PenFed Credit Card Application Approved

[MP80]

I got the pre-approved mail offer last Friday with an earlier email offered from 2 weeks ago and I decided today was the right moment to pulled the trigger to make an inquiry on EFX hard-pulled.  

 

 

 

 

 

 

 

[hdporter]

Congrats (?)

 

(PenFed offers some of the dandiest "sock drawer" cards.  Wouldn't be surprised if they accessorize one day.)

[MP80]

5 hours ago, hdporter said:

Congrats (?)

 

(PenFed offers some of the dandiest "sock drawer" cards.  Wouldn't be surprised if they accessorize one day.)

Yeah, this is an uninspired ordinary credit card that can only increase the maximum risk exposure of a credit limit of $50,000 per customer.

 

PenFed has other products that I might be interested in. I am trying to establish at least four credit union cooperative membership qualifications and apply for credit cards and different products. So far, I have joined 2 credit unions, which is too few compared to others. Hahaha. Calling me crazy, I am currently considering 5-10 credit union membership qualifications.  

[MP80]

8 hours ago, hdporter said:

Congrats (?)

 

(PenFed offers some of the dandiest "sock drawer" cards.  Wouldn't be surprised if they accessorize one day.)

Good Lord! What FICO score is this?
No mention of which version of the FICO score was used.
I know my Vantage 3 score is 815. But, PenFed doesn't use the Vantage score. If this is the NextGen score, then it's like the Vantage 3 score...

 

HD - Do you have any idea of what score is used by PenFed?

 

Marv,   if you're reading this, please correct the CB credit pull info, much obliged.

 

[hdporter]

8 hours ago, MP80 said:

Good Lord! What FICO score is this?
No mention of which version of the FICO score was used.
I know my Vantage 3 score is 815. But, PenFed doesn't use the Vantage score. If this is the NextGen score, then it's like the Vantage 3 score...

 

HD - Do you have any idea of what score is used by PenFed?

 

 

I don't have any direct information, but PenFed is generally cited as reporting EQ FICO 9  (fwiw, "NextGen" preceeded FICO 8.)  Nice score in any case

[MP80]

Hey, CV! 

 

Does your PenFed credit card account enable you to 100% cash advance benefits? I just received my credit card, but in the receiving envelope or online account management settings, I did not see any cash advance language or cash advance display portion related to the credit limit.

 

So, is it 100% of the credit limit? If it is, then it's very convenient for me at the casino, no need to bring those other cards that cost me the fees.

 

 

Edited June 23, 2021 by MP80

[Sidewinder]

Is it true that if you're a member of the American Red Cross you're eligible to join PenFed?

 

(That seems to me like it is probably not true.   : /  )

[MP80]

4 hours ago, Sidewinder said:

Is it true that if you're a member of the American Red Cross you're eligible to join PenFed?

 

(That seems to me like it is probably not true.   : /  )

Hey, Sidewinder 

 

If you are interested, you can join PenFed now.
You can go through their affiliate sponsorship and become a member with just a donation to the organization. 
 

[pacemaker67]

Congrats.  Like HD sais, that score is EX FICO 09.  I have the same offer right now but will hold off since I opened several accounts in the past couple months.  One of those was a pre-qual for the Platinum Rewards card in May card which I accepted.  That too was a HP and a $12,5k limit.  Seems to be a thing.  After being a member for 13 years, they are finally throwing pre-quals at me, back to back.  I was always an Egyptian in their eyes.

 

Look at Affinity FCU for their Visa Signature Card.  No AF, 5% on Amazon and rotating 5% categories. 

[cv91915]

12 hours ago, MP80 said:

Does your PenFed credit card account enable you to 100% cash advance benefits?

 

I don't see where they display a separate cash advance limit.

 

This is what the transfer process looks like when I attempt to dump the proceeds into a savings account.  

 

There is no notation that suggests that I can't transfer the entire limit.

 

I do not trust PennFedd's technology at all, so I was unwilling to click Continue to see what happens next.

 

 

[MP80]

11 hours ago, pacemaker67 said:

Congrats.  Like HD sais, that score is EX FICO 09.  I have the same offer right now but will hold off since I opened several accounts in the past couple months.  One of those was a pre-qual for the Platinum Rewards card in May card which I accepted.  That too was a HP and a $12,5k limit.  Seems to be a thing.  After being a member for 13 years, they are finally throwing pre-quals at me, back to back.  I was always an Egyptian in their eyes.

 

Look at Affinity FCU for their Visa Signature Card.  No AF, 5% on Amazon and rotating 5% categories. 

Hey, Pacemaker67!  

 

Thanks for your kind words! I joined PenFed three years ago and got nothing for the first two years. Starting from the third year, offers began to come in. I don’t know if it’s policy-related or membership-related issues. In any case, this credit card approval is an 8-9 pre-approved loan credit provided by PenFed.

 

I have no interest in applying before this. Until recently, I thought that PenFed was opening the floodgates of its loan products to its members, and there are no more rumors of being denied credit products after applying and insinuating members to Egyptian verbatim. So I applied and was approved. 

About approving SL, anecdotally was $10,000 for members' first application, then it increased higher and now to $12,500. The SL will eventually become flexible again. 

 

Much appreciated your recommendation to the Affinity FCU. I have noticed the benefits of their Visa Signature Card. I have an impressive gesture tendency for the Affinity FCU credit products, but I am currently looking for multiple options. Thanks again!  

[MP80]

9 hours ago, cv91915 said:

 

I don't see where they display a separate cash advance limit.

 

This is what the transfer process looks like when I attempt to dump the proceeds into a savings account.  

 

There is no notation that suggests that I can't transfer the entire limit.

 

I do not trust PennFedd's technology at all, so I was unwilling to click Continue to see what happens next.

 

 

Hey, CV!  

Much obliged for your effort in portraying empirical data.
So it's a no-go of knowing the cash advance option details unless a member has the experience of actually had utilized it. 

[hdporter]

On 6/22/2021 at 8:56 PM, MP80 said:

So, is it 100% of the credit limit? If it is, then it's very convenient for me at the casino, no need to bring those other cards that cost me the fees.

 

You unintentionally hit a very tender spot, with respect to an incident Friday, with this comment ...

 

I was on the LV Strip last week, playing on a promotion that promised a large cash-equivalent bonus if I hit a certain threshold of play.  (I won't discuss details of my play other than to suggest that my posts here offer reasonable evidence to assume that I wouldn't engage in such play unless it were "rationale".  Doubters are welcome to their opinion.)

 

Now, In the 20 years I've been playing, I have always entered a casino with an intended course of play.  I strongly grasp the bankroll risk of my play and have always been prepared with sufficient cash resources (combination of hard currency and back up casino line) to see that play through something like 95%-99% of the time.  I've never had to hit up a credit card to round things out.

 

You'll note that I didn't use a "100%" rate in that last sentence.  To say that, that would mean that if I were intending to put through $100k in wagers, I'd have to have $100k in cash resources ... guarding against the worst case hypothetical scenario in which every single wager were a loser.  (And while I don't intend to unnecessarily disclose details of my play, the total wager threshold this last week was appreciably higher then $100k.)

 

Sometimes "perfect storms" occur; sometimes "one in 100 year" events manifest themselves.  On my last day of play, Friday, I exhausted my cash resources with 99% of that play threshold completed.  I can only compare the experience roughly to racing in the Indy 500, and running out of gas with 2 laps to go.  (Of course, fortunately this wasn't a race.)

 

Under most circumstances such as this, I can choose to unstrap myself from my car and just walk away with minimal penalty.  I typically play on "incentives" that are based on my average play over time.  Cutting a corner one trip is inconsequential.

 

This was different.  Forgive me for being obscure, but just to roughly ballpark, if I walked at this point, I had qualified for an incentive of $2000 with my play as of Tuesday.  The incentive for going the targeted distance (the distance I had cleared 99% of) was several times that amount.  It was a no-brainer to do whatever I could to re-fund myself (even if that involved taking myself downtown and engaging in some "trade"  ).

 

Ok, it needn't come close to that.  But, my bad, my bank ATM card hasn't been operational for years now, and I've never bothered to resolve the problem.  (I always have ready cash on hand at home, and never travel without it.)

 

Fortunately, credit cards to the rescue.  But I haven't taken a cash advance in over 30 years and have long ignored PINs that the banks send out.  I could salvage the situation with a cash advance drawn at the casino cage, but I could only pray that they'd be generous with the lubrication.

 

I decided that $1600 would very reliably see me through the balance of the play (a strong probability I would lose at least $600, slight I would lose in excess of $1200, next to nil the whole nut ... I could also hope for a "jackpot").  I handed over my card and sheepishly inquired about the fee.  "$160".  Just about lost my cookies, but when you're in the sheep dip, you go with the flow.

 

For someone who prides himself of his "togetherness" in the casino, this incident made me physically sick.  (That's not even invoking the pain of the trip loss itself ... but that was battle damage I could chalk up to the turf, no matter how much larger the amount was by comparison.)

 

Well, there's a tiny silver lining here (no, I'm not about to relate a jackpot story; I actually burned through $830 of the $1600 advance to see out my play target.) When I had the $1600 cash advance in hand, I was ready to turn and walk away when the cashier said, "hold on, and I'll get your play credits for you".   "Huh?"  "Your play credits.  Your player status entitles you to a refund on the advance fee in the form of casino play credits."  (For those "in the know", the terminology here is actually "Free Slot Play", but I've "interpreted")

 

Somewhere in the back of my mind I recalled hearing something like this, but I never paid much mind, having no intention of drawing funds that way ... EVER.  I received $160 in gaming vouchers that are 100% cash equivalents for me.  In returning to gamble further, they substitute for cash wagers that I'd otherwise advance.  Bottom line, net, I incurred no processing fee from the processor used by the casino to draw the cash advance from my credit card.  (Don't misunderstand ... I'm still on the hook for the 3% fee assessed by my credit issuer; but - relatively speaking - that's peanuts!)

 

Just to ballpark where I wound up.  After 35 hours of recorded play during the week, I finished with one of the largest gross losses I've encountered in the course of play at a single casino.  However, the play incentive I qualified for offset 45% of that gross loss.  (That still left me in low 5 figure loss turf, FWIW).

 

Not a joyous event.  However, since resuming casino play in April after taking a 5 mo "coronavirus" break, with 3 trips prior to this one (other venues than LV), I enjoyed a decent measure of positive "variance" that served as a healthy offset to this loss.  In fact, carrying that net loss forward into this trip, another 40% of this gross loss is cancelled out.   So, my current position, year to date is a fairly modest cumulative loss that experience leaves me confident that I stand a very strong probability of reversing significantly through the balance of this year.

 

 

 

 

[centex]

@hdporter- I am curious about why you didn't just get a marker at a different property.  That would have gotten you funds with no interest and no fee, and 30 days to pay it off if you didn't close at the end of the stay. 

 

The lines I have will give me chips or a TITO and the TITO is essentially cash across the counter except that they make you walk to a machine since they cannot typically just do cash across the counter on a marker. 

[MP80]

HD - I admit that I am not a professional gambler, high roller, or gambling addict, just an ordinary casino slot player.

 

I have been interested in these machines since I went to high school. Before the Pacman machine was invented, I started playing the Triple Play pinball machine. Many times, I pushed, jolt, and shook the Triple Play pinball machine. In addition to tilting the machine, I hurt myself, causing bruises and calluses that I didn't care about. Gradually, I started to prefer video poker games. This is how I started playing fun gambling.
 
I know you gambled 10 times out of 9 times you lost, and the house won. Winning or losing is not the reason that attracts you to return to the casino, but when you are excited about playing, let the action continue, which generates this impulse called RUSH and makes you addicted to the habit of gambling, similar people using crack.

Edited June 24, 2021 by MP80

[cv91915]

4 hours ago, MP80 said:

HD - I admit that I am not a professional gambler, high roller, or gambling addict, just an ordinary casino slot player.

 

I have been interested in these machines since I went to high school. Before the Pacman machine was invented, I started playing the Triple Play pinball machine. Many times, I pushed, jolt, and shook the Triple Play pinball machine. In addition to tilting the machine, I hurt myself, causing bruises and calluses that I didn't care about. Gradually, I started to prefer video poker games. This is how I started playing fun gambling.
 
I know you gambled 10 times out of 9 times you lost, and the house won. Winning or losing is not the reason that attracts you to return to the casino, but when you are excited about playing, let the action continue, which generates this impulse called RUSH and makes you addicted to the habit of gambling, similar people using crack.

 

By any chance do you think I'd enjoy crack more than gambling?

 

Because the most fun I've had gambling is at the nickel slots in a competitive game to see who could lose $20 first, with the maximum bet being $0.05 at a time.

 

I don't remember who won (lost?), but I do remember that this was a much less expensive way to drink, compared to just buying drinks at the bar.

[hegemony]

5 hours ago, cv91915 said:

 

By any chance do you think I'd enjoy crack more than gambling?

 

 

whose crack?

[cv91915]

4 hours ago, hegemony said:

whose crack?

 

Which reminds me of an old joke that ends with, "One's a snack cracker and the other's a crack snacker."

[hdporter]

10 hours ago, centex said:

@hdporter- I am curious about why you didn't just get a marker at a different property.  That would have gotten you funds with no interest and no fee, and 30 days to pay it off if you didn't close at the end of the stay. 

 

The lines I have will give me chips or a TITO and the TITO is essentially cash across the counter except that they make you walk to a machine since they cannot typically just do cash across the counter on a marker. 

 

Most casinos are fairly strict in reviewing your line draws against recorded loss in the casino.  (For this, they'll either look at recorded machine play, or net chips drawn from the cashier.)  When you set up a marker account, you're advised that you're expected to redeem any marker portion that wasn't actually consumed by loss.  Bottom line, in extending short-term free credit, they neither wish to finance non-gaming activity, nor accept the added risk of doing so.

 

Something like 5 years ago I was surprised when I went to draw a marker at Harrah's LV and was told that my line was frozen and I had to speak to a credit manager.  He advised me that on a previous visit (close to a year prior) I had failed to redeem a marker according to policy.  I had to do a mea culpa to get the line released for use.  (I had no idea if I was actually "guilty" of the offense or not.)

 

Generally, my preference is to keep a fairly low profile during my visits (i.e. have as little reason for anyone to take notice of me, as possible ... pretty much out of an abundance of caution.  So, while technically you're accurate in this being an option, it's not one I consider to be "on the table".

[centex]

3 hours ago, hdporter said:

 

Most casinos are fairly strict in reviewing your line draws against recorded loss in the casino.  (For this, they'll either look at recorded machine play, or net chips drawn from the cashier.)  When you set up a marker account, you're advised that you're expected to redeem any marker portion that wasn't actually consumed by loss.  Bottom line, in extending short-term free credit, they neither wish to finance non-gaming activity, nor accept the added risk of doing so.

 

Something like 5 years ago I was surprised when I went to draw a marker at Harrah's LV and was told that my line was frozen and I had to speak to a credit manager.  He advised me that on a previous visit (close to a year prior) I had failed to redeem a marker according to policy.  I had to do a mea culpa to get the line released for use.  (I had no idea if I was actually "guilty" of the offense or not.)

 

Generally, my preference is to keep a fairly low profile during my visits (i.e. have as little reason for anyone to take notice of me, as possible ... pretty much out of an abundance of caution.  So, while technically you're accurate in this being an option, it's not one I consider to be "on the table".

Yet another reason to like all three of Derek's properties...they actually ask if you want a TITO to go hit the sports book or slots with. 

 

But then again, Derek and his staff are a little more vested in the client relationships. 

[hdporter]

6 hours ago, MP80 said:

HD - I admit that I am not a professional gambler, high roller, or gambling addict, just an ordinary casino slot player.

 

I have been interested in these machines since I went to high school. Before the Pacman machine was invented, I started playing the Triple Play pinball machine. Many times, I pushed, jolt, and shook the Triple Play pinball machine. In addition to tilting the machine, I hurt myself, causing bruises and calluses that I didn't care about. Gradually, I started to prefer video poker games. This is how I started playing fun gambling.
 
I know you gambled 10 times out of 9 times you lost, and the house won. Winning or losing is not the reason that attracts you to return to the casino, but when you are excited about playing, let the action continue, which generates this impulse called RUSH and makes you addicted to the habit of gambling, similar people using crack.

 

I don't have a particular interest in rationalizing my casino play on this forum.  I will relate the following:

 

I'm strictly a "recreational" player -- I don't play in the pursuit of a steady income of any appreciable amount.  My stakes and annual play volume qualify me as a mid-to-high roller.  I typically average a couple of million $ in wagers each year, and (under typical circumstances, not COVID) typically engage in 2 or 3 trips a month (a slim majority within 500 mi of home).  I play games for which the base game casino edge is clearly defined.  Casino incentives are an offset to that edge.

 

I was originally an undergraduate math major, but switched out (both major and college) and finished an undergraduate Wharton degree in Finance.  There's a reasonable and sound mathematical underpinning to my play.  By nature, I am particularly adverse to risk and only first stepped first into a casino at age 30 when a very good friend suggested a "casino edge" might not be fixed in all cases.

[hdporter]

4 hours ago, centex said:

Yet another reason to like all three of Derek's properties...they actually ask if you want a TITO to go hit the sports book or slots with. 

 

But then again, Derek and his staff are a little more vested in the client relationships. 

 

At the close of a LV trip, I'm fond of booking a night into "The D".  It offers a chance to relax over very casual play, limited play will generate a decent room, free bet, and dining credit offer, there are reasonable odds to be found and I love the general vibe of the place (plus, the steakhouse is particularly impressive!)

 

It's not a place one will ever find me playing aggressively nor one where I'll ever have need of a marker (or credit card advance )

Edited June 24, 2021 by hdporter

[centex]

3 hours ago, hdporter said:

 

At the close of a LV trip, I'm fond of booking a night into "The D".  It offers a chance to relax over very casual play, limited play will generate a decent room, free bet, and dining credit offer, there are reasonable odds to be found and I love the general vibe of the place (plus, the steakhouse is particularly impressive!)

 

It's not a place one will ever find me playing aggressively nor one where I'll ever have need of a marker (or credit card advance )

If you liked Andiamo, you will ALSO quickly come to enjoy Barry's over at Circa.  Dined there on Saturday for the first time (even my January trip included Andiamo instead of Barry's even though Barry's was just an elevator ride downstairs...

[hdporter]

4 hours ago, centex said:

If you liked Andiamo, you will ALSO quickly come to enjoy Barry's over at Circa.  Dined there on Saturday for the first time (even my January trip included Andiamo instead of Barry's even though Barry's was just an elevator ride downstairs...

 

I hope to check out Circa, but it's likely not to be anytime soon.  I'm far too limited in my LV trips.  (Truth is, if I'm going to head to NV from the east coast, I'd much prefer the destination be Tahoe, or for that matter, San Diego )

[hegemony]

I saw Resorts World today. pretty nice.