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Would like to get some insight what to do. Got a letter today from Penfed offering a a Power cash visa with offer code 0 percent balance transfer for 12 months. At this time do not need to take a balance transfer, but thinking of going for this card. Called penfed on phone was told that thay could take the application on phone and set me up with membership with saving account. Ok here is my data fico scores are around 800 last 2 accounts where open last Setember of 2019 have total credit lines of 190K utilization is 1.3K less then 1 percent income is 80K. Will thay ask for POI , could I be turned down for having to much available credit and does Penfed give cli's with soft pulls.
@firefox100 If you got a PenFed preapproval offer in the mail,
then PenFed has already soft pulled your credit. And even if you
call one of their CSR's and they tell you it's gonna be a soft pull,
expect a hard pull anyway. Penfed hard pulls Equifax FICO9.
Credit limit increases are also typically hard pulls as well.
But like I said, expect an HP even if they tell you it's gonna be a SP.
PenFed is kinda finicky. They either like your profile or they don't.
Since you got a preapproval letter, odds are they like your profile.
Hope this helps.
P.S. I assume your 800 scores are F8's, so your F9's
should be good as well. I doubt if they ask for POI...
@firefox100, Usually PenFed Mailers are pretty solid.
They will pull EQ FICO9 (some reports on SP approvals, but don't bet the house on it)
They never asked Me for POI CC and loans.
Your score if 800 is plenty good.
You could possibly be denied for to much available credit? (I have seen a few cold apps)
Again, Pre-Qual mailers are usually pretty solid. It is how I was approved for the PCR card.
All JMHO
Good Luck!
Ok what I want to know does Penfed give generous credit lines like NFC amd asking for cli's are soft or hard pulls. My Discover card has limit of 29K and balance this month and my BOA mastercard has a limit of 25K with a balance of 750. The only thing I am worried about if I open another card at this time could spook my other creditors.
@firefox100 I was just approved for a penfed power cash rewards card for $20k and my fico09 is under 700. I have a fairly diverse credit history and the only negatives are about to drop off at the end of this year. You should be good. Mine wasn't even preapproved. Like others said, if they prequalify or preapprove you (whichever they call it) you are most likely good to go.
Correction Discover card has no balance this month just paid it down from 240 dollars and my fico exp 9 from Wellsfargo this nonth is 812. Should I do it guysguys think.
@firefox100 If I recall correctly, you mentioned on another
thread that you have 15 cards. So if PenFed sent you a preapproval
letter and they already pulled your credit, then you're in good shape.
CLI's can be a soft pull or hard pull. Like I said earlier,
expect an HP even if you call a CSR and they tell you otherwise.
Then you'll be pleasantly surprised if they SP you...
What is your income and why did you apply for the card?
@headsup7up wrote:@firefox100 I was just approved for a penfed power cash rewards card for $20k and my fico09 is under 700. I have a fairly diverse credit history and the only negatives are about to drop off at the end of this year. You should be good. Mine wasn't even preapproved. Like others said, if they prequalify or preapprove you (whichever they call it) you are most likely good to go.
+1