What are my approval chances for PenFed Power Cash Rewards?

[CBTS]

I'm trying to decide if it's a good idea for me to apply for this card or not given my current credit situation. My credit profile is as follows:

- Chapter 7 discharged December 2017
- Starting FICO 8 scores post-discharge: 521 EQ | 553 EX | 500 TU
- Current FICO 8 scores: 672 EQ | 665 EX | 652 TU
- Inquiries: 2 EQ | 5 EX | 4 TU
- 4 open CCs: Capital One Quicksilver $1500 CL opened late December 2017 | BCU Secured $500 CL opened January 2018 | Capital One QuicksilverOne $3500 CL opened July 2018 | BCU Cash Rewards $3000 CL opened July 2018
- 1 open SSL installment loan since January 2018
- Revolving utilization: 6.9% overall ($588 last statement balance on Quicksilver, rest of them $0) | 39.2% on the card with that statement balance ($588 balance on $1500 CL)
- Installment utilization: 7.3% ($36 balance on $500 SSL)

I'm currently not member of the CU. From what I have read, PenFed exclusively pulls EQ which is luckily my highest score. But I have seen conflicting reports on what the minimum required score is for approval. It used to be a minimum of 620 which went up to 660, but then I started seeing denials for 680. I understand they loosened up their requirements for a period of time, but I guess they've gone back to being conservative. Does the PCR have stricter requirements compared to other cards offered by PenFed?

Would it be better to wait for my 2 year discharge anniversary? I'm not sure if it'll even make any difference. I've only kept up with my EX FICO on a month to month basis, and it's been stuck at 665 since October 2018 for over 6 months. I imagine the other two have as well.

Any suggestions/advice will be greatly appreciated!

[Anonymous]

PenFed is unpredictable. A good bar to look at is 680 EQ FICO 9 minimum but I would hold off until at least the 2 years from discharge mark.

One thing you have going for you is that you don’t have a lot of credit or a lot of new credit.

[Green456]

What is your debt to income?

I had 800 score, very high income, no baddies and was denied soley for my student loans. 

[AverageJoesCredit]

I agree with @Anonymous. The only thing on your side is not alot of credit. Penfed doesnt like dirty files though some do get by. Penfed is so hard to figure on who they'll approve ive stopped trying. I wouldnt recommend them for anyone though im biased based of own experience

[Anonymous]

I would say your chances are marginal at best.  I would rebuild more and get a stronger base before I would apply for Penfed.  They are not at all like Navy when it comes to approvals. Having said that join and start to build a relationship, credit unions are great and when it comes time to buy a car Penfed is one of the best out there.   I couldn't get a credit card from them 2 years ago but they approved me for a 3% APR 72 month auto loan.

[CBTS]

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@Green456 wrote:

What is your debt to income?

I had 800 score, very high income, no baddies and was denied soley for my student loans. 

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DTI should be low. Income is not the highest, but I don't have any debt other than rent and the credit card bill. No mortgages or auto loans.

[Dirge]

Last November I got approved for a checking and savings account, but not a credit card, with a 691 Fico 9. 

eta  I have a BR7 from 2012 still on my report, for medical debt. 

[Anonymous]

You've got at least 4 recent accounts and fairly recent discharge (can't speak of it)... I doubt you would ever get approved if you apply today just because of those number of recent accounts. I wouldn't apply if I were you and my 791 EQ FICO 9 (~750-ish EQ FICO 8) denied me at first decision until I called them. Having history with PenFed (CD's, savings, etc) may help when you apply at later time.

[CBTS]

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@Dirge wrote:

Last November I got approved for a checking and savings account, but not a credit card, with a 691 Fico 9. 

eta  I have a BR7 from 2012 still on my report, for medical debt. 

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If they denied you with a higher score and a 6 year old BK, no way am I getting approved. Thanks for your input.

[CBTS]

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@Anonymous wrote:

You've got at least 4 recent accounts and fairly recent discharge (can't speak of it)... I doubt you would ever get approved if you apply today just because of those number of recent accounts. I wouldn't apply if I were you and my 791 EQ FICO 9 (~750-ish EQ FICO 8) denied me at first decision until I called them. Having history with PenFed (CD's, savings, etc) may help when you apply at later time.

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Thanks, that's exactly what I wanted to hear. I can't afford to waste INQs at this point in my rebuild. I'll hold off on it until I'm at least 2 years post with scores over 700 (if I ever get there).