PenFed Platinum Rewards VISA Signature Approved $6500 SL w/ past BK, no POI, no HP

[99BMWM3]

I'm almost sitting beside myself right now as I share the news with y'all! 

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Credit rebuild backstory (if interested):

- Forced to file BK7 in Feb 2021 because I couldn't work during the pandemic & I'd been carrying close to $50k in debt over the prior years (I was barely an adult, didn't have the best understanding of my money) which meant burning a few notable lenders (AMEX, CapOne, Chase [reaffirmed car, PIF], Citi, NFCU) in the process. 

- May '21: BK7 DC, scores 630-650.

- June '21: Obtained 3 cards per that one rebuild guide floating around here; CapOne Platinum with $3K SL, DiscoverIt $500 SL, and SDFCU Secured w/ $750 SL.

- Had a lucky windfall & used the money to take a trip to decompress from the stress; ran about $7K thru CapOne in the first month, maxing it out and PIF 3 times during that cycle. CapOne responded with a PC to QuickSilver and an auto-CLI to $4.5k.

- No auto CLI on CapOne since, only $100 offer during manual request. No love ever from Discover on CLI. SDFCU never graduated my card.

- I went to Honda Federal Credit Union in Summer '22 for an auto loan (needed to get rid of the previous car for personal reasons; I did the math and a new EV made more financial sense for me long-term)... approved for $38k at 6%. 

- HFCU approved Visa Classic w/ $1k SL at 11% APR on same pull.

- Went into the garden afterwards; ultimately closed SDFCU Secured in January 2024 due to lack of graduation.

In the last year, CapOne has gradually raised my APR to an eye-watering 32.24% and, while I never intend to carry a balance anymore, a med expense stuck me with $4k revolving. Payment was $180, but they charged $160/mo interest, effectively ensuring no meaningful decrease in balance. 

- Paid CapOne down to $3k + small bals on Discover & HFCU to $0 in early March 2024

- Went back to Honda FCU in late March 2024 to attempt a personal loan to payoff CapOne.

- Honda FCU denied as CRAs hadn't reflected lower balances. Even though the loan officers said I could provide written letters from lenders verifying lower balances (and I did), I was denied and told during recon that UW does not accept them -- they solely go off CRA reports. They also, bizarrely, were including my deferred student loans in my DTI calc even though none of my other lenders have.

- I tried PenFed's pre-approval for a PL and was also auto-declined for similar reasons (high util).

- This week, CapOne reported $0 bal to CRAs (BT'd it to a DCU Quick Loan as a band-aid fix) and DCU hasn't reported the Quick Loan [yet]. Score went up considerably, 30-35 pts. 

- I was poking around again now that CRAs show my debt is "gone" & decided to see if I could get pre-approval for something w/ a 0% offer that I could also run my monthly (budgeted!) spend through to hopefully grow. I was also curious how I looked to lenders with my BK now aged 3 yrs.

- CapOne and Disco tools said no; AMEX is a no for at least a few more years, Chase is a no until this BK7 drops off... just for kicks, I checked Apple Card and was offered $2K SL @ 28% APR.

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PenFed App Process + data points:

- Last night, I used the PenFed pre-approval tool (logged in as member) and was "pre-qualified" for Plat Rewards w/ a $6500 "estimated credit line."

- I bit the bullet and sent the app in. No instant approval, said 1-2 day review.

- Got an email this morning they were processing it.

- Got an email a few hours later that I was APPROVED with $6500 SL and 17.99% APR + 0% intro on purchases + BTs for 1 year.

- Was not asked for POI, and as of now, it appears I got this with NO HP. 

- Only products I have is a savings with $10. Previously had a checking that was closed due to dormancy since they aren't part of shared branching and I'm old school in wanting branch access.

- $60k income; only debts are the small $3k and what's left of my car loan ($25k). Student loans ($20k) exist but are deferred because I'm still in school.

- PenFed portal doesn't show my FICO score (says it can't be generated due to a lack of recent activity?); myFICO app shows EQ FICO8 is 667, but I think this needs to be taken with a grain of salt as it shows my TU at 674 and Apple Card pulled 711.

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I will be moving the DCU/HFCU bal to PenFed now and getting it PIF by Christmas thanks to the savings of no interest...very happy right now! 

I plan to go back into the garden until next year as I'll be done with my studies and have higher income + no revolving debt. Goal for next year is the Venture X/Savor duo.

Although, I have read on here about people getting a 2nd card on the same HP? I am somewhat interested in doing that (would consider replacing my CapOne QS w/ Power Cash Rewards), but not certain if it's worth the try or if I should just hold out. 

[keekers]

Congrats and thanks for sharing your story.

[cashorcharge]

WooHoo!! Congratulations on your Approval!!👏🏼🍾🥂

[PNWRambler]

Congrats on the approval!  That will go a long ways towards rebuilding.

[Creditwiser]

Congrats on your Penfed approval ! My DW had to wait a statement or two for her credit scores to show up. She received the "lack of activity" as well after her approved and received the card last year. It will eventually work and you'll start receiving your scores.  If I recall, Penfed is all over the map when it comes to those scores updating as the months go by though.

[Meanmchine]

Congrats on your new Penfed card

[EAT_SLEEP_JEEP]

congrats on the approval

[CorpCrMgr1]

Congratulations on your approval!

[FicoMike0]

congratulations!

I'm interested in that penfed approval with no hp. I have a couple of accounts and an ssl at penfed.  Never really looked at their cards. Anyone else have a no hp dp?

[Focus281]

Good limit , pen fed is pretty good