Penfed it took me almost 4 years to finally get some luvin lol. I still get rejected but were it not for my silly attempts I would never have even had an inkling what they were willing to lend. No shame in waiting

[Fated4Credit]

Another thing too is I don't wanna open up a checking account without knowing I'm approved first. The good thing is it don't think you have to open a checking account at the same time when applying for the card. I already have a regular savings with $600 with them so once I've been approved I can easily transfer $500 from the savings to get the 2%

[Fated4Credit]

Update: I was approved instantly this morning! 7500, the exact amount I wanted too 😆 APR 17.99. I can hardly believe it ☺️

[gdale6]

As OP is now approved this thread is closed to further comment. Approval thread can be found here  https://ficoforums.myfico.com/t5/Credit-Card-Approvals/PENFED-Persistence-finally-paid-off-PCR-7500-...