Just called in to Penfed to add a card, and got approved for the Platinum Reward Signature Visit for $15,000.
I already had the Power Cash Reward card. I wanted to add another card and start to close some of my smaller limit cards. I had considered other options, including SoFI and Truist, but after reading all the comments on Truist decided to pass.
They use Fico 9 Equifax. My score was 809 on my last 3B report. Utilization currently at 14%.
I have only 1 inquiry in the past 12 months and that was the other penfed card. I have two inquiries that drop off this summer, so by September I will have only 2 total in 24. I'm then planning to buy a new truck. Penfed also seems to have pretty competitive rates for auto as well.
Congratulations on your PenFed approval! If you are so inclined, you may be able to request a CLI on your Power Cash Rewards card as well, and they ought to use the same HP that they used to approve the Platinum Rewards card. Sounds like you're in a great position to start trimming the starter/rebuilder cards and possibly trying for some of the majors after you get your truck financed.
Thanks for the advice. The other Penfed card is also at 15k now so total 30k with Penfed. I'm not sure what there overall card limits are but I'll probably hold at 30k limit until I've finished the truck in a few months.
To keep my inquiries low, Ive work the last 18 months at lowering utilization and putting a lot of activity on the better cards I have. Cap1 moved from 1k to 5.5k, and 1.4k to 3.5k. Comenity moved from 1250 to 5k.
I noticed you have the Apple Card. I've checked most pre-approvals or prequal sites with success but Apple always declines me. I'll keep checking every six months or so. I'm getting pre-approvals on Amex, Discover, Citibank, SoFi, Truist , Wells Fargo, and others, but holding until after the new truck.
Great SL, enjoy the card!
@nwa479 wrote:Thanks for the advice. The other Penfed card is also at 15k now so total 30k with Penfed. I'm not sure what there overall card limits are but I'll probably hold at 30k limit until I've finished the truck in a few months.
To keep my inquiries low, Ive work the last 18 months at lowering utilization and putting a lot of activity on the better cards I have. Cap1 moved from 1k to 5.5k, and 1.4k to 3.5k. Comenity moved from 1250 to 5k.
I noticed you have the Apple Card. I've checked most pre-approvals or prequal sites with success but Apple always declines me. I'll keep checking every six months or so. I'm getting pre-approvals on Amex, Discover, Citibank, SoFi, Truist , Wells Fargo, and others, but holding until after the new truck.
From what I recall, PenFed now caps the PCR, Platinum, and Pathfinder limits at $25k and the Gold at $15k, and then across all cards, a total of $50k exposure. Some people have cards with higher limits -- those were grandfathered in before the new caps took hold.
It took me at least a year of hitting the Apple Card prequal every month or two before they let me in, but with a fairly recent BK on file that's to be expected. Don't give up, they'll open the door for you eventually! ...after the truck, of course. 
