PENFED Platinum Cash Rewards

[Anonymous]

As indicated by my signature I am still a long distance away, but for planning purposes, what are the minimum requirements for a Penfed Plat Cash Rewards Card? I am particularly interested in the minimum aaoa, cs, income requirements etc...Also, are they inquiry and utilization sensitive? If so, should I be under a certain amount/percentage? Any advice will be appreciated.

Thanks,

[Anonymous]

They are inquiry sensitive. As for other stuff, I doubt anyone can give you good answers. They are one of most conservative/prime lenders. Personally if I had no inquiries in last six months, I would join and take inquiry hit and then app for it since uses same inquiry. They like active relationships. If your scores are accurate, you are close if not there. However since you didn't give any other info on credit file, can't give you any more advice.

[Anonymous]

Btw, I had close to 800 fico on equifax (which they pull) and no inquiries in 1 year when I apped. Funny thing was I had gotten several new accounts within last six months but for some reason no one pulled equifax. Lucky me.

[Anonymous]

I don't plan on applying until 2014, but currently, my scores are 720ish...took a fall with recent apps/trade lines. My aaoa is 3.9 years, and my income is low 6 figures. Hopefully by 2014, I'll have zero inquires, and an aaoa of 5+ years.

[Anonymous]

More clarity....I've added 9 new trade lines since Sep 11, and I have 7 inquires, 5 in the past 10 months on my Equifax report...They should all be gone by 2014.

[Anonymous]

No need to wait that long. If they hit one year on inquiries on equifax, you are good. Personally I would do it now. Existing members with active accounts seem to have easier approval process. Since it takes I quirky to join Penfed, why not app. If rejected, wait 6 months to year to app again.

[bettercreditguy1]

I apped on line with them. They asked for proof of income before opening my Pen Fed Platinum Cash Rewards Card. About four months later, I apped and was approved for a new automobile loan with no additional hard pull. Customer service is excellent, allow 5-10 business days for approval. They are very conservative and thorough. They gave me the lowest APR of the current credit cards in my posession. PLUS, the 5% cash discount on your gasoline purchases is taken off of your balance due BEFORE they punch the statement. No hastles, no extra steps, no signup categories, checks, etc. Just smoother than a well oiled machine.If you like definitive detail, they are the epitome!

[Anonymous]

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@bettercreditguy1 wrote:

I apped on line with them. They asked for proof of income before opening my Pen Fed Platinum Cash Rewards Card. About four months later, I apped and was approved for a new automobile loan with no additional hard pull. Customer service is excellent, allow 5-10 business days for approval. They are very conservative and thorough. They gave me the lowest APR of the current credit cards in my posession. PLUS, the 5% cash discount on your gasoline purchases is taken off of your balance due BEFORE they punch the statement. No hastles, no extra steps, no signup categories, checks, etc. Just smoother than a well oiled machine.If you like definitive detail, they are the epitome!

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Thanks! Do you mind sharing what your credit profile looked like at the time of approval?

[Anonymous]

I recently applied for a PenFed Account and a Platinum card, I originally got the LO review status and come to find out they wanted me to either show more income or have a grantor added to the account.  I make about 6500 a month before taxes and had an 802 when they pulled my report currently have an 803 yay me!  So thinking I was a shoe in I never added my rental income so I faxed them a copy of my annual rental income agreement from my tenant and am now patiently awaiting my approval!!!

Hope this helps a little bit!!

I will report back as soon as possible!

[bettercreditguy1]

Sure, from memory I believe TU was 755, I do not know EX or EQ scores. One paid med for $ 161.00 six years old, one thirty day late fall 2009, and one account pif, then closed which went 30, 60, 90 late in 2009/ 2010. All other trades, about 19,  never late. Inquiries five or six.