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PenFed Power Cash Rewards Approval

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Regular Contributor

PenFed Power Cash Rewards Approval

Its been more than a year since last applied then got denied.  I applied again just earlier through phone, but got denied due to short credit history (and no installment loans).  However, I called again and asked for a loan officer but ended up with operations manager.  She offered to move my case to a loan officer when I tried to explain my short credit history, but moved it to a senior loan officer.  It was then I got approved for $1000 (APR of 14.74%).  I don't want to push my luck any further to get CLI since I plan to do BT.  At least I didn't waste my HP.  I will be using their auto loan in the future.

 

Follow-up from here: https://ficoforums.myfico.com/t5/Credit-Card-Applications/PenFed-Power-Cash-Rewards-Chances/td-p/539...

 

Data points (disregarding AU):

Annual income: 15000

AAoA: 12 months

EQ FICO Score 8: 775, FICO Score 9: 791

EQ Inquiries (6 mo/12 mo/24 mo):  0/0/4

Oldest Account: 18 months (w/o AU).

Accounts w/in 6 months: 0

                           12 months: 1

                           24 months: 3

No negatives at all, pristine credit file.

 

I already have relationship with them since last year.  Used their CD since.

 

The manager was really helpful, unfortunately did not get her name.  I will settle for $1000 and have it CLI in the future.  Gonna go gardening. Next CC to apply: Ducks Unlimited, will apply 2 months before my grand road trip.

 

 

Credit Cards



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Future CCs
Discover It, Chase Freedom, BB Americas Platinum Plus
7 REPLIES 7
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Valued Contributor

Re: PenFed Power Cash Rewards Approval

Congrats on the approval and it'll grow quickly!


Scores - All bureaus 756 +
TCL - Est. $275K
Message 2 of 8
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Valued Contributor

Re: PenFed Power Cash Rewards Approval

Thank you, kw, for the detailed post. And Congrats! on your approval.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (03/3/2020): FICO 08 EXP: 749; TU: 758; EQ: 761
2019 Goal Score: 800 across the board


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Message 3 of 8
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Regular Contributor

Re: PenFed Power Cash Rewards Approval

Welcome to the PenFed family!  Congratulations!!

Message 4 of 8
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Senior Contributor

Re: PenFed Power Cash Rewards Approval

Congrats on your PenFed Power Cash approval! Smiley Happy





Message 5 of 8
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Regular Contributor

Re: PenFed Power Cash Rewards Approval

Thanks guys!

Credit Cards



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Loans


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Future CCs
Discover It, Chase Freedom, BB Americas Platinum Plus
Message 6 of 8
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Senior Contributor

Re: PenFed Power Cash Rewards Approval

Congratulations!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 7 of 8
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Frequent Contributor

Re: PenFed Power Cash Rewards Approval

Congrats on the penfed







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Message 8 of 8
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