Pentagon Federal Credit Union Data Share

[irunfromcredit]

Hi all. Quick question..I asked for an increase on my Power rewards card and was initially denied. I was able to recon via member survey. The LO approved to raise my limit to $14.5k. The new limit was reflecting on my account the same day. This was Monday. This morning when I logged into my account i saw a new penfed account listed, different account number with a $14.5k limit. The new account was not yet active but had language that referred to activate the account. My current account was also listed with the same $14.5k limit. Did PenFed give me a second card? Or did they give me a replacement card? I will kindly take two cards, but just wondering if this has happened to anyone asking for a CLI. Thanks!!

[Anonymous]

Sounds like they gave you a 2nd card, I would keep my mouth shut and see if a new card shows up LOL

[irunfromcredit]

Yeah that's what I was thinking too. I'm going to wait and see. Maybe I can convert it after a few months. 🤔😁

[Boosted50]

Figured I'd give an update as I am dumbfounded. 

Got an email I would receive an answer 24-72 hours, this was on Friday. Just looked up my account and shows income insufficent and all request have been closed. Income was $89,6xx this last year, (DTI is 36% FYI) but somehow I don't qualify for their card. Mind you this is with a 738 score and 7% utiliation. Both supervisors I spoke with this last week were condescending and not helpful at all. So I'm not sure if something is changing with PenFed or what, but I will be calling to close my account in the morning. I'll stick to NFCU as they've never talked down to me. I'm not exactly new to credit so I am confused on PenFed giving me the finger. My Amex is at 26k, Chase $15K and NFCU gave me $24k without batting an eye. 

So wanted to update as this forum as given me tons of info, so only fair I post this, so everyone is aware that the tides seem to be changing on their generous credit lines. I'm still annoyed and honestly pissed at PenFed after this last week. 

[DaveInAZ]

This about my Home Equity Line of Credit (HELOC) app w/Penfed, but I don't think Mods or MyFico'ers will mind my posting here as I will add to the data points. Penfed is UNBELIEVABLY slow on home equity apps. I app'ed for the $25k HELOC when I opened my accounts on May 8. Three months later, yesterday, they did a HP and the status changed to "Pre-Approved". I really don't mind the HP, I only have 3 on EQ (7 on TU & 10 on EX). But my NextGen score dropped from 689 on the end of May AR, posted 7/2, to 681. That's probably due to 2 new accounts since the end of May - Amex BCE w/$15k CL, and Synchrony PayPal 2% Cashback w/$7k CL. But, over the same period my EQ Fico 08 score jumped from 685 to 719 - the last account included in my 2010 BK7 dropped off, and the new CLs pushed my utilization down 12% to 7%. So I'd say NextGen punishes you for new accounts more than Fico or even Vantage.

So, hopefully my HELOC closes in the next few days. Patience is not my strong suit, but I plan to use some of the HELOC to make some improvements, and in Arizona summer is NOT the time you want to start outdoor projects - too dang hot! And my Power Cash Rewards approved in early May got a low SL; I've pushed $2k in spending through it, earning the $100 spend bonus. So when the HELOC is all finalized & done, I'll request a CLI., asking them to use yesterdays HP, which shouldn't be a problem.  

Happy Penfed'ing!

[irunfromcredit]

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@Anonymous wrote:
Sounds like they gave you a 2nd card, I would keep my mouth shut and see if a new card shows up LOL

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Well, it looks like I got a new card! My question is, can I conver the card to something else? And if I am able to convert, would the new card creat a new date or would I keep the old date?  Or maybe I should just combine the limit between my first Cash Rewards and Platinum so I can keep the age of those accounts.  And do I need to wait a certain amount of time before i can combine limits?  Sorry for all the questions....every cc company seems to have different rules for their products.  Thanks!!

[Anonymous]

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@irunfromcredit wrote:

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@Anonymous wrote:
Sounds like they gave you a 2nd card, I would keep my mouth shut and see if a new card shows up LOL

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Well, it looks like I got a new card! My question is, can I conver the card to something else? And if I am able to convert, would the new card creat a new date or would I keep the old date?  Or maybe I should just combine the limit between my first Cash Rewards and Platinum so I can keep the age of those accounts.  And do I need to wait a certain amount of time before i can combine limits?  Sorry for all the questions....every cc company seems to have different rules for their products.  Thanks!!

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Congrats on getting the extra card!

I'm sorry I don't know the sure answers to your questions as I'm new to Penfed, my first statement hasn't even cut yet.  You can always call Penfed and find out but I'm sure others who know will chime in.

[Anonymous]

PenFed does not do product changes. They can move limits all day long, but they don't let you change cards or APR without a new app (lamest thing about them besides the 'First six months straitjacket'). Best move is to app for the card you want right out of the gate.

[Anonymous]

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@Anonymous wrote:
PenFed does not do product changes. They can move limits all day long, but they don't let you change cards or APR without a new app (lamest thing about them besides the 'First six months straitjacket'). Best move is to app for the card you want right out of the gate.

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Agree that some of their practices are a bit archaic. Having to mail in a form to receive their debit card or ATM card for checking and savings accounts seems to be an extra unnecessary step in this day and age. My other CU's and banks either automatically send a debit or ATM card or send it upon verbal request once I call in. PenFed requires the mailed form.

[Anonymous]

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Boosted50 wrote:

While trying to trouble shoot the system problems, the supervisor denied my recon for limit raise. He stated there is nothing they can do regarding the recon for raising the limit.                                                                                                                                                      

Have to say so far neither supervisor I spoke with was particularly helpful and far from friendly. When talking to them after the survery, he had stated that he was surprised my approval limit was as high as it was. This irritated me.                                                                                                                                                                                                                                                                   

Boosted50 wrote:

Figured I'd give an update as I am dumbfounded. 

Got an email I would receive an answer 24-72 hours, this was on Friday. Just looked up my account and shows income insufficent and all request have been closed. Income was $89,6xx this last year, (DTI is 36% FYI) but somehow I don't qualify for their card. Mind you this is with a 738 score and 7% utilization. Both supervisors I spoke with this last week were condescending and not helpful at all.

So I'm not sure if something is changing with PenFed or what, but I will be calling to close my account in the morning. I'll stick to NFCU as they've never talked down to me. I'm not exactly new to credit so I am confused on PenFed giving me the finger. My Amex is at 26k, Chase $15K and NFCU gave me $24k without batting an eye. 

So wanted to update as this forum as given me tons of info, so only fair I post this, so everyone is aware that the tides seem to be changing on their generous credit lines. I'm still annoyed and honestly pissed at PenFed after this last week. 

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Unfortunately I did not find PenFed to be helpful either when I spoke with them after taking the survey. I've been a member for about 5 months now. Long wait times to speak with someone, app glitches for almost three weeks that prevented regular account access ( at times you could get in, and at other times you could not), and on several different occasions when I called with questions, for assistance, or for recon, people were not very helpful or friendly. This includes regular CSR's as well as supervisors.

I was very polite when calling, by the way. Kind of made me feel as I were bothering them by calling.

Their business practices seem a bit all over the place with processes not very organized, I am sorry to say. Perhaps they are too large and this may be part of the reason.

I have not felt to be a valued member since I joined, based on my experiences. I belong to several other credit unions (including BECU) who are much different in terms of being very helpful, friendly, and organized in their processes.

Navy Federal has them beat every day of the week.