topic Re: Pen Fed odds? in Credit Cards

Pen Fed odds?

cmerriott — Mon, 28 Jan 2013 13:25:09 GMT

I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.

Re: Pen Fed odds?

Ron1 — Mon, 28 Jan 2013 13:47:00 GMT

I think you should be ok. It might take two to three days for manual review.

Ron.

Re: Pen Fed odds?

RockinRay — Mon, 28 Jan 2013 14:01:26 GMT

+1 - you look good for approval.

Send them any documentation they may ask for! When I joined a year and a half ago, I over-killed them with supporting documentation and they gave us a $20k line on the cash card.

Great card to have - good luck!

Re: Pen Fed odds?

dodgeball — Mon, 28 Jan 2013 17:26:06 GMT

If you have a 759 and a half decent job and you dont get approved I would just walk away from Penfed. That is just outrageous if you dont get approved

Re: Pen Fed odds?

cmerriott — Mon, 28 Jan 2013 23:34:52 GMT

Turned down!!

Re: Pen Fed odds?

FutureBillionaire — Mon, 28 Jan 2013 23:39:39 GMT

What is your utlization and how many cards are reporting balances?

Re: Pen Fed odds?

chnceit — Mon, 28 Jan 2013 23:46:02 GMT

cmerriott wrote:
Turned down!!

Really?? Your cards in your sig looked like you had a really good chance. Also your stats are great. Try to call and recon and see what they say.

There have been other posters on here that got approved with less favorable credit profiles. Maybe PenFed is a YMMV company now??

Re: Pen Fed odds?

FloridaState12 — Mon, 28 Jan 2013 23:48:38 GMT

FutureBillionaire wrote:
What is your utlization and how many cards are reporting balances?

I second this...with that score and no baddies it'd seem he'd be a lock for almost any CC. Something had to have spooked them.

Re: Pen Fed odds?

newportguy — Tue, 29 Jan 2013 00:12:26 GMT

cmerriott wrote:
I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.

Sorry to hear the bad news!!! I think the 3 new account within the last year spooked them

Re: Pen Fed odds?

chnceit — Tue, 29 Jan 2013 00:22:39 GMT

newportguy wrote:
cmerriott wrote:
I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.

Sorry to hear the bad news!!! I think the 3 new account within the last year spooked them

Depending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.

I would call and just find out why and try to recon.

Re: Pen Fed odds?

cmerriott — Tue, 29 Jan 2013 00:23:55 GMT

I only have one card reporting a balance the Barclays is 4300 of 6300 limit, I have a promotional 0 percent,it hat I am just abt to transfer to the navy card for another 0 % for 12 mos.The new accounts were a new truck, RV and a Barclay card.

Re: Pen Fed odds?

newportguy — Tue, 29 Jan 2013 00:28:57 GMT

chnceit wrote:
newportguy wrote:
cmerriott wrote:
I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.

Sorry to hear the bad news!!! I think the 3 new account within the last year spooked them
Depending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.

I would call and just find out why and try to recon.

This does not apply with PenFed, they spook very easy. It's either that or Debt/Income ratio .

Re: Pen Fed odds?

LesWH — Tue, 29 Jan 2013 00:51:42 GMT

I must have really gotten lucky! I was approved for PenFed Platinum Cash Rewards with a 20,000 limit after opening 14 new accounts not just in the last year, but within 3-4 months! My utilization is low, and my score was less than yours!

Re: Pen Fed odds?

Default4 — Tue, 29 Jan 2013 00:53:50 GMT

Definitely recon! When you call in they will most likely tell you that you have to fax a letter in saying why you think they should have approved you. Pull your credit report and give solid details supporting your argument against the denial reasons. I just did it and got them to approve me with a much less favorable credit profile. They gave me an absolute joke of a limit, but it will go up in time.

Re: Pen Fed odds?

newportguy — Tue, 29 Jan 2013 00:59:02 GMT

LesWH wrote:
I must have really gotten lucky! I was approved for PenFed Platinum Cash Rewards with a 20,000 limit after opening 14 new accounts not just in the last year, but within 3-4 months! My utilization is low, and my score was less than yours!

O really!!! Lucky you

Re: Pen Fed odds?

chnceit — Tue, 29 Jan 2013 01:03:22 GMT

newportguy wrote:
chnceit wrote:
newportguy wrote:
cmerriott wrote:
I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have. Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input.

Sorry to hear the bad news!!! I think the 3 new account within the last year spooked them
Depending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.

I would call and just find out why and try to recon.
This does not apply with PenFed, they spook very easy. It's either that or Debt/Income ratio .

I got approved for a PenFed CC and LOC this month with 5 new accounts in a 6 month period so this statement maybe its a YMMV moment

Re: Pen Fed odds?

LesWH — Tue, 29 Jan 2013 01:03:47 GMT

newportguy wrote:
LesWH wrote:
I must have really gotten lucky! I was approved for PenFed Platinum Cash Rewards with a 20,000 limit after opening 14 new accounts not just in the last year, but within 3-4 months! My utilization is low, and my score was less than yours!
O really!!! Lucky you

I'm realizing just how lucky now!! They also refinanced my Range Rover for 1.49%!!

Re: Pen Fed odds?

ramblin_wreck08 — Tue, 29 Jan 2013 02:18:46 GMT

LesWH wrote:
newportguy wrote:
LesWH wrote:
I must have really gotten lucky! I was approved for PenFed Platinum Cash Rewards with a 20,000 limit after opening 14 new accounts not just in the last year, but within 3-4 months! My utilization is low, and my score was less than yours!
O really!!! Lucky you
I'm realizing just how lucky now!! They also refinanced my Range Rover for 1.49%!!

Congrats! I'd love to have 1.49%. Did you apply for the car or for the loan first?

Re: Pen Fed odds?

FloridaState12 — Tue, 29 Jan 2013 02:22:55 GMT

LesWH wrote:
newportguy wrote:
LesWH wrote:
I must have really gotten lucky! I was approved for PenFed Platinum Cash Rewards with a 20,000 limit after opening 14 new accounts not just in the last year, but within 3-4 months! My utilization is low, and my score was less than yours!
O really!!! Lucky you
I'm realizing just how lucky now!! They also refinanced my Range Rover for 1.49%!!

I am in LOVE with the new 2013 Range Rovers. What year did you get??

Off topic, I know. :smileytongue:

Re: Pen Fed odds?

LesWH — Tue, 29 Jan 2013 02:28:30 GMT

ramblin_wreck08 wrote:
LesWH wrote:
newportguy wrote:
LesWH wrote:
I must have really gotten lucky! I was approved for PenFed Platinum Cash Rewards with a 20,000 limit after opening 14 new accounts not just in the last year, but within 3-4 months! My utilization is low, and my score was less than yours!
O really!!! Lucky you
I'm realizing just how lucky now!! They also refinanced my Range Rover for 1.49%!!
Congrats! I'd love to have 1.49%. Did you apply for the car or for the loan first?

I got the credit card first, then immediately after got the Thrifty line of credit and then the refinance.