PenFed Power Cash Rewards

[Anonymous]

Before my auto loan reports and drops my score wanted to apply for this CU. Was on the bucket list. Appd online yesterday went to 24hr review, used The league. Called today to find out status. Approved. Nice people. EQ 695, many inquiries and accounts. Clean file.

Was asked if I wanted to apply for a product and chose this one Power Cash Rewards since I qualify for 2%. Approved for 6k @ 14.49%. Happy about that. Good Day for me. Easy process

[Anonymous]

Congratulations, I'be been eyeing this one to maybe replace my DC. The EQ score you posted, was that their nextgen score or a fico8?

[Anonymous]

congrats! I like PenFed alot, but they just denied my app for that same card citing 'sufficient indebtedness', so I PIF'd the only balances I had and will try again next month.

[Anonymous]

They didn't tell me my Next Gen score. The 695 was Fico 8, utility is 22% among 4 cards. Will report what it is when I get the welcome packet. The cc wasn't instant either went to UW for about 5 min.

[Anonymous]

Okay thanks for the info

[Blodreina]

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@Anonymous wrote:

congrats! I like PenFed alot, but they just denied my app for that same card citing 'sufficient indebtedness', so I PIF'd the only balances I had and will try again next month.

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That may not necessarily improve your chances of approval.  They may be talking about the amount of credit available to you, rather than just the current balances being reported.

[Anonymous]

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@Falere wrote:

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@Anonymous wrote:

congrats! I like PenFed alot, but they just denied my app for that same card citing 'sufficient indebtedness', so I PIF'd the only balances I had and will try again next month.

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That may not necessarily improve your chances of approval.  They may be talking about the amount of credit available to you, rather than just the current balances being reported.

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Not sure why you think that... 

in·debt·ed·ness

inˈdedədnəs/

noun

1. the condition of owing money.

   "the industry is taking steps to reduce indebtedness and cut costs"

[Anonymous]

They will give you your NextGen score in your approval letter; you can see it online.
Congrats on your approval!! I was approved for this 12 days ago and it has already reported to my reports.
PenFed has been great to work with so far

[GetMeSlick]

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@Anonymous wrote:
Congratulations, I'be been eyeing this one to maybe replace my DC. The EQ score you posted, was that their nextgen score or a fico8?

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how is this better than DC?

[Anonymous]

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@GetMeSlick wrote:

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@Anonymous wrote:
Congratulations, I'be been eyeing this one to maybe replace my DC. The EQ score you posted, was that their nextgen score or a fico8?

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how is this better than DC?

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DC Redemption games - The whole "1% when you buy and 1% when you pay" gimmick is well...gimmicky...and the redemption threshold is super annoying