Penfed Power cash visa offer letter was in my mail... - Page 2 - myFICO® Forums

Aim_High · ‎05-13-2020

@firefox100 wrote:
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.

PenFed must be mailing these out like crazy. This is the third member today who has asked!!

There was just a similar thread and approval on PenFed earlier today.

I posted a couple of replies with a detailed analysis of PenFed's lending and other answers.

See this thread:

https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Power-Cash-Rewards/td-p/6018576

Business Cards

Length of Credit > 40 years; Total Credit Limits >$800K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 86.5 - NFCU 75.0
AoOA > 30 years (Jun 1993); AoYA (Jul 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

headsup7up · ‎05-13-2020

@firefox100 Were you asking me?

if so, I have wanted a penfed card for a while. Then I gave up and decided I hated penfed (I was butthurt they didn't like me for credit cards even though I had 3 auto loans with them and never late) lol.

At the beginning of the month I had 3 or 4 Comenity cards randomly close. I know I've used them within the last 6-12 months. I assume this pandemic has banks nervous. They closed about $15k in open cards. None of them had a balance but that dropped my available credit down.

So far it hasn't affected my score too badly but I decided to give penfed another chance. I logged in and pulled the trigger. I got the under review notice so I assumed it was another turn down. About 4 hours later I got a text telling me I had been approved and to log in to sign documents. When I checked my email I almost passed out at the limit. It's my highest card by far. I've spent the last 5 years or so working hard to fix credit problems after military pay issues during my last deployment before I retired.

Now I could care less Comenity closed those accounts. In fact, I'm tempted to just start closing down anyone who isn't willing to start giving me higher limits as I pay them off.

headsup7up · ‎05-13-2020

@Aim_High - I had someone email me from penfed when I hadn't signed documents yet on the card. I called in and spoke to him about other options and he said he's part of a new procurement team. He mentioned my credit file was good. I laughed to myself but I'm not going to question it. They are either bulking up after losses recently or they are preparing for a lot of loss coming up once the pandemic hits harder.

Aim_High · ‎05-13-2020

@headsup7up wrote:
@Aim_High - I had someone email me from penfed when I hadn't signed documents yet on the card. I called in and spoke to him about other options and he said he's part of a new procurement team. He mentioned my credit file was good. I laughed to myself but I'm not going to question it. They are either bulking up after losses recently or they are preparing for a lot of loss coming up once the pandemic hits harder.

Good to know, thanks!

And congrats on a great approval and SL!

I was new to PenFed when I applied so they even gave you a higher SL than they did for me!

Way to go! Enjoy that new card!

Business Cards

Length of Credit > 40 years; Total Credit Limits >$800K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 86.5 - NFCU 75.0
AoOA > 30 years (Jun 1993); AoYA (Jul 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

AllZero · ‎05-13-2020

@Aim_High wrote:
PenFed must be mailing these out like crazy. This is the third member today who has asked!!
There was just a similar thread and approval on PenFed earlier today.
I posted a couple of replies with a detailed analysis of PenFed's lending and other answers.
See this thread:
https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Power-Cash-Rewards/td-p/6018576

@Aim_High You need Macros.

How to use Macros in Posts

firefox100 · ‎05-13-2020

What was your credit line?

Aim_High · ‎05-13-2020

@AllZero wrote:
@Aim_High wrote:
PenFed must be mailing these out like crazy. This is the third member today who has asked!!
There was just a similar thread and approval on PenFed earlier today.
I posted a couple of replies with a detailed analysis of PenFed's lending and other answers.
See this thread:
https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Power-Cash-Rewards/td-p/6018576
@Aim_High You need Macros.

How to use Macros in Posts

Good tip, I'll look into it!

My technology knowledge is dated at times and I need to step up my game! Lol

*Amazing fact: My first exposure to computers was a college course where we learned flowcharting, computer languages of Cobol-Fortran-Basic, and used punch cards to run programs! I believe the year was ... 1979. Home computers were mostly still a novelty and the "internet"? ... well, it was used by academics and government agencies and bore no resemblance to what we know today. Can you image a world before ... MY FICO?

Business Cards

Length of Credit > 40 years; Total Credit Limits >$800K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 86.5 - NFCU 75.0
AoOA > 30 years (Jun 1993); AoYA (Jul 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

Aim_High · ‎05-13-2020

@firefox100 wrote:
What was your credit line?

Was this question for me?
PenFed gave me a $15K SL on a Power Cash card the same day I opened accounts.

People sometimes do better if they have membership for awhile and use other services.

The maximum limits are usually $25K but most have to work up to that with PenFed.

Lower limits of $5K to $10K are common also.

Business Cards

Length of Credit > 40 years; Total Credit Limits >$800K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 86.5 - NFCU 75.0
AoOA > 30 years (Jun 1993); AoYA (Jul 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.

Peazmom · ‎05-13-2020

@Aim_High wrote:
@firefox100 wrote:
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.
PenFed must be mailing these out like crazy. This is the third member today who has asked!!
There was just a similar thread and approval on PenFed earlier today.
I posted a couple of replies with a detailed analysis of PenFed's lending and other answers.
See this thread:
https://ficoforums.myfico.com/t5/Credit-Cards/PenFed-Power-Cash-Rewards/td-p/6018576

Make that four...Informed delivery told me I have an envelope from PenFed in my mailbox. I didn’t make it out to collect the mail today, so tomorrow morning I will boning up on these threads.

Starting FICO 8 December 2017

FICO 8 as of 6/7/20

Sock Drawer:

joltdude · ‎05-14-2020

Side note,

I have gotten my second offer for a PCR from Penfed in the mail today...I am not a member.. Do find it interesting but am pretty sure Penfed is not the CU for me...

-J