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What are my chances of getting an PenFed Platinum Rewards?

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


@Isacking97 wrote:

@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)


I believe it would be a denial personally.  They won't compete nor care to compete with Discover/Amex as they are both known to give big limits for not a large income.  You can certainly try, but i think you would either be flat out denied or get a low cl such as 500-1k.  We have no clue what your rent or car payment and student loan payments etc might be as well.  Just my 2 cents, but you never will really know unless you try I suppose.  My question is why do you want penfed when other lenders such as PayPal MC at 2% and such would be alot more accommodating to your income level, etc?  PenFed has certainly tightened up over the last year or two as well

Message 11 of 17
Super Contributor

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

Yeah I definitely agree that the PayPal Cashback would be a great place to look. With those scores, Sync will definitely be feeling generous. They don't even look at DTI either, its your net annual income they care about. 



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 12 of 17
Community Leader
Mega Contributor

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

Im proof Penfed doesnt like low income earners. If we dont feed the head honcho over there with profitability, he/she will just have the lower beings feed us a steady diet of Turbo Tax and endless , useless, emails about exvlusive deals for its membersSmiley Wink

ps. When i had a card, i got $500, fought tooth and nail for 1k increase after a year, then nothing. Honestly Op, use your hp and get a better cardSmiley Happy
#ChaseCreditCardHobby Enthusiast
2022
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Message 13 of 17
Regular Contributor

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


@AverageJoesCredit wrote:
Im proof Penfed doesnt like low income earners. If we dont feed the head honcho over there with profitability, he/she will just have the lower beings feed us a steady diet of Turbo Tax and endless , useless, emails about exvlusive deals for its membersSmiley Wink

ps. When i had a card, i got $500, fought tooth and nail for 1k increase after a year, then nothing. Honestly Op, use your hp and get a better cardSmiley Happy

Thanks, do you recommend any other card?

 



Starting Score:EX: 713 EQ: 698
Message 14 of 17
Community Leader
Mega Contributor

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

If you like cashback, i really like the Paypal 2% Cashback Mastercard. No limits to redeem, if you have Paypal, you just send your rewards there ans than from there to your bank account. Less than a minute. Also because its Sync, you can grow it to 10k plus even with your income. I started out at $300 lol, but got auto to $1050 then got it raised to 3150 with CS. I could probably get higher but ive got alot of Sync exposure and some debt right now.

#ChaseCreditCardHobby Enthusiast
2022
!
Message 15 of 17
Mega Contributor

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

As for other cards, it would help to know why you want the Penfed Plat Rewards.   The rewards aren't all that good, about 2.5% on groceries (easy to beat) and 4.3% on gas (which is OK) and a horrible 0.8% elsewhere.  I keep mine only for supermarkets abroad, which is a fairly niche use!

 

So if it's for gas, maybe it's worth a try as better options are also hard to get (FNBO, Fort Knox), otherwise not

Message 16 of 17
Established Contributor

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

Sam's Club MC is 5% on gas anywhere including at Sam's Club. And given that Sam's Club gas prices are also discounted quite a bit, that to me would make it worth a membership if you didn't already have one, assuming that there's one or more Sam's Club near you. Just a thought.

 

As for PenFed, I am in a different situation (income is not my problem - account age and credit-seeking behavior are my problems). Instantly rejected for a card the day I joined PenFed as a member. I called and the very friendly gentleman I spoke with said there's nothing he could do to reconsider, it's simply up to their computers. This is a couple of days after my local CU gave me a signature rewards Visa with a $5,000 limit. Not exactly apples to apples, though; I have been a member of my local CU for over 32 years. Anyway, based on that experience, PenFed seems to be at least sort of picky.




FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from spring and summer 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 17 of 17
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