PenFed Gold Visa pre-approval?

[CorySoccer]

Sooo, I was approved a little over a month ago and accepted a PenFed Power Cash Rewards Visa with an $11k SL.  A MUCH higher SL than my next card.  

I just received a pre-approval for a PenFed Gold Visa card?  I haven't even received my first statement yet.  HOWEVER, PenFed has been awesome to me so far (a whole month and a half, I know lol)...but I guess what I'm wanting to know is what is this pre-approval all about?

The way this letter sounds is that it might as well be backed by Midas himself.

Should I apply/accept their offer? It just seems odd to me to get another offer from PenFed so quickly, but it's hard to say no so quickly given that they gave me an amazing SL on my other card?

Anyone have any suggestions??

Thanks!!

[FinStar]

There's been a plethora of DPs with individuals reporting some back-to-back PenFed approvals.  That said, just like the posted DPs, it will all depend on your overall profile and what PenFed is willing to extend based on your specific situation.  

Some DPs reported include a lower, similar, or slightly higher SL on the 2nd card.  Some have also mentioned that POI was requested.  Obviously, this will likely result in another HP.

If the Gold Visa card is the right fit or part of your overall strategy, then that's up to you to decide -- all things considered of course.

[CorySoccer]

@FinStar Thank you for your answer. It all makes sense...except, what does DP mean? 

Edit:  Just found it. Data Points. Ty

[Anonymous]

How are you guys getting a high CL on the Penfed CR CC? I have had the PenFed CR CC with $1500 CL for since 1/2021 (pay off every month and pay early to have a low monthly statement balance), a 831 Fico score, only 1 other CC with $10K CL (paid in full every month for 10+ years), and no other loans at all. I just got off the phone with a Penfed rep, and she told me that I do not qualify to increase my CL until 6 months of having the Penfed CC. It seems crazy to me.

[BodegaTrades]

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@Anonymous wrote:

How are you guys getting a high CL on the Penfed CR CC? I have had the PenFed CR CC with $1500 CL for since 1/2021 (pay off every month and pay early to have a low monthly statement balance), a 831 Fico score, only 1 other CC with $10K CL (paid in full every month for 10+ years), and no other loans at all. I just got off the phone with a Penfed rep, and she told me that I do not qualify to increase my CL until 6 months of having the Penfed CC. It seems crazy to me.

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@Anonymous Your profile may not fit that algorithm. Its sounds kind of thin with the 2 cards but maybe you mean 2 revolvers??

[Anonymous]

I applied for this card recently hopefully I heard something tommorow I already have the PCB card. I'm hoping they give higher limits with this one as I'm assuming this is more or less their version of a balance transfer card.

[Anonymous]

@BodegaTrades Penfed CL at $12,500 after the 6 months, and closed the other CC (airline miles card) due to annual fee. My credit score took 40+ point hit just because of the age (10+ years) of the closed CC. We have not used the airlines for travel since the pandemic; so the annual fee is not worth it. It was just annoying because the Penfed CL was raised about 2 weeks before annual fee was to be charged on the airline CC. I should have cancelled the airline CC last year. A CC is more of a convenience for us, and hotel, car rental, online, etc. industries make a CC essential to do business. I have owned and sold 10+ vehicles in my life, but I only have had one vehicle loan in my life (in 1990s). It was paid off early in 1 year. I still have the truck that had the loan. Even with 1 or 2 late payments for over 25+ years, and those late payments (years ago) were just because I forgot to pay it. Hopefully, my credit score recovers in a few months. I think that the credit industry has created opportunity for me when needed. However, the credit industry has contributed to siginificant damage to too many other people. You may be right that I did not fit their algorithm.

[Trini88]

That's still a massive CLI! Congrats!

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@Anonymous wrote:

@BodegaTrades Penfed CL at $12,500 after the 6 months, and closed the other CC (airline miles card) due to annual fee. My credit score took 40+ point hit just because of the age (10+ years) of the closed CC. We have not used the airlines for travel since the pandemic; so the annual fee is not worth it. It was just annoying because the Penfed CL was raised about 2 weeks before annual fee was to be charged on the airline CC. I should have cancelled the airline CC last year. A CC is more of a convenience for us, and hotel, car rental, online, etc. industries make a CC essential to do business. I have owned and sold 10+ vehicles in my life, but I only have had one vehicle loan in my life (in 1990s). It was paid off early in 1 year. I still have the truck that had the loan. Even with 1 or 2 late payments for over 25+ years, and those late payments (years ago) were just because I forgot to pay it. Hopefully, my credit score recovers in a few months. I think that the credit industry has created opportunity for me when needed. However, the credit industry has contributed to siginificant damage to too many other people. You may be right that I did not fit their algorithm.

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[Dmessina666]

Sounds like you have a very very think credit file. Only two revolving cards and nothing else whatsoever???

Idk your complete credit history, but not having anything else open where they can see you have a track record of managing multiple accounts might be stopping you from getting a CLI. 

[Anonymous]

@Dmessina666 My credit goals may be different than most folks on this site. To answer your question, I only have 1 personal CC (and 1 business CC with an employer) at this time. I currently have no other open accounts that would be considered credit by the credit agencies. The personal CC that was recently closed has had the entire balance paid in full every month for 10+ years every month. My CC track record is paying the entire balance in full every month for all previous closed CCs for 25+ years. Also, I did have a home mortgage, but I paid it off early about 2 to 3 years ago. As we know, there are no CS metrics for "paying entire balance in full" every month or paying off a credit account early. I agree that 1 open credit account (and the employer CC) is a very thin "open" credit file. I did not desire to manage multiple credit accounts to just have a 800+ credit score, and I was able to achieve a 800+ CS without multiple open credit accounts anyways. As stated in a previous post, I did have an 831 FICO when the CLI was requested during the first 6 months with the CC. Anyways, CLI was approved after the 6 months. It would be more comical to me that my CS took a big hit for just closing the 10+ year CC if it was not my CS.