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PenFed Sucess!!!!

Longroad
Established Contributor

PenFed Sucess!!!!

Last Thursday apped for the Power Cash Card. I was promptly and flattly denied. On Friday I received a survey via email, and today was contacted via telephone by the very nice Regional Mgr for my area. We talked for a few minutes and she said that I was very close to their internal score requirements and asked if I might want to make it a joint account and add my DW. I agreed and she came back shortly and approved me for the card with a $5000 SL. Also approved me for a checking account and a $500 OD LOC. Just happy to be in with PenFed. From what I have seen this will continue to grow.

 

I know it is somewhere on the boards here, but what are the timelines about trying for CLI and/or additional products with PenFed?

 

I appreciate all the help this forum has given me over the past few years. Thanks everyone.

Message 1 of 11
10 REPLIES 10
DaveInAZ
Senior Contributor

Re: PenFed Sucess!!!!

Congratulations! Penfed is great to work with. As for CLIs & other Penfed credit products, now that you have the PCR you'll get a quarterly review with EQ credit score and pre-approvals for a CLI & other credit products. The next review is in early October. Your PCR (Power Cash Rewards) comes with an offer of $100 statement credit for spending $1500 within 3 months, I suggest you got for that. An extra hundred bucks is always nice, and running that much through the card & paying it in full will make a good case for a CLI.

Message 2 of 11
JoeLuvsHisCredit
Valued Contributor

Re: PenFed Sucess!!!!

Congratulations!

Message 3 of 11
Khalifa_Jayy
Contributor

Re: PenFed Sucess!!!!

Congrats on the seemingly inverse recon, heh. Good stuff!

 



CreditXpert Scores: EX [672] | EQ [681] | TU [677] | American Express FICO 8: EX [698]

  

Message 4 of 11
sonicchris8
Regular Contributor

Re: PenFed Sucess!!!!

Congrats on that recon.

Starting scores: 538 EQ, 552 TU, 520 EX Current scores (11/18/20): 640 EQ 638 TU 654 EX
Message 5 of 11
CreditCuriosity
Moderator

Re: PenFed Sucess!!!!

Love me penfed 2% card.. Suggest you open a checking account with min requirements to get the 2%.. Use it for most of my non-category spend and it adds up quickly depending on your spend of cash back.  Enjoy it.

 

Think I started out with a Promise with a SL of 7500 about 18 months ago.. Now I have a 35k 2% card with them, 1k OD LOC, 5k PLOC and a 66k@2.49 apr Auto Loan..  They grow with you Smiley Happy

Message 6 of 11
Anusara
Senior Contributor

Re: PenFed Sucess!!!!

Congrats!
Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 7 of 11
Jlgab345
Established Contributor

Re: PenFed Sucess!!!!

Congrats! Same thing happened with us...was denied for PCR but when they asked if I could add DH they approved with $5K SL. They also refi my auto loan of $40K saving me a point in interest. Waiting until the next qtrly AR, hopefully will get a CLI.

Heads up....any payment you make for 1st 6 months takes 10 days to clear up in avail credit. It is super annoying if you put a lot of spend thru the card and are trying to watch utilization. Was a surprise to me at first.
RBFCU Premier $25K, Sam’s Club MC $25K, Citi Exec WEMC $34K, Alliant Signature $20K, SSFCU $20K, Cap1 Venture $20K, Employer CU LOC $20K, Navy GoRewards $18K, 2nd NFCU Plat $14.7K, Citi Simplicity $18.2K, PenFed Power Cash $10K, PenFed PLOC $10k, Navy Platinum $12.7K, SMG $10K, PenFed Promise $12K, Total Rewards $8.5K, Discover It $2.5K, Discover It $2K, Cap One QS1 $850, Overstock $32K
Message 8 of 11
AverageJoesCredit
Community Leader
Mega Contributor

Re: PenFed Sucess!!!!

Congrats Op on another fantastic Penfed phone sucess storySmiley Happy
NN7! Fico math 1 HP = 20 CG LIEr Club Plankowner
Message 9 of 11
Longroad
Established Contributor

Re: PenFed Sucess!!!!


@Jlgab345 wrote:
Congrats! Same thing happened with us...was denied for PCR but when they asked if I could add DH they approved with $5K SL. They also refi my auto loan of $40K saving me a point in interest. Waiting until the next qtrly AR, hopefully will get a CLI.

Heads up....any payment you make for 1st 6 months takes 10 days to clear up in avail credit. It is super annoying if you put a lot of spend thru the card and are trying to watch utilization. Was a surprise to me at first.

I have heard about the 10 day clearing time before, but was wondering if that was still the case if you make a payment from a PenFed checking account?

Message 10 of 11
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