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Penfed Powercash Instant approval

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Anonymous
Not applicable

Penfed Powercash Instant approval

I was feeling pretty confident (and bored) since Penfed CLI'd me on my Platinum Rewards from 5k to 15K, then offered me quarterly loan offers. Pulled the trigger on the Powercash and got an instant 15K approval. 

 

EQ 9 773

2% Util after spome road trip balances reported.

No new accounts in 15 months.

Message 1 of 10
9 REPLIES 9
Marz2002
Senior Contributor

Re: Penfed Powercash Instant approval

YOU...

awesome congratulations GIF by Slanted Studios

CONGRATS  on your PenFed PowerCash approval and the AWESOME SL!!! 

AMEX BCP $8K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $15.2K | Citi Rewards WMC $15.5K | Citi Costco VS $12K
Citi Custom Cash WEMC $7.8K | Synchrony (PayPal Credit $6K, Care Credit $15K, & PayPal 2% MC $10K, VENMO VS $6.5K)
PNC Cash Rewards VS $10.5K | NFCU cashRewards VS $14K | NFCU More Rewards AMEX $37.5K | NFCU Flagship Rewards VS $23K
Discover IT $22.5K | BB&T Cash Rewards $4.5K | Macy's AMEX $25K | Bloomingdales AMEX $20K | Apple Card WEMC $9K
PenFed Power Cash Rewards VS $7.5K

Total CL - $284K+
Message 2 of 10
M_Smart007
Legendary Contributor

Re: Penfed Powercash Instant approval

Congrats, nice CLISmiley Wink

Message 3 of 10
gdale6
Moderator Emeritus

Re: Penfed Powercash Instant approval

Nice, enjoy !

Message 4 of 10
CreditInspired
Community Leader
Super Contributor

Re: Penfed Powercash Instant approval

Really nice. Congratulations to you.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 5 of 10
Anonymous
Not applicable

Re: Penfed Powercash Instant approval

Congrats on your new PenFed Powercard card!

Message 6 of 10
KJinNC
Valued Contributor

Re: Penfed Powercash Instant approval

Congrats!

 

What factors are usually considered important for PenFed? I was rejected with a decent EQ FICO 8 and a good EQ FICO 9 (I think it was 777) a few months ago, but understandable due to the nature of my profile.



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 7 of 10
AllZero
Mega Contributor

Re: Penfed Powercash Instant approval

Congratulations on your approval! That's a very nice starting limit.
Message 8 of 10
AllZero
Mega Contributor

Re: Penfed Powercash Instant approval

 


@KJinNC wrote:

Congrats!

 

What factors are usually considered important for PenFed? I was rejected with a decent EQ FICO 8 and a good EQ FICO 9 (I think it was 777) a few months ago, but understandable due to the nature of my profile.


Did you get a letter citing the reasons for denial?

 

PenFed is a conservative lender. They are sensative to new accounts and pyramiding debt.

 

Generally, what's important to them and other lenders is decent income, low DTI.

Message 9 of 10
Anonymous
Not applicable

Re: Penfed Powercash Instant approval

Congrats on your PenFed Powercash approval. I have that card and love it.

 

Message 10 of 10
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