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PenFed Power Cash Rewards - $35,000 SL

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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.

NFCU More Rewards AMEX $25000 (Opened 1/19) - NFCU Platinum $21000 (Opened 1/21) - TTCU Platinum Visa $10000 (Opened 10/18) - Discover $5500 (Opened 11/21) - Barclays View MC $5000 (Opened 1/19) - Capital One Platinum $3500 (Opened 2/19) - Capital One World Elite MC $1000 (Opened 3/21) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $42500 (Opened 10/18)
Closed - PenFed $35,000 - Cap1 World Elite MC $11,200
Total CL - $115500

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

Scores as of 2/18/21:




Inquiries Last 12 Months:
20 REPLIES 20
AllZero
Mega Contributor

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

Congratulations on your approval!

Message 2 of 21
Anonymous
Not applicable

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

Wooohooo! Congratulations on your impressive SL!!

Message 3 of 21
M_Smart007
Legendary 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.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 5 of 21
CreditAggie
Community Leader
Super 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 (February 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 6 of 21
CreditCuriosity
Moderator Emeritus

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
Anonymous
Not applicable

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. :-)

Message 8 of 21
Credit4Growth
Senior 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

 

 

Message 9 of 21
Gmood1
Super Contributor

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

Congratulations on the whopper Penfed approval!

Message 10 of 21
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