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PenFed Power Cash Rewards - $35,000 SL

DebtStinks
Established Contributor

PenFed Power Cash Rewards - $35,000 SL

Well, just shy of 3 years from filing CH7 on 8/1/17 and PenFed approved me for the PCR card w/2% cash back and an APR of 16.99%...not the highest or lowest APR, but they're all 0% (someone here recently quoted this and it's stuck with me) when you don't carry a balance. I initially applied for the Gold card, but even with the lowest apr being 8.99, I was still given 15.49. After speaking to a rep, she told me that she's seen SOLID 800+ score customers not get the lowest apr, so evidently PenFed looks at much more than credit score. Nevertheless, I decided to close the Gold card and apply for the PCR 2% cash back card...I'm a bit shocked that they gave a 35k credit line to someone just shy of 3 years from filing CH7, but I do use my credit cards for EVERYTHING and they see my account history/payments on other cards every month for the last couple years, so I'll take it.

 

I've always thought PenFed was much more conservative than NFCU, for example, but I guess they've "loosened their strings."

 

For all of those CH7 BKers, there is hope when rebuilding and having the BK still on your reports.

PenFed Visa Signature $35000 (Opened 6/20) - NFCU More Rewards AMEX (Opened 1/19) $17000 - NFCU Platinum $15000 (Opened 1/21) - Capital One World Elite MC $11200 (Opened 11/17) - TTCU Platinum Visa $10000 (Opened 10/18) - Uber Visa $5000 (Opened 1/19) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $36500 (Opened 10/18)
Total CL - $131700

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:




Inquiries Last 12 Months:
20 REPLIES 20
AllZero
Super Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

Congratulations on your approval!

Message 2 of 21
Learning974
Regular Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

Wooohooo! Congratulations on your impressive SL!!

Jan 2020 (Fico8) TU 658, EX 642, EQ 628
June 2020 (Fico 8)TU 745, EX 728, EQ 719

Venture One Citi DC. Discover It. NFCU cashrewards NFCU Flagship. 31.6K TL **All cards opened between Jan-June 2020**
“It’s not about how fast, but how well”.
Message 3 of 21
M_Smart007
Epic Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

Message 4 of 21
Meanmchine
Super Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

Major league congrats !!


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>12/2020 CCT EX 821 TU 826 EQ 840


"Survival kit contents check. In them you'll find:

- One forty-five caliber automatic
- Two boxes of ammunition
- Four days' concentrated emergency rations
- One drug issue containing antibiotics, morphine,
vitamin pills, pep pills, sleeping pills, tranquilizer pills
- One miniature combination Russian phrase book and Bible
- One hundred dollars in rubles
- One hundred dollars in gold
- Nine packs of chewing gum
- One issue of prophylactics
- Three lipsticks
- Three pair of nylon stockings.

Shoot, a fella' could have a pretty good weekend in Vegas with all that stuff."

Major Kong (Slim Pickens) in Dr. Strangelove 1964
Message 5 of 21
CreditAggie
Senior Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

Congratulations on your PenFed Power Cash Rewards approval and massive SL!

Current Cards (in order of approval):


Current FICO 8 | 9:

Credit Age:

Inquiries (24 month):

Banks & CUs:

Goal Cards:



Currently: 2/6, 2/12, 5/24
Message 6 of 21
CreditCuriosity
Moderator

Re: PenFed Power Cash Rewards - $35,000 SL

huge approval for someone 3 years out of BK that is for sure.  congrats on the card.

 

Also that is true what the CSR stated as have solid 800 scores and never get their best rates alot more goes into who gets those than score alone what those factors are only penfed knows...

Message 7 of 21
aptiger
Valued Contributor

Re: PenFed Power Cash Rewards - $35,000 SL


@DebtStinks wrote:

Well, just shy of 3 years from filing CH7 on 8/1/17 and PenFed approved me for the PCR card w/2% cash back and an APR of 16.99%...not the highest or lowest APR, but they're all 0% (someone here recently quoted this and it's stuck with me) when you don't carry a balance. I initially applied for the Gold card, but even with the lowest apr being 8.99, I was still given 15.49. After speaking to a rep, she told me that she's seen SOLID 800+ score customers not get the lowest apr, so evidently PenFed looks at much more than credit score. Nevertheless, I decided to close the Gold card and apply for the PCR 2% cash back card...I'm a bit shocked that they gave a 35k credit line to someone just shy of 3 years from filing CH7, but I do use my credit cards for EVERYTHING and they see my account history/payments on other cards every month for the last couple years, so I'll take it.

 

I've always thought PenFed was much more conservative than NFCU, for example, but I guess they've "loosened their strings."

 

For all of those CH7 BKers, there is hope when rebuilding and having the BK still on your reports.


WOW Congrats! I thought they gave me a good SL. I got hopes my card will grow. :-)


Filed chapter 7 in May 2017.

Message 8 of 21
Credit4Growth
Valued Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

WOW!  Congrats, that was a huge whammy! 👍

 

I also noticed your on the cusp to breaching another a milestone ... 100K say hello to Debtstinks! (Soon)

 

Just reading some of these post, you guys make things seem easy.

 

staples_easy_button.jpg

 

 

|| DTI 8% || Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 2 / 1) - 0/6 - 0/12 - 3/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - Unknown date, 2021
Going for Sapphire spade - May 18th 2021

Dirty/ Thick/ Aged/
Message 9 of 21
Gmood1
Community Leader
Super Contributor

Re: PenFed Power Cash Rewards - $35,000 SL

Congratulations on the whopper Penfed approval!

Message 10 of 21
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