PENFED Power Cash signature Visa

[Carloscda40]

I receieved this invitation to apply in the mail today

It also says if you don'y qualify for the Signature you will automatcally be considered for the Cash Rewards Visa.

Should I take a chance and apply? My score is 600

Did they make a mistake sending me this offer? Don't you need scores near 680 and up?

[OmarGB9]

I think your score is rather low for it, even with their relaxed UW criteria unfortunately. 

As for the mailer being sent to you, it's not exactly Penfed themselves sending it to you. It's a third-party marketing company that automatically sends it out to all applicants that meet X criteria (i.e. live in a certain zip code, meet a certain income threshold, have never filed for BK, things like that) on PF's behalf.

[GZG]

might help to know why your score is 600 as well, is it recent/severe lates or high utilization? 

[Carloscda40]

Ok Thanks for the information.

High uti which I'm working on and a number of inquries.

[SUPERSQUID]

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@Carloscda40 wrote:

I receieved this invitation to apply in the mail today

It also says if you don'y qualify for the Signature you will automatcally be considered for the Cash Rewards Visa.

Should I take a chance and apply? My score is 600

Did they make a mistake sending me this offer? Don't you need scores near 680 and up?

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CONGRATS!!!!!

Just an fyi, Penfed offers the PCR at different limits, signature just indicates the cl is above 5000, imo.

[7774x]

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@SUPERSQUID wrote:

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@Carloscda40 wrote:

I receieved this invitation to apply in the mail today

It also says if you don'y qualify for the Signature you will automatcally be considered for the Cash Rewards Visa.

Should I take a chance and apply? My score is 600

Did they make a mistake sending me this offer? Don't you need scores near 680 and up?

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CONGRATS!!!!!

Just an fyi, Penfed offers the PCR at different limits, signature just indicates the cl is above 5000, imo.

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If you have EQ 680 +  you  will likely be approved.. 1st try was with 670  fico ...  Penfed  denied ..HP

[TryItAgain]

@Carloscda40 You could also try the soft pull pre-qualify for a personal loan with PenFed. While no guarantee on card approval, it's a decent bet if they offer you ba loan they will approve a card, and you can know before the HP.

YMMV

[WavysMommy]

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@Carloscda40 wrote:

I receieved this invitation to apply in the mail today

It also says if you don'y qualify for the Signature you will automatcally be considered for the Cash Rewards Visa.

Should I take a chance and apply? My score is 600

Did they make a mistake sending me this offer? Don't you need scores near 680 and up?

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I applied without an invite, a BK7 reporting(a little over a year post dismiss when I applied) and was approved for the Power Cash Reward for 6.5k. My score was around 630 when I was approved. I didn't think I'd be approved, but the DPs looked promising before I decided to apply.

[Rogue46]

I was approved for the PCR at 4 years post bk7 with a score of 680. SL $15k. 

[WavysMommy]

*deleted*

Didn't realize I had already responded.