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PenFed Platinum Rewards Visa Signature® Card

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PenFed Platinum Rewards Visa Signature® Card

First Monday of the month, so I thought I'd take a look at my portfolio and see if there were any cards due for a CLI request. Saw that I hadn't requested an increase on my PenFed Power Cash Rewards card since I was approved back in July. I had been sitting on the initial CL of $5,000 while I pursued other relationships with AmEX and Citi. I had originally gone after PenFed during my rebuild and they were slow to approve a credit card (finally after 12 months with them), so once I got the Cash Rewards card (at a slightly lower SL than a couple of other cards I'd received in the interim) I kinda forgot it in the sock drawer.

 

Anyway, went and hit the Luv Button, answered a question or two, and voila! Instant CLI to $15,000. I had heard PenFed was good for healthy increases, but then also heard they had grown stingy. Was pretty happy with the triple CLI to be sure.

 

After I thought about it for a few minutes, I remembered I had looked at their Platinum Rewards Visa, mostly due to the 5:1 on gas and 3:1 on groceries (before I had my new AmEx Green which now duplicates the grocery earn). I figued, "what the hell". Just got a healthy CLI on the Cash Rewards (on a soft pull by the way) so why not give it a shot.

 

Clicked on the app button, filled in what wasan't auto-filled in the online app and hit the app button. It went immediately to an underwriter (which I think happends on ALL new credit applications with PenFed) for review. About 30 minutes later, I got an email saying I was approved!  Same soft pull too! PenFed Platinum Rewards Visa Signature® Card with $15,000 initial CL. Needless to say, I'm doubly happy and went from $5,000 CL to a combined $30,000 in one morning!

 

Happy Dance for sure.




FICO 8 (7/24/19) EX: 682, EQ: 701, TU: 700

FICO 8 (10/14/19) EX: 710, EQ: 711, TU: 709
Message 1 of 16
15 REPLIES 15
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Super Contributor

Re: PenFed Platinum Rewards Visa Signature® Card

Congratulations on your CLI and approval!
Message 2 of 16
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Valued Contributor

Re: PenFed Platinum Rewards Visa Signature® Card

I would expect a couple of HPs to come -- please update if that is the case. That said, two excellent approvals, so Congrats! Mac.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (05/20/2020): FICO 08 EXP: 743; TU: 751; EQ: 759
2020 Goal Score: 760 across the board


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Message 3 of 16
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Mega Contributor

Re: PenFed Platinum Rewards Visa Signature® Card

 

Congrats!

 

Message 4 of 16
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Frequent Contributor

Re: PenFed Platinum Rewards Visa Signature® Card

I got one today too, CongragulationsSmiley LOLHeartCongratulations_misti.gif



Message 5 of 16
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Contributor

Re: PenFed Platinum Rewards Visa Signature® Card


@James_A wrote:

I would expect a couple of HPs to come -- please update if that is the case. That said, two excellent approvals, so Congrats! Mac.


I think it will be a single Eq HP if one comes down (still no notification from any CRB). PenFed will use the same HP for up to 90 days (per numerous data points on here). 




FICO 8 (7/24/19) EX: 682, EQ: 701, TU: 700

FICO 8 (10/14/19) EX: 710, EQ: 711, TU: 709
Message 6 of 16
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Contributor

Re: PenFed Platinum Rewards Visa Signature® Card


@MacRoadie wrote:

@James_A wrote:

I would expect a couple of HPs to come -- please update if that is the case. That said, two excellent approvals, so Congrats! Mac.


I think it will be a single Eq HP if one comes down (still no notification from any CRB). PenFed will use the same HP for up to 90 days (per numerous data points on here). 


As suspected, one EQ HP. Reported this morning. Smiley Wink




FICO 8 (7/24/19) EX: 682, EQ: 701, TU: 700

FICO 8 (10/14/19) EX: 710, EQ: 711, TU: 709
Message 7 of 16
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Super Contributor

Re: PenFed Platinum Rewards Visa Signature® Card

^ Very nice pick up for one inquiry.
Message 8 of 16
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Super Contributor

Re: PenFed Platinum Rewards Visa Signature® Card

Congrats on your CLI



3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>05/2020 CCT EX 834 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 9 of 16
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Contributor

Re: PenFed Platinum Rewards Visa Signature® Card


@MacRoadie wrote:

First Monday of the month, so I thought I'd take a look at my portfolio and see if there were any cards due for a CLI request. Saw that I hadn't requested an increase on my PenFed Power Cash Rewards card since I was approved back in July. I had been sitting on the initial CL of $5,000 while I pursued other relationships with AmEX and Citi. I had originally gone after PenFed during my rebuild and they were slow to approve a credit card (finally after 12 months with them), so once I got the Cash Rewards card (at a slightly lower SL than a couple of other cards I'd received in the interim) I kinda forgot it in the sock drawer.

 

Anyway, went and hit the Luv Button, answered a question or two, and voila! Instant CLI to $15,000. I had heard PenFed was good for healthy increases, but then also heard they had grown stingy. Was pretty happy with the triple CLI to be sure.

 

After I thought about it for a few minutes, I remembered I had looked at their Platinum Rewards Visa, mostly due to the 5:1 on gas and 3:1 on groceries (before I had my new AmEx Green which now duplicates the grocery earn). I figued, "what the hell". Just got a healthy CLI on the Cash Rewards (on a soft pull by the way) so why not give it a shot.

 

Clicked on the app button, filled in what wasan't auto-filled in the online app and hit the app button. It went immediately to an underwriter (which I think happends on ALL new credit applications with PenFed) for review. About 30 minutes later, I got an email saying I was approved!  Same soft pull too! PenFed Platinum Rewards Visa Signature® Card with $15,000 initial CL. Needless to say, I'm doubly happy and went from $5,000 CL to a combined $30,000 in one morning!

 

Happy Dance for sure.


Congrats!!! I just got the Platinum Rewards a couple of days ago too so you're making me feel optimistic about a future CLI. By the way, just for some DP, mine was an instant approval and did not go to an underwriter (it also was only half of your SL so maybe that has something to do with it). 



FICO 8 Scores
EX: 754
EQ: 779
TU: 776
Message 10 of 16
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