Advice for Penfed Platinum approval

[Anonymous]

I went on a major spree the end of the year. I had only one cc after many years of rebuilding. From 8/25-1/4 I applied for and opened (in order) Amex Gold, Disc, Nfcu Plat, Penfed PCR, Uber, Penfed auto, Amex Hilton, Nfcu Flagship, CapOne Savor, and USAA.

I am in the process of trying to figure out my spend and which cards will truly benefit me and then will be closing several at their year mark. Most likely the ones with least spend/rewards for my spend. When I had applied for the Penfed auto in November I had also applied for the Platinum and was denied for too many new accounts(that loan was my 6th in 3 months). That card is the only other card I want. I was thinking of applying again for it at the one year mark of my first Penfed card which would be September. And that would be 8 months with no new accounts. But it would still be 5 new accounts in the last 12 months.

Does that seem sufficient for Penfed? I have to think keeping all of my cards low or zero, scores up, laid off new accounts, and then I'd have a year with them and cc as well as 10 months with auto loan would be good for them.

Anyone have experience with similar situation with Penfed? Also would closing a few accounts by then mean anything to them? For instance if I have 5 new accounts in a year but closed 3 or 4 other accounts, and limiting my credit exposure.

[UpperNwGuy]

Why do you even want that card?  There are better gas cards and better grocery cards out there.

[Anonymous]

I’ve only seen 4% gas cards and that one is 5%. I get all of my gas from Costco so I need it to be a visa in case there are other 5% Amex cards out there. But I have 4 drivers in my house and just got into rewards and that extra 1% is over $100 a year.

I use discover right now for groceries and will use my Amex gold for groceries after.

[Anonymous]

The Ducks Unlimited Card is 5% back on gas  year round.

[Gmood1]

No need to close those accounts, unless you just want to. Penfed was adverse to your many NEW accounts. After 12 months on your reports, they really aren't considered new. After two years on there, no one cares. lol

Penfed will open up to you after those accounts are a year old. Relax, use your cards as much as you want to, pay then normally and use them naturally. Give your new accounts time to age before you hit Penfed up again. I believe you may be over thinking it a little.

[AverageJoesCredit]

To be fair Gmood, last time i apped another cc from Penfed i had no debt on my cc's, just on my personal loan, and they still gave me the big Chase FU Even with 2 years plus history with them. I agree with you closing the accounts wont matter to Penfed. They will either approve you or they wont. Why sacrifice other credit for the sake of one of their cards that quite honestly, can be had elswhere. Just mho

[longtimelurker]

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@Anonymous wrote:
I’ve only seen 4% gas cards and that one is 5%. I get all of my gas from Costco so I need it to be a visa in case there are other 5% Amex cards out there. But I have 4 drivers in my house and just got into rewards and that extra 1% is over $100 a year.

I use discover right now for groceries and will use my Amex gold for groceries after.

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The platinum is 5 POINTS, not 5%.  Redeeming for gift cards, it comes out to about 4.25%

[Gmood1]

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@AverageJoesCredit wrote:
To be fair Gmood, last time i apped another cc from Penfed i had no debt on my cc's, just on my personal loan, and they still gave me the big Chase FU Even with 2 years plus history with them. I agree with you closing the accounts wont matter to Penfed. They will either approve you or they wont. Why sacrifice other credit for the sake of one of their cards that quite honestly, can be had elswhere. Just mho

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I agree, I still have hope you'll get back in with Penfed one day AJC. The next time they give you something..keep the darn thing. 

Be patient and let things fall in place. I'm not exactly patient myself. lol

[UpperNwGuy]

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@Anonymous wrote:
I’ve only seen 4% gas cards and that one is 5%. I get all of my gas from Costco so I need it to be a visa in case there are other 5% Amex cards out there. But I have 4 drivers in my house and just got into rewards and that extra 1% is over $100 a year.

I use discover right now for groceries and will use my Amex gold for groceries after.

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You are mistaken.  The PenFed Platinum is not 5% for gas.  It is 5x points.  Unfortunately, PenFed devalued the points a few years ago, and each point is worth about 0.85 cents, so it's really a 4.2% gas card.  And the redemptions are unnecessarily complicated.  It's not a simple statement credit.

[Anonymous]

Thank you. I actually didn't know that the points were good for 1:1 conversion. All of my other cards are at worst 1:1. I am glad I asked. I guess I will wait and look into Ducks. I hadn't heard of it before but I see that it gives back on sporting goods as well as gas. 

Thank you all for the heads up