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Penfed - Multiple Approvals + Question

Olah_Molah
Member

Penfed - Multiple Approvals + Question

Today, i went ahead and applied for the PLoC with the max limit of $25,000 and was approved. Seeing from the other posts here that they do 1 hard pull for 90days, i applied for a Platinum rewards Visa signature and to my surprise they gave me a $36,000 CL, my biggest to date on approval. I tried for one more card, the PowerCash rewards and it gave me the pending loan officer review. I called in for an update and the LO's reason was it was the most they can give at this time and asked me if i wanted to split the CL between both cards. I went ahead and did just that and so my question is if i did the right thing instead of just keeping all the CL in 1 card. I figured both cards will earn their CLI over time. Overall, i very happy with the outcome. Penfed and their CS rocks!

 

PS: I do have a car loan with them and have been paying on time.

 

Fico: 750+

Nextgen Score: 818 

Utilization: 7%

Total EQ inquiry: 1

POI: none

Message 1 of 10
9 REPLIES 9
jtb2016
New Contributor

Re: Penfed - Multiple Approvals + Question

That's awesome. In regards to the CC, it probably hurts just slightly your AAoA based on this is two going to report as two accounts instead of one.  It may also hurt if you carry balances on them with the "too many accounts with balances."  But, with your scores, I doubt it will make a difference.

Message 2 of 10
CreditCuriosity
Moderator

Re: Penfed - Multiple Approvals + Question

Sounds like you cleaned house on a very nice CLOC approval along with a nice CC approval as well ending uup in two approvals.. Great EQ next gen score you have as well!  Thanks for sharing the info.

Message 3 of 10
doinit1
Valued Contributor

Re: Penfed - Multiple Approvals + Question


@CreditCuriousity wrote:

Sounds like you cleaned house on a very nice CLOC approval along with a nice CC approval as well ending uup in two approvals.. Great EQ next gen score you have as well!  Thanks for sharing the info.


+1...Congrats!! Very Nice!

American Express Business Gold(NPSL 10k) Chase CSP (25k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until June 2021

FICO 8 Scores EX 700 EQ 696 TU 703
AAOA 5.2yrs TCL=268,700
Message 4 of 10
GiJane007
Established Contributor

Re: Penfed - Multiple Approvals + Question

Wow those are some sweet PenFed approvals super congratulations Olah_Molah! Thank you for the data points! 😊
Message 5 of 10
Meanmchine
Super Contributor

Re: Penfed - Multiple Approvals + Question

Congrats on a triple play


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>12/2020 CCT EX 821 TU 826 EQ 840


"Survival kit contents check. In them you'll find:

- One forty-five caliber automatic
- Two boxes of ammunition
- Four days' concentrated emergency rations
- One drug issue containing antibiotics, morphine,
vitamin pills, pep pills, sleeping pills, tranquilizer pills
- One miniature combination Russian phrase book and Bible
- One hundred dollars in rubles
- One hundred dollars in gold
- Nine packs of chewing gum
- One issue of prophylactics
- Three lipsticks
- Three pair of nylon stockings.

Shoot, a fella' could have a pretty good weekend in Vegas with all that stuff."

Major Kong (Slim Pickens) in Dr. Strangelove 1964
Message 6 of 10
Olah_Molah
Member

Re: Penfed - Multiple Approvals + Question


@jtb2016 wrote:

That's awesome. In regards to the CC, it probably hurts just slightly your AAoA based on this is two going to report as two accounts instead of one.  It may also hurt if you carry balances on them with the "too many accounts with balances."  But, with your scores, I doubt it will make a difference.



Thank you! Im close to gardening and my AAoA does need to age more, im averaging at 6yrs. In regards to the balances, im thankful that i can manage my limit well, i believe ill be hitting 100K+ total CL after this. If i cant pay it in full, i dont buy it. Ofcourse excluding house and car

Message 7 of 10
Olah_Molah
Member

Re: Penfed - Multiple Approvals + Question


@CreditCuriousity wrote:

Sounds like you cleaned house on a very nice CLOC approval along with a nice CC approval as well ending uup in two approvals.. Great EQ next gen score you have as well!  Thanks for sharing the info.



Thank you! I have this forum to thank for that, lots of valuable information here that ive used to establish my credit.

Message 8 of 10
Olah_Molah
Member

Re: Penfed - Multiple Approvals + Question


@doinit1 wrote:

@CreditCuriousity wrote:

Sounds like you cleaned house on a very nice CLOC approval along with a nice CC approval as well ending uup in two approvals.. Great EQ next gen score you have as well!  Thanks for sharing the info.


+1...Congrats!! Very Nice!



Thank you! Appreciate it!

Message 9 of 10
Olah_Molah
Member

Re: Penfed - Multiple Approvals + Question

You're very welcome! I was surprised myself, never received such a limit before. To think my first CC which is the freedom card is still at $2800 CL.


@GiJane007 wrote:
Wow those are some sweet PenFed approvals super congratulations Olah_Molah! Thank you for the data points! 😊

 

Message 10 of 10
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