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PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

DebtStinks
Established Contributor

PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

I'm thankful for the approval, but considering the starting APR is 7.49% (I received 15.49%) and the score they pulled for me is 724, I thought I'd get somewhere in the 10% APR range...

 

I'm thankful for the 15k starting credit line, but wondering if the APR is in line with others who have similar scores pulled by PenFed. Granted, I know I have a CH7 BK just shy of 3 years old, but flawless profile since filing BK.

 

Any insight is appreciated!

 

Btw, I was told by a representative that ALL credit card applications are going into manual review right now...so don't be upset when you don't get an automated approval while doing your application.

PenFed Visa Signature $35000 (Opened 6/20) - NFCU More Rewards AMEX (Opened 1/19) $17000 - NFCU Platinum $15000 (Opened 1/21) - Capital One World Elite MC $11200 (Opened 11/17) - TTCU Platinum Visa $10000 (Opened 10/18) - Uber Visa $5000 (Opened 1/19) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $36500 (Opened 10/18)
Total CL - $131700

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

Scores as of 2/18/21:




Inquiries Last 12 Months:
21 REPLIES 21
Gmood1
Community Leader
Super Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

Congratulations on the approval.

I can think of several FIs that wouldn't have issued a CC at all with a BK7 3 years old.

That's a great APR when you look at the entire CC world.

 

Plus they are all 0% when the statement balance is paid monthly.

I wouldn't sweat that at all, if I were you.

I've gotten higher rates with higher scores.

You've done well..bravo!

Message 2 of 22
AllZero
Super Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

Congratulations on your approval!
Message 3 of 22
gdale6
Moderator

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

Grats on the great SL Smiley Happy

 

There is more to int rate calcs than Fico, your overall profile and the fact that you filed BK is what is causing the higher than expected APR.

Message 4 of 22
DebtStinks
Established Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

All good points and yes there are plenty of banks that won't even "touch me" with a BK on my reports. It's just a bit frustrating because I chose the Visa Gold Signature over the PCR or Platinum Rewards becase the starting APR is quite a bit lower and was hoping for a lower APR.

 

I have a 10k card with my local credit union @ 10.99% that I opened 11 months after my CH7 discharge, so I guess I was basing it off that approval...it's seeming more like that 10.99% APR approval with my credit union was even better than I was thinking.

 

I guess I should quit complaining and be grateful. That's all. End of my rant. 

PenFed Visa Signature $35000 (Opened 6/20) - NFCU More Rewards AMEX (Opened 1/19) $17000 - NFCU Platinum $15000 (Opened 1/21) - Capital One World Elite MC $11200 (Opened 11/17) - TTCU Platinum Visa $10000 (Opened 10/18) - Uber Visa $5000 (Opened 1/19) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $36500 (Opened 10/18)
Total CL - $131700

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

Scores as of 2/18/21:




Inquiries Last 12 Months:
Message 5 of 22
M_Smart007
Epic Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

Message 6 of 22
slickwidit
Frequent Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

Congratulations! Remember PenFed goes off of their own beat.

"Achieving your goal is great and everything.. But The journey is where all the amazing stuff happens" *Slickwidit*
Score goals - 800+ (85 points away)
Message 7 of 22
AllThingsInTime
Established Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

@DebtStinks  Super Congrats on your PenFed approval!!! Smiley Very Happy

Message 8 of 22
M_Smart007
Epic Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)


@slickwidit wrote:

Congratulations! Remember PenFed goes off of their own beat.


That is fact!

Message 9 of 22
Saeren
Mega Contributor

Re: PenFed Visa $15000 approval BUT 15.49% APR w/724 FICO 9 (score they pulled)

PenFed can be infuriating with their APRs. Hardly anyone actually gets their lowest APRs and they aren't very well-known for reductions either. 

Congrats on the approval though. 





Message 10 of 22
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