Re: PenFed Approval, Finally!

iowe · ‎08-23-2018

Congratulations

2025 & 2026 Goal: To continue to save cash until I have 12 months worth of living expenses in savings.

Anonymous · ‎08-23-2018

Congratulations! Hard work and perseverance do pay off!!! Well done!

Kevin5974 · ‎08-24-2018

I don't get it. They tell me I can't exceed $10k total CL as a new member. You have a great profile but mine is better. Why couldn't I get a higher SL? I have better scores and better CLs existing. Kind of frustrating...

Nevertheless, congrats on your approval!! Don't mind my negativity!!

Starting Score: 475
Current Score: 649
Goal Score: 690

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Anonymous · ‎08-24-2018

Congrats OP! WELL DONE. I remember when I applied with Penfed with 700 FICO 8 denied due to short credit history...Anyone can confirm this is typical with Penfed? They still looking for internal history too?

19eighty5 · ‎08-24-2018

Congratulations!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:

AMEX Delta SkyMiles Reserve | $2,800 | February 2019

AMEX Marriott Bonvoy Brilliant | $3,100 | August 2019

BOA BankAmericard AU | $4,500 | May 2004

Citi CostCo Anywhere Visa | $4,780 | March 2020

Citi Macy's Star Rewards | $11,100 | September 2021

Comenity Overstock | $7,100 | August 2018

Goldman Sachs Apple Card | $6,000 | March 2020

Synchrony CareCredit | $12,000 | October 2018

Synchrony Lowe's Advantage | $5,000 | March 2020

Audi e-tron - Audi Financial | $85K/72mo/3.24% | March 2022

Anonymous · ‎08-24-2018

@Kevin5974 wrote:
I don't get it. They tell me I can't exceed $10k total CL as a new member. You have a great profile but mine is better. Why couldn't I get a higher SL? I have better scores and better CLs existing. Kind of frustrating...

Nevertheless, congrats on your approval!! Don't mind my negativity!!

All new members are in the same situation, I joined yesterday and got $10,000. I could have applied for another but the CSR said the limit would be split. I plan on waiting 6months then ask for a CLI, if you show them you can handle that limit I'm sure they will reward you.

Congrats OP, your hard work paid off!!

Pikaboo-icu · ‎08-24-2018

@Kevin5974 wrote:
I don't get it. They tell me I can't exceed $10k total CL as a new member. You have a great profile but mine is better. Why couldn't I get a higher SL? I have better scores and better CLs existing. Kind of frustrating...

Nevertheless, congrats on your approval!! Don't mind my negativity!!

There are so many things that go into those decisions..

You can't possibly know that your profile is "better than" the op's in the areas that PenFed uses for it's process.

Scores matter but so does income, number of inquiries, number of accounts opened in the last 12 -24 months and so on.

Everyone's profile is different and PenFed's algorithm for it's decisions still elude us in many ways.

I've seen members receive a higher SL than $10,000. but that's the basic formula they use for new members.

Hang in there, your card(s) will grow with PF if you treat them right.

CONGRATS OP on joining the PF family!!

PenFed Approval, Finally!

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