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PenFed Gold Visa pre-approval?

Regular Contributor

PenFed Gold Visa pre-approval?

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??



Message 1 of 4

Re: PenFed Gold Visa pre-approval?

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.

Message 2 of 4
Regular Contributor

Re: PenFed Gold Visa pre-approval?

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


Edit:  Just found it. Data Points. Ty

Message 3 of 4
New Visitor

Re: PenFed Gold Visa pre-approval?

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.

Message 4 of 4
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