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.
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.
Congrats on the seemingly inverse recon, heh. Good stuff!
CreditXpert Scores: EX  | EQ  | TU  | American Express FICO 8: EX 
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 email@example.com apr Auto Loan.. They grow with you
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?