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PenFed Approval with High Util

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Established Contributor

PenFed Approval with High Util

I'd been eying a card with PenFed for a while. I'm auth on my DH's card but only had the Thrifty. I recently had some collections removed from my report, which makes my report relatively clean minus some old baddies so I took a stab at it anyway. Utilization is about 35% across both mine and authed cards.

 

Approval after review for the Promise Card at $7500 with 17.99 APR. I know the APR is high but that's still lower than some of my store cards that I want to BT. It's an in with them if nothing else.

Gardening since 12/15/2019. Goal 12/15/2021
FICO 8 as of 12/16/2019 - EQ 602 EX 656 TU 628
Message 1 of 11
10 REPLIES 10
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Contributor

Re: PenFed Approval with High Util

Congratulations on your approval! Don't feel bad about the APR, I just got approved for the Platinum Rewards at a 16.99% with scores in the mid 700s. Like you said, it's lower than most large bank rates anyway and there's always a chance they can lower it in the future (that's what I'm telling myself!). 



FICO 8 Scores
EX: 742
EQ: 769
TU: 748
Message 2 of 11
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Established Contributor

Re: PenFed Approval with High Util


@rafy023 wrote:

Congratulations on your approval! Don't feel bad about the APR, I just got approved for the Platinum Rewards at a 16.99% with scores in the mid 700s. Like you said, it's lower than most large bank rates anyway and there's always a chance they can lower it in the future (that's what I'm telling myself!). 


Wow, for the mid 700s? Now I really don't feel bad. I'm in the mid-600s right now due to util. They seem to be a tough nut to crack anyway. DH is in the high 700s and they only gave him a $5000 limit with 11% APR.

Gardening since 12/15/2019. Goal 12/15/2021
FICO 8 as of 12/16/2019 - EQ 602 EX 656 TU 628
Message 3 of 11
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Established Contributor

Re: PenFed Approval with High Util

Congrats 🎉🎈🎊🍾 @lindsaydruart on your PenFed Approval

CARDS: Discover It | QuickSilver One | Open Sky | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 4 of 11
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Mega Contributor

Re: PenFed Approval with High Util

 

Congrats on yer PenFed ApprovalSmiley Happy

 

Message 5 of 11
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Community Leader
Mega Contributor

Re: PenFed Approval with High Util

CongratsSmiley Happy thats a pretty inpressive limit for Penfed especially with high utilization. EnjoySmiley Happy
Message 6 of 11
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Valued Contributor

Re: PenFed Approval with High Util

Congrats on the approval!

Message 7 of 11
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Valued Contributor

Re: PenFed Approval with High Util

Congrats with PenFed.

Message 8 of 11
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Super Contributor

Re: PenFed Approval with High Util

Congratulations on your approval!
Message 9 of 11
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Contributor

Re: PenFed Approval with High Util


@lindsaydruart wrote:

@rafy023 wrote:

Congratulations on your approval! Don't feel bad about the APR, I just got approved for the Platinum Rewards at a 16.99% with scores in the mid 700s. Like you said, it's lower than most large bank rates anyway and there's always a chance they can lower it in the future (that's what I'm telling myself!). 


Wow, for the mid 700s? Now I really don't feel bad. I'm in the mid-600s right now due to util. They seem to be a tough nut to crack anyway. DH is in the high 700s and they only gave him a $5000 limit with 11% APR.


Yeah, the only thing that made me smile is they started me with a $7500 limit. I'll be happy I was able to get in and hope I can increase that limit significantly in 6 months or so and get the APR lowered at some point. 



FICO 8 Scores
EX: 742
EQ: 769
TU: 748
Message 10 of 11
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