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Penfed Powercash Instant approval

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Frequent Contributor

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
Valued Contributor

Re: Penfed Powercash Instant approval

YOU...

awesome congratulations GIF by Slanted Studios

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

AMEX BCE $8K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $12.2K | Citi AAdvantage WEMC $14K | Citi Costco VS $12K
Discover IT $19K | OpenSky $300 | BB&T Cash Rewards $4.5K | Synchrony (PayPal Credit $4K, Care Credit $15K, & PayPal 2% MC $10K) |
BBVA Compass Rewards VS $10.5K | Apple Card WEMC $6K | NFCU cashRewards $3K | NFCU More Rewards AMEX $25K
Macy's AMEX $1K | PenFed Power Cash Rewards VS $7,500

TCL - $166.5K+ | Rebuilding since April 2018
Message 2 of 10
Super Contributor

Re: Penfed Powercash Instant approval

Congrats, nice CLISmiley Wink

Message 3 of 10
Moderator

Re: Penfed Powercash Instant approval

Nice, enjoy !

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 10
Community Leader
Super Contributor

Re: Penfed Powercash Instant approval

Really nice. Congratulations to you.
REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 10
Valued Contributor

Re: Penfed Powercash Instant approval

Congrats on your new PenFed Powercard card!

Currently: Gardening since 12/29/2019




Message 6 of 10
Established 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 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until fall 2021.
Cards

Authorized user / Corporate / Auto loan

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goals: Late 2020 - Ducks Unlimited card; scores in high 700s with inquiries aging. Long-term goal - Prime rate mortgage; able to qualify for most standard credit products.
Message 7 of 10
Senior Contributor

Re: Penfed Powercash Instant approval

Congratulations on your approval! That's a very nice starting limit.
Message 8 of 10
Senior 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
Valued Member

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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