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Penfed chances

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tbea1004
Frequent Contributor

Penfed chances

If the EQ score is in the low 700s and 1 charge off that is around 5 years old and a late payment is 5 years old, AAOA 4.5 years and util under 10% is there a chance to get approved for Penfed card or PLOC?
Message 1 of 16
15 REPLIES 15
pinkandgrey
Senior Contributor

Re: Penfed chances

I don’t personally have any PenFed accounts, but I would think that you could be approved. Your AAoA is good, scores are good enough, and utilization is low. Good luck!

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Message 2 of 16
AverageJoesCredit
Legendary Contributor

Re: Penfed chances

Never know til you try. Penfed is a flip of coin for most. If you have too much credit or some other factor they dont like, theyll eat your heart for breakfast and spit you out . If they like you you might get lucky and get 10k.CointossSmiley Wink
Message 3 of 16
Anonymous
Not applicable

Re: Penfed chances

Penfed is a bit unpredictable.  As long as your willing to accept an inquiry there isn't really any risk to applying.  My guess is you will get approved but like I said they can be a  bit hit and miss.  

Message 4 of 16
tbea1004
Frequent Contributor

Re: Penfed chances

Is any Penfed card harder to get approved for than the others or is it the same for all the cards?
Message 5 of 16
DaveInAZ
Senior Contributor

Re: Penfed chances


@tbea1004 wrote:
Is any Penfed card harder to get approved for than the others or is it the same for all the cards?

Well, the Platinum Rewards is a Visa Signature card which means a minimum $5k CL, so that is harder. And Pathfinder is a Penfed issued Amex, so it's also harder. The Penfed Promise has no rewards so it is probably the easiest, but Power Cash Rewards is also fairly easy but is only a 1.5% reward card unless you're active military or have a checking account with minimum $500 balance or $500/mo. in direct deposits for 2% rewards. But as others have noted Penfed is really hit or miss.

Message 6 of 16
Anonymous
Not applicable

Re: Penfed chances


@DaveInAZ wrote:

@tbea1004 wrote:
Is any Penfed card harder to get approved for than the others or is it the same for all the cards?

Well, the Platinum Rewards is a Visa Signature card which means a minimum $5k CL, so that is harder. And Pathfinder is a Penfed issued Amex, so it's also harder. The Penfed Promise has no rewards so it is probably the easiest, but Power Cash Rewards is also fairly easy but is only a 1.5% reward card unless you're active military or have a checking account with minimum $500 balance or $500/mo. in direct deposits for 2% rewards. But as others have noted Penfed is really hit or miss.


Power Cash Rewards is a VISA Signature as well. I swear I have seen them with less than $5K though (maybe not?)  and of so it’s probably easier to get than the Platinum Rewards but not as easy as Gold (I’m not so sure Promise is easy to get considering the 4.99% on BTs and no fees). 

Message 7 of 16
AverageJoesCredit
Legendary Contributor

Re: Penfed chances

I couldnt even get the gold when my fico 9 was 800Smiley Wink. For cards that csn be beat elsewhere, they sure are guarded like 5/24Smiley Wink
Message 8 of 16
DaveInAZ
Senior Contributor

Re: Penfed chances


@Anonymous wrote:

@DaveInAZ wrote:

@tbea1004 wrote:
Is any Penfed card harder to get approved for than the others or is it the same for all the cards?

Well, the Platinum Rewards is a Visa Signature card which means a minimum $5k CL, so that is harder. And Pathfinder is a Penfed issued Amex, so it's also harder. The Penfed Promise has no rewards so it is probably the easiest, but Power Cash Rewards is also fairly easy but is only a 1.5% reward card unless you're active military or have a checking account with minimum $500 balance or $500/mo. in direct deposits for 2% rewards. But as others have noted Penfed is really hit or miss.


Power Cash Rewards is a VISA Signature as well. I swear I have seen them with less than $5K though (maybe not?)  and of so it’s probably easier to get than the Platinum Rewards but not as easy as Gold (I’m not so sure Promise is easy to get considering the 4.99% on BTs and no fees). 


Oh, I've seen a PCR with less than $5k, it was in my hot little hands. Smiley LOL They approved me for one early 2017 with only a $1,200 CL, I don't remember if the card said 'Signature'. I closed it and my Penfed checking in July 2017 when I was approved for the PayPal 2% Cashback MC with $7k CL, it was no long worth the bother. I'm pretty sure Visa allows a card to be a "Signature" with less than a $5k CL, but Penfed sent me a mailer for the Platinum Rewards and it said "minimum $5,000 CL".

Message 9 of 16
Anonymous
Not applicable

Re: Penfed chances


@DaveInAZ wrote:

@Anonymous wrote:

@DaveInAZ wrote:

@tbea1004 wrote:
Is any Penfed card harder to get approved for than the others or is it the same for all the cards?

Well, the Platinum Rewards is a Visa Signature card which means a minimum $5k CL, so that is harder. And Pathfinder is a Penfed issued Amex, so it's also harder. The Penfed Promise has no rewards so it is probably the easiest, but Power Cash Rewards is also fairly easy but is only a 1.5% reward card unless you're active military or have a checking account with minimum $500 balance or $500/mo. in direct deposits for 2% rewards. But as others have noted Penfed is really hit or miss.


Power Cash Rewards is a VISA Signature as well. I swear I have seen them with less than $5K though (maybe not?)  and of so it’s probably easier to get than the Platinum Rewards but not as easy as Gold (I’m not so sure Promise is easy to get considering the 4.99% on BTs and no fees). 


Oh, I've seen a PCR with less than $5k, it was in my hot little hands. Smiley LOL They approved me for one early 2017 with only a $1,200 CL, I don't remember if the card said 'Signature'. I closed it and my Penfed checking in July 2017 when I was approved for the PayPal 2% Cashback MC with $7k CL, it was no long worth the bother. I'm pretty sure Visa allows a card to be a "Signature" with less than a $5k CL, but Penfed sent me a mailer for the Platinum Rewards and it said "minimum $5,000 CL".


Yeah I swore I had seen some PCRs with low limits around here. 

 

VISA Siggies can definitely be cards with less than $5K - Chase Amazon and US Bank Cash+ being great examples that are always VS - I just wasn’t sure if PenFed offered regular VISA cards like Navy Federal if you don’t get the $5K SL, if they issue VS regardless, or if it’s a denial. 

Message 10 of 16
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