A massive MIMO system entails a large number of base station antennas M serving a much smaller number of users. This leads to large gains in spectral and energy efficiency compared with other technologies. As the number of antennas M grows, the performance of such systems gets limited by pilot contamination interference. Large Scale Fading Precoding/Postcoding (LSFP) was proposed in literature for mitigation of pilot contamination. It was shown recently that in channels without spatial correlation (uncorrelated base station antennas) LSFP leads to large spectral-efficiency gains. Also, recently, it was observed that if a channel has spatial correlation, then one can use this correlation to drastically reduce the pilot contamination interference in the asymptotic regime as M tends to infinity. In this work, we analyze the performance of Uplink (UL) transmission of massive MIMO systems with finitely many antennas M for channels with spatial correlation. We extend the idea of LSFP to correlated channel models and derive SINR expressions that depend only on slow fading channel components for such systems with and without LSFP. These simple expressions lead us to simple algorithms for transmit power optimization. As a result, we obtain a multi-fold increase in data transmission rates.