PenFed pre-approval letter + CLI question + observation on applying for membership

[W261w261]

I'm not a customer of PenFed.  I  got a pre-approval letter from them for the non-rewards Gold card, which I guess would be nice for the padding, but since I PIF, not good for much more.  It did get me interested in PenFed however, and so my question is what the best guess here would be on the UW requirements for the other cards; e.g. if they like me enough to send me the letter, is it quite possible that they'll like me enough to approve me for one of the Visa Sigs?  I already have a couple of those (Navy 10k, USAA 12k), but the CL's are not stellar. My scores are 730 ish, having taken some HP and new account hits from a couple of cards added not too long ago. I was headed for the garden, but then, but then....

In anticipation of doing ~something~ with Penfed, I applied to join.  They make it relatively easy, the standard stuff.  But I kept getting emails along the line of "just one more thing, we need a DL, a utility bill or <something>..."  I called CS, but they were no help. I finally figured it out.  I had done all the stuff on my mobile phone, including snapping a pic of my DL.  That produced a .jpg file of just over 3MB, over the limit on PenFed's site.  I scanned the license, ended up with a .pdf file of a few hundred thou, and all was well.  I sent them $50 for a savings account, all on spec.

My last question is pretty simple.  I  tried to research it but ended up without certainty.  Are PenFed's CLI's HP?

Thanks

[cashorcharge]

Congrats on your PenFed Membership.

I know a few others that have gotten in as you did.

The underwriting for the Power Cash is similar to the Gold.  The Gold has a CL MAX of $15K and the Power Cash of $25K...yes, you'll find others with higher but they were grandfathered in a few years back.  The Pathfinder has tighter UW restrictions...."I think"

Yes, all self-initiated CLI requests are HP.  Once your account ages 6 months, you'll be eligible for review and if they are obliged, could provide you an "offer" which can be in the form of a CLI or new account.  You'll need to log in to watch for them regularly after the 6 month mark.

[W261w261]

Good to know. Thx

[W261w261]

No HP or new accounts from April of last year until Feb of this year. Then I opened and quickly closed an Amex account (no HP), opened 2 more accounts (2 HP), apped a CLI and an overdraft LOC (2 HP). All EX. 

MY EX report, which counts my inquiries at 6, says this is "credit seeking." I gather that's some combination of new accounts and inquiries.

But before I head to the garden, there is one more card I'd like to try for. Although I do a lot of business with Navy, I thought I'd like to get involved with PenFed as well. I could use a little more padding and one of their cards has a streaming reward. So my question is, since I'm already guilty of "seeking credit," maybe no big deal to take one more HP (it's EQ I think) and then let things chill for a year. The 2 HP from last year will stop scoring in May.

Scores lower mid 700's, AAoA 6 yrs, # of open accts 12, usually AZE2 or close. 

Thanks.

[SouthJamaica]

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@W261w261 wrote:

No HP or new accounts from April of last year until Feb of this year. Then I opened and quickly closed an Amex account (no HP), opened 2 more accounts (2 HP), apped a CLI and an overdraft LOC (2 HP). All EX. 

MY EX report, which counts my inquiries at 6, says this is "credit seeking." I gather that's some combination of new accounts and inquiries.

But before I head to the garden, there is one more card I'd like to try for. Although I do a lot of business with Navy, I thought I'd like to get involved with PenFed as well. I could use a little more padding and one of their cards has a streaming reward. So my question is, since I'm already guilty of "seeking credit," maybe no big deal to take one more HP (it's EQ I think) and then let things chill for a year. The 2 HP from last year will stop scoring in May.

Scores lower mid 700's, AAoA 6 yrs, # of open accts 12, usually AZE2 or close. 

Thanks.

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I don't know of any reason not to go ahead with the app.

Your "credit seeking" pales in comparison to that of most of us here

[W261w261]

That's what I'm thinking. But, I'm a little gunshy: In Feb, I looked at my 2016 USAA rate advantage (no rewards) card that was covered in SD lint, and decided it could use some company. Apped and was approved for a Visa Sig 12k. The next day, admittedly pushing my luck, I went for a CLI (HP). Denied. I gather 12k more for me was their limit. I begged them to pull back one of the HP's, to no avail. 

[SDMarik]

I'd go for it, 6 inqand 4/12 is not that bad at all.

[trvlscmmr]

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@W261w261 wrote:

No HP or new accounts from April of last year until Feb of this year. Then I opened and quickly closed an Amex account (no HP), opened 2 more accounts (2 HP), apped a CLI and an overdraft LOC (2 HP). All EX. 

MY EX report, which counts my inquiries at 6, says this is "credit seeking." I gather that's some combination of new accounts and inquiries.

But before I head to the garden, there is one more card I'd like to try for. Although I do a lot of business with Navy, I thought I'd like to get involved with PenFed as well. I could use a little more padding and one of their cards has a streaming reward. So my question is, since I'm already guilty of "seeking credit," maybe no big deal to take one more HP (it's EQ I think) and then let things chill for a year. The 2 HP from last year will stop scoring in May.

Scores lower mid 700's, AAoA 6 yrs, # of open accts 12, usually AZE2 or close. 

Thanks.

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Back in December & January Penfed approved me for 2 cards within 30 days. (only 1 HP)

At the time I had way more new acccounts & inquiries than you curently have.

[PapaTunde]

<agree> with SouthJamaica

[SUPERSQUID]

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@W261w261 wrote:

No HP or new accounts from April of last year until Feb of this year. Then I opened and quickly closed an Amex account (no HP), opened 2 more accounts (2 HP), apped a CLI and an overdraft LOC (2 HP). All EX. 

MY EX report, which counts my inquiries at 6, says this is "credit seeking." I gather that's some combination of new accounts and inquiries.

But before I head to the garden, there is one more card I'd like to try for. Although I do a lot of business with Navy, I thought I'd like to get involved with PenFed as well. I could use a little more padding and one of their cards has a streaming reward. So my question is, since I'm already guilty of "seeking credit," maybe no big deal to take one more HP (it's EQ I think) and then let things chill for a year. The 2 HP from last year will stop scoring in May.

Scores lower mid 700's, AAoA 6 yrs, # of open accts 12, usually AZE2 or close. 

Thanks.

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I would say give penfed a whirl, dont app for the pathfinder i read it has tougher uw. i was approved for a 7.5k power cash rewards in december with a bk7 on reports, 22 inq's, fico's 670's-680's, AAoA 1 plus years. ymmv.

during november and december penfed was giving out the PCR like candy.

EDIT - Whoops, the applying for the mortgage thing flew right over my head,  if you are applying for a mortgage soon disregard my post.