Penfed PCR approval chances??

Amex_or_bust · ‎04-08-2021

Hey all,

I wanted to get your thoughts on if it is worth a try before burning another HP. This week Penfed approved my auto loan for 30,000 at 4.6% with EQ score of 655. Thinking of applying for the PCR so I can replace my CreditOne subprime cards. Also approved for NFCU Amex last week but that is not reporting. I am going back to the garden either way after this.

Current derogs

Chase Auto charge off - paid in full
NFCU charge off - paid in full
Capital One lates from 2016 - 30/60/90 (1 each) - trying to GW but no movement yet
Two PRAs collections that have been paid just waiting for full removal
8 HPs 6 are from car shopping this week and 2 of those 6 are from Penfed.

DTI with new auto loan about 24%

Is this an automatic no go?

Anonymous · ‎04-08-2021

Call them and ask if they can use the same HP for a credit card app. If they can use that pull from a week ago then no brainer, app for PCR (then Gold if declined).

Amex_or_bust · ‎04-08-2021

That was my first thought...but they said they said I couldn't use the same pull. Does the Gold have lower requirements? Either is an upgrade from CreditOne.

@Anonymous wrote:
Call them and ask if they can use the same HP for a credit card app. If they can use that pull from a week ago then no brainer, app for PCR (then Gold if declined).

FinStar · ‎04-08-2021

@Anonymous wrote:
Call them and ask if they can use the same HP for a credit card app. If they can use that pull from a week ago then no brainer, app for PCR (then Gold if declined).

PenFed doesn't re-purpose HPs in general, especially when mixing any product applications - phone or via online app. It's fairly rare when they may use the same HP if one applies for a CC and then a short time later for another CC. A few years ago, sure. Not so much these days.