After joining this forum I heard about Pentagon Federal Credit Union (PenFed).
I notice they offer low rate/no fee credit cards and a personal line of credit (PLOC). This was a week or so ago, maybe a week and a half.
I was thinking if I should apply because I have plenty of credit cards already and the four PLOCs already. Plus in the past week I applied for credit line increases from a few cards and was approved, I also applied for a few credit cards, and got approved. I also applied for a Citi PLOC and got approved.
So was thinking, why do I need a PenFed PLOC and CC. I don't.
I figure I did enough damage to my FICO with all the CL increases and CC and PLOC applications.
I couldn't resist their low rates and no fees, but was thinking, I read on here PenFed is very conservative, if I apply they might reject me, for "too many inquiries" given the recent past of my applications. Should I take the risk.
I did.
I joined by paying a contribution to some charity on their website, opened a savings with $5.
Then I opened a classic checking over the phone, since it wouldn't let me online.
Minimum $25 to open, but $500 to avoid fees. So I asked them to charge my AMEX for $600 for the checking . . . I just found out my card declined it according to them, but when I called AMEX they said nothing was declined. (Starting to think PenFed doesn't have their act together). I called them and they said to mail a check in, so this morning I mailed in a check for $700.
That same night I applied for a CC (Promise CC version) and their PLOC. I asked for $25,000 for PLOC, their max.
A day or so later I for a phone call from PenFed, a nice lady asked me some questions verifying my ID and confirming some application information such as what's the source of my "other income" in addition to primary income
Then she asked "Do you need both a credit card and a line of credit?"
I replied "Technically I don't need either because I have enough open credit lines but what I am looking for is a more competitive rate than what I have now for my tradelines"
She said "Ok, I see . . . that's all the information I need, thank you" and hangs up.
A few hours later I received an email asking me to send in pay stubs. The only other ifnancial institutions that asked for this is my other credit union when applying for their PLOC and Wells Fargo for their PLOC (and Wells Fargo also asked for tax returns).
I thought to myself, I guess PenFed is conservative after all like people are saying. So I scan them and email them in.
A few days later I get an email asking for Notarized copies of my driver's license, utility bill and social security card. So I need to jump through these hoops. I for the notary stamp for all docs, and scanned and emailed them in, this was yesterday and today.
So the ball's in their court now to approve or reject me.
The PenFed website still says "Pending" for both my CC and PLOC applications.
I'll keep you posted.
(I have top tier credit, 898 VantageScore out of 990, 817 FICO out of 850 using Discover's website)
