@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--
*I have no current serious delinquency, no collections and only public record is DC BK
*length of time Revolving accounts established has oldest as 1year 3 months
*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021
* accounts with balances= My utilization is 1% for 25k overall credit line.
Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated. So now that my files are all updated, maybe I would be approved for the PCR?
What you guys think?
Personally, I would wait.
Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.
An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.
I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit.
So FinStar.What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far
Ok, I see what you're saying. I had no idea you had 4 CC's sucking the life out of you with those AFs!
And, while I understand that sometimes not everyone has the same access to no-AF cards while rebuilding, sometimes those are the options presented.
Well, let me ask you this: have the annual fees been already paid on these particular 4 cards? Are they coming up for renewal or are the assessed monthly?
Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--
*I have no current serious delinquency, no collections and only public record is DC BK
*length of time Revolving accounts established has oldest as 1year 3 months
*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021
* accounts with balances= My utilization is 1% for 25k overall credit line.
Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated. So now that my files are all updated, maybe I would be approved for the PCR?
What you guys think?
Personally, I would wait.
Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.
An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.
I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit.
So FinStar.What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far
Ok, I see what you're saying. I had no idea you had 4 CC's sucking the life out of you with those AFs!
Well, let me ask you this: have the annual fees been already paid on these particular 4 cards? Are they coming up for renewal or are the assessed monthly?
Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
I believe the Power Cash Rewards or Gold would be the best bet. Both are likely to have similar UW criteria whereas Platinum Rewards and Pathfinder have more strict standards. One thing to consider as you grow your profile (or limits), the Gold CC max limit is $15K, but the PCR can grow up to $50K -- which is the max unsecured exposure PenFed allows across all CCs.
As far as the other 3 that you intend on closing eventually, what are their limits? I believe you mentioned Mission Lane was $1,200, correct?
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
PenFed sent the letter to my email on the reasons for denied PCR card. It's dated Dec 17 2021--my BK 13 was DC Dec 14 2021, 3 days earlier!!! Maybe I was a little fast on the trigger for applying. Any ways, I am attching a screenshot of reasons---as of today--
*I have no current serious delinquency, no collections and only public record is DC BK
*length of time Revolving accounts established has oldest as 1year 3 months
*time since Delinquency?(BK filing?) (BK DC?)---Dec 14 2021
* accounts with balances= My utilization is 1% for 25k overall credit line.
Maybe you gurus can make heads or tails out of this....My guess is I applied just way to early when BK 13 was DC on 12/14, the credit reports did not have enought time to get updated. So now that my files are all updated, maybe I would be approved for the PCR?
What you guys think?
Personally, I would wait.
Even if a couple of the reasons have improved since you last applied, the other 2 reasons very much apply (reasons 2 & 3). Of course, this decision is entirely up to you.
An item to keep in mind, the longer things age, the better the terms of any outcome, such as the APR (which cannot be lowered once approved) and the starting limit (HPs for any future requests). If those are irrelevant and want to go 'YOLO' mode, then that's entirely up to you.
I agree 100%. I actually do not need another CC, but my thought process is this, if I can get a premier CC with these guys, I would close a few more of the AF cards. Mission lane ($850.00-$59.00 AF), Fortiva ($1000.00-$49.00 AF), Aspire ($1000.00-$49.00 AF) and Surge ($1150.00-$75.00 AF+ $5.00 monthly fee!!!) are 4 of the AF cards left that will not grow much if any, so a nice premier card from PenFed with 3-5k or better would be awesome and I could say Bye Bye to those AF cards So, I can let the files age for a bit.
So FinStar.What would you suggest I let the CRA's age.....I realize my scores arent going to change much with the BK showing, and its due to fall of 11-26-2025.....approx 3 years-8 months. Which the scores can go up dramatically from what I have seem here. I hear anywhere from 50-150 pts....Im so looking forward to that---Thanks in advance and thanks for the advice so far
Ok, I see what you're saying. I had no idea you had 4 CC's sucking the life out of you with those AFs!
Well, let me ask you this: have the annual fees been already paid on these particular 4 cards? Are they coming up for renewal or are the assessed monthly?
Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
I believe the Power Cash Rewards or Gold would be the best bet. Both are likely to have similar UW criteria whereas Platinum Rewards and Pathfinder have more strict standards. One thing to consider as you grow your profile (or limits), the Gold CC max limit is $15K, but the PCR can grow up to $50K -- which is the max unsecured exposure PenFed allows across all CCs.
As far as the other 3 that you intend on closing eventually, what are their limits? I believe you mentioned Mission Lane was $1,200, correct?
Yes...the others are 1k and 1150.00..but they aren't going to grow any. Should I close them all?...
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
I believe the Power Cash Rewards or Gold would be the best bet. Both are likely to have similar UW criteria whereas Platinum Rewards and Pathfinder have more strict standards. One thing to consider as you grow your profile (or limits), the Gold CC max limit is $15K, but the PCR can grow up to $50K -- which is the max unsecured exposure PenFed allows across all CCs.
As far as the other 3 that you intend on closing eventually, what are their limits? I believe you mentioned Mission Lane was $1,200, correct?
Yes...the others are 1k and 1150.00..but they aren't going to grow any. Should I close them all?...
My recommendation is to get the application done first, then depending on the outcome, you can decide on what you want to close. Since you mentioned that your overall utilization is low, then closing them will likely not impact much, other than a reduction of aggregate available credit.
Just to confirm, even though these cards have AFs, were these particular ones obtained around the same time and I would assume they're not your oldest accounts?
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
I believe the Power Cash Rewards or Gold would be the best bet. Both are likely to have similar UW criteria whereas Platinum Rewards and Pathfinder have more strict standards. One thing to consider as you grow your profile (or limits), the Gold CC max limit is $15K, but the PCR can grow up to $50K -- which is the max unsecured exposure PenFed allows across all CCs.
As far as the other 3 that you intend on closing eventually, what are their limits? I believe you mentioned Mission Lane was $1,200, correct?
Yes...the others are 1k and 1150.00..but they aren't going to grow any. Should I close them all?...
My recommendation is to get the application done first, then depending on the outcome, you can decide on what you want to close. Since you mentioned that your overall utilization is low, then closing them will likely not impact much, other than a reduction of aggregate available credit.
Just to confirm, even though these cards have AFs, were these particular ones obtained around the same time and I would assume they're not your oldest accounts?
One is 14 months old...one is 11 months old... between the 8 cards my aaoa is 11 months...so it would lower that quite a bit. But if PenFed comes through... I wouldn't care, as it would be time to garden
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
I believe the Power Cash Rewards or Gold would be the best bet. Both are likely to have similar UW criteria whereas Platinum Rewards and Pathfinder have more strict standards. One thing to consider as you grow your profile (or limits), the Gold CC max limit is $15K, but the PCR can grow up to $50K -- which is the max unsecured exposure PenFed allows across all CCs.
As far as the other 3 that you intend on closing eventually, what are their limits? I believe you mentioned Mission Lane was $1,200, correct?
Yes...the others are 1k and 1150.00..but they aren't going to grow any. Should I close them all?...
My recommendation is to get the application done first, then depending on the outcome, you can decide on what you want to close. Since you mentioned that your overall utilization is low, then closing them will likely not impact much, other than a reduction of aggregate available credit.
Just to confirm, even though these cards have AFs, were these particular ones obtained around the same time and I would assume they're not your oldest accounts?
One is 14 months old...one is 11 months old... between the 8 cards my aaoa is 11 months...so it would lower that quite a bit. But if PenFed comes through... I wouldn't care, as it would be time to garden
Well, it wouldn't lower your AAoA if you closed them. Closed accounts in good standing can remain on your CRs for up to ~10 years (give or take). Once they go *poof* then that's when you may see a fluctuation in scores, but I'm sure by then your profile will be very well established.
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:
@FinStar wrote:
@rchvmz wrote:Ok----Fortiva JUST hit me with $49.00 AF + $12.50 maint fee=$61.50, bummer---Aspire and Mission lane will hit in April, and Surge is 6 months away----surge gets $5.00 every month plus the AF---
What you thinking?
Let's do it
I would definitely go for the Power Cash Rewards, if that aligns with your spending and lifestyle. Since the Promise CC is no longer available for new applicants, there's the Gold card, but that's mainly for BTs (no guarantee of getting their lowest rate). If you travel, there's Pathfinder. And, of course, lastly Platinum Rewards. I would definitely look at the ones you're interested and narrow down the choices. Only thing to consider, PenFed does not reallocate limits nor PC their CCs, so choose wisely!
Well, I do not need a rewards card right now, so whatever card is the bare bones would probably be easier to get, whaich ever that one is---and what about the AF cards---Fortiva is good for another year and it has no monthly fee--but the others are coming due soon---so If I can get in with a Penfed card, would it be in my best interest to close the other 3, or if I wait or get declined should I close them anyway?.......I mean you guys are the Gurus, I am the amature--so advise me please. I am willing to follow directions Finstar.
I believe the Power Cash Rewards or Gold would be the best bet. Both are likely to have similar UW criteria whereas Platinum Rewards and Pathfinder have more strict standards. One thing to consider as you grow your profile (or limits), the Gold CC max limit is $15K, but the PCR can grow up to $50K -- which is the max unsecured exposure PenFed allows across all CCs.
As far as the other 3 that you intend on closing eventually, what are their limits? I believe you mentioned Mission Lane was $1,200, correct?
Yes...the others are 1k and 1150.00..but they aren't going to grow any. Should I close them all?...
My recommendation is to get the application done first, then depending on the outcome, you can decide on what you want to close. Since you mentioned that your overall utilization is low, then closing them will likely not impact much, other than a reduction of aggregate available credit.
Just to confirm, even though these cards have AFs, were these particular ones obtained around the same time and I would assume they're not your oldest accounts?
One is 14 months old...one is 11 months old... between the 8 cards my aaoa is 11 months...so it would lower that quite a bit. But if PenFed comes through... I wouldn't care, as it would be time to garden
Well, it wouldn't lower your AAoA if you closed them. Closed accounts in good standing can remain on your CRs for up to ~10 years (give or take). Once they go *poof* then that's when you may see a fluctuation in scores, but I'm sure by then your profile will be very well established.
Good to know.... which I did not. Thanks for all your input. I'll update tomorrow.