Considering applying for PenFed CC

[Anonymous]

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@Anonymous wrote:

Can I write a letter or something to ask for more info about why they turned me down for the $10k?  Or is that only for other types of loans? 

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I wouldn't make a big deal out of it. PenFed is generous with increases once you show them that you're a responsible borrower. The toughest process was to get in the door with them and you're past that now. Just use the card and enjoy what PenFed has to offer.

[Anonymous]

Does anyone know if PenFed is sensitive about the number of accounts you carry or the number of balances showing up on your EQ. I have 15-16 balances reporting, but most are very small $200-$300 or less. The newest account I have was opened this month (just 1 new account) and the rest are 6 months to 1 year (as far as my "new accounts"). My oldest account is about 8 years. My EQ has no baddies and my current fico is 700 even. I took a hit this month of 10 points when I opened up my Alliant accounts.

Do I stand a chance at the Rewards Visa? I'd love to have it as my second CU relationship, but I get the impression that PenFed's lending criteria is too strict.

Please let me know your thoughts.

Thanks folks!

[Anonymous]

I can only report my experience.  Where Discover gave me $2k and CapOne $3k, PenFed gave me $10k.  BoA declined CLI on my existing $10k CL (yeah, I decided to chance fate).

[Anonymous]

txjohn, did i miss something?  I thought Discover gave you $5K. 

[Anonymous]

So did I....that's what the CSR told me when I called in as prompted on screen.  But either she was dislexic or something changed between the time I talked to her and the card going out.

[Anonymous]

oh i see!  that sucks!

[Anonymous]

yeah....that's what I thought.  I found this out by clicking on a link for CHECK STATUS on app.

I considered declining the card and still haven't yet received it.  I have had several advise to keep it and look for CLI down the road.  I'm not 100% decided yet, though.  The two cards I planned for my "rewards" heavy use both came in flimsy on limits making use of the volume I could put on them much more tedious with multiple payments per month.

CapOne said CLI reconsider in 90 days....but I have heard that Discover is at least 6 months....

[Anonymous]

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@Anonymous wrote:

Does anyone know if PenFed is sensitive about the number of accounts you carry or the number of balances showing up on your EQ. I have 15-16 balances reporting, but most are very small $200-$300 or less. The newest account I have was opened this month (just 1 new account) and the rest are 6 months to 1 year (as far as my "new accounts"). My oldest account is about 8 years. My EQ has no baddies and my current fico is 700 even. I took a hit this month of 10 points when I opened up my Alliant accounts.

Do I stand a chance at the Rewards Visa? I'd love to have it as my second CU relationship, but I get the impression that PenFed's lending criteria is too strict.

Please let me know your thoughts.

Thanks folks!

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PenFed hates too many new accounts, too many inquiries, too many cards with balances, and high util. That's what they call "debt pyramiding" and is their most common response to application denials.

[Anonymous]

So the new account with the PenFed Visa just hit my EQ file with a balance at about 5% util.  I wasn't sure if it would raise or lower my score.  But it went up 21 points!  So my EQ's at 792 now.  Yay!