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What are my chances of getting an PenFed Platinum Rewards?

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Regular Contributor

What are my chances of getting an PenFed Platinum Rewards?

16k income

752 FICO uti 11% (2k balance)

Already have a car loan with them (3.99% - 3y)

 

If you have other card to recommend I'm all ears!! 

 

Im looking for a low interest card with rewards

 

Ps: I have received offer my mail for the card (It's a good bet?) 

 

 



Starting Score:EX: 713 EQ: 698
Message 1 of 17
16 REPLIES 16
Community Leader
Senior Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?

Your score seems definitely in the range, however Penfed is very DTI driven.

EXP 760 TU 781 EQ 733
Message 2 of 17
Community Leader
Mega Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?

From your profile, id be willing to bet Penfed likes you since you dont have too many cards. Like said, Penfed loves dti like its the second coming of Turbo TaxSmiley Wink.

My recommendation would be to apply. Its magical as ir allows you to see if they will approve you or notSmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
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Message 3 of 17
Super Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?

At $16K income, I would be pretty shocked if PenFed approves you for anything higher than $500, if at all. They don’t really like low income earners. If Navy Federal is an option, I would go there instead. Otherwise maybe look into Langley FCU. They seem to be friendly to low income.


01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 4 of 17
Regular Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?


@Saeren wrote:
At $16K income, I would be pretty shocked if PenFed approves you for anything higher than $500, if at all. They don’t really like low income earners. If Navy Federal is an option, I would go there instead. Otherwise maybe look into Langley FCU. They seem to be friendly to low income.

I have 2 cards with over 15k credit limits plus the car loan (8k) not that big of a deal!! 



Starting Score:EX: 713 EQ: 698
Message 5 of 17
Super Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?


@Isacking97 wrote:

@Saeren wrote:
At $16K income, I would be pretty shocked if PenFed approves you for anything higher than $500, if at all. They don’t really like low income earners. If Navy Federal is an option, I would go there instead. Otherwise maybe look into Langley FCU. They seem to be friendly to low income.

I have 2 cards with over 15k credit limits plus the car loan (8k) not that big of a deal!! 


I'm telling you that PenFed doesn't like to give large credit cards to low income earners. I am at $18K myself and I agree that large limits aren't a problem for some issuers but PenFed isn't one of them that's known for their generosity with us. 



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 6 of 17
Community Leader
Senior Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?


@Isacking97 wrote:

@Saeren wrote:
At $16K income, I would be pretty shocked if PenFed approves you for anything higher than $500, if at all. They don’t really like low income earners. If Navy Federal is an option, I would go there instead. Otherwise maybe look into Langley FCU. They seem to be friendly to low income.

I have 2 cards with over 15k credit limits plus the car loan (8k) not that big of a deal!! 


Penfed looks very closely at your DTI and your overall credit lines versus your income and that is a big deal to them.

 

 

EXP 760 TU 781 EQ 733
Message 7 of 17
Senior Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?


@AverageJoesCredit wrote:
From your profile, id be willing to bet Penfed likes you since you dont have too many cards. Like said, Penfed loves dti like its the second coming of Turbo TaxSmiley Wink.

My recommendation would be to apply. Its magical as ir allows you to see if they will approve you or notSmiley Wink

You have a 3 year history with them and already hold 2 other cards with CL > $5K so I think you have a realistic shot.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 8 of 17
Regular Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?


@Jnbmom wrote:

@Isacking97 wrote:

@Saeren wrote:
At $16K income, I would be pretty shocked if PenFed approves you for anything higher than $500, if at all. They don’t really like low income earners. If Navy Federal is an option, I would go there instead. Otherwise maybe look into Langley FCU. They seem to be friendly to low income.

I have 2 cards with over 15k credit limits plus the car loan (8k) not that big of a deal!! 


Penfed looks very closely at your DTI and your overall credit lines versus your income and that is a big deal to them.

 

 


My DTI is around 30%

Credit limits

AMEX 1 - 800/17200 (Card always pay in full)

AMEX 2 - 75/1000 (Card always pay in full)

DISCOVER - 1200/15900 (Balance - 0% APR)

VISA - 70/600 (Card always pay in full)



Starting Score:EX: 713 EQ: 698
Message 9 of 17
Super Contributor

Re: What are my chances of getting an PenFed Platinum Rewards?

Go for it. You don't have anything to lose except a hard pull. 

Just keep your expectations in check. 30% DTI is high when it comes to most CUs, even NFCU is known to shoot low limits to start with when you're past 25% although they grow quickly once you prove you can handle them. PenFed is known to be more conservative with their UW as can be seen from how many members of this forum have had issues with them. They shot me down last September for new accounts - I had three new ones I picked up in March and one of them was already closed. I wouldn't even bother now that I've added 9 more. 

You may well get lucky and get the right UW at the right time and turn conventional wisdom on its head, it's happened before. Credit is always YMMV. 



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 10 of 17
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