Reply
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Approved for PenFed VISA

Thought I'd share...and give a thank you to everyone here in the forums.

 

We applied for and got the PenFed Cash Rewards VISA. There has been so much discussion lately about difficulties getting approval, so I thought I'd share...

 

At the time I applied, my EQ FICO was 750. I applied with my husband because I'm only working part time (in school...graduate next year as a Nurse Practitioner). My husband's EQ FICO score was 764 when we applied.

 

Our util on my report was about 20% (they used my CR from when I joined a couple of weeks earlier). My husband's report showed probably about 8% because we had PIF prior to statements printing this time around. Our EQ reports were pulled a couple of weeks apart.

 

We both have old lates on our EQ from 2002-2005. I showed 4, and my husband showed 12. (Yes...we used to be wayward credit souls...)

 

Neither of us had any inquiries within the past year. We had older ones showing from 1+ yrs ago for a mortgage & HELOC, but no revolving apps in that time.

 

When I applied, she asked if I wanted to start with $5K, and I said yes...so, that is our limit. We did have to send in 2 yrs worth of 1040s, Schedule Es (rental property), and Schedule Cs (husband self-employed).

 

Hope the above informs others who are thinking about taking the plunge. We don't need the credit, but I am a rewards junkie. Also, we have a $15K Providian/WaMu/Chase card that we haven't been using other than to just keep it open (no rewards). We expect that card to bite the dust any day now, so thought we'd make a preemptive strike and try to shore up the CLs before we lost $15K.

 

I want to thank those here who informed about PenFed and gave us the confidence to apply.

Established Contributor
Posts: 569
Registered: ‎04-26-2007
0

Re: Approved for PenFed VISA

Hi Lynette,

 

I joined PenFed about 2 yrs ago and have a small savings acct. I have appd. for their CC on 2 seperate occasions and got the old "Pyramiding" rejection letter. I am interested in getting approved. You can see my scores in my signature, and I'm at 12% utilization. I have 1 inq. in the last 2 years. Your post said you called them, can you share the name and phone # with me?

 

Send me a personal message with the info if that makes you more comfortable and want to share.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Established Contributor
Posts: 684
Registered: ‎03-15-2007
0

Re: Approved for PenFed VISA

Yeah, welcome to the Pentagon Federal Credit Union family!

 

Cory.

Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Approved for PenFed VISA

[ Edited ]

Congratulations!

 

I am not a PenFed member but I am happy for you nevertheless. Good news for any member also benefits the community.

 

 

Message Edited by plasticman on 08-31-2009 03:07 PM
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Approved for PenFed VISA

Congratulations! (See, I told you you were already approved!)
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Approved for PenFed VISA


jackg wrote:

Hi Lynette,

 

I joined PenFed about 2 yrs ago and have a small savings acct. I have appd. for their CC on 2 seperate occasions and got the old "Pyramiding" rejection letter. I am interested in getting approved. You can see my scores in my signature, and I'm at 12% utilization. I have 1 inq. in the last 2 years. Your post said you called them, can you share the name and phone # with me?

 

Send me a personal message with the info if that makes you more comfortable and want to share.


 

You always contact PenFed through the frontline CSR's. There are no backdoor numbers that I know of.

 

They got away from using the "Pyramiding" reason some time ago. The commonly stated reason for denial now coming closest to this is "Sufficient available credit" or something like that. If you have what PenFed feels is sufficient available revolving credit it will not matter what your credit particulars look like - they will not approve you. I have posted here before regarding my sister who is a FICO high achiever and has oodles of revolving credit who was denied as an applicant and on recon for this reason. Of course the other provisos regarding recent app's and new accounts still apply. They are also picky about available revolving debt to income ratios when setting CL's.

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Approved for PenFed VISA

Lynette -

 

Your next assignment is to call one of their CSR's with a few questions when you are at your most charming. Your mission on the call is to attempt to weasel out of the rep if you may have been approved for more that the $5K. They know and might just let you know. I believe I asked if it was possible that I had been approved for more than the $5K I app'ed for and I got a somewhat oblique response that I looked like I could have been approved for $10K. I immediately app'ed to increase to $10K and it was shortly later a done deal. Since then I received a pre-app for $8.2K more, which I took as a second PCR Visa (that now has one of those 2.99% BT's sitting on it).

 

You might want to do this at night. That's when I did it. And you want to try and get that CL upped in the first 60 days if at all possible. (To avoid another hard INQ.) I did it at about two weeks in. (HTSU did the same thing.)

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: Approved for PenFed VISA


jackg wrote:

Hi Lynette,

 

I joined PenFed about 2 yrs ago and have a small savings acct. I have appd. for their CC on 2 seperate occasions and got the old "Pyramiding" rejection letter. I am interested in getting approved. You can see my scores in my signature, and I'm at 12% utilization. I have 1 inq. in the last 2 years. Your post said you called them, can you share the name and phone # with me?

 

Send me a personal message with the info if that makes you more comfortable and want to share.


I just called the regular customer service number. I wasn't even intending to apply for a cc. I was trying to set up an automatic monthly transfer into a savings account. She mentioned that she saw I had withdrawn a previous application, and she asked me about it. I explained that my income is low right now because I'm in school and had decided to wait. Then I asked her if I could use my husband's income on the app even though he isn't a PenFed member...and things just went from there.

 

How much open credit does it take before they think you are pyramiding?

Highlighted
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Approved for PenFed VISA


LynetteM wrote:

jackg wrote:

Hi Lynette,

 

I joined PenFed about 2 yrs ago and have a small savings acct. I have appd. for their CC on 2 seperate occasions and got the old "Pyramiding" rejection letter. I am interested in getting approved. You can see my scores in my signature, and I'm at 12% utilization. I have 1 inq. in the last 2 years. Your post said you called them, can you share the name and phone # with me?

 

Send me a personal message with the info if that makes you more comfortable and want to share.


I just called the regular customer service number. I wasn't even intending to apply for a cc. I was trying to set up an automatic monthly transfer into a savings account. She mentioned that she saw I had withdrawn a previous application, and she asked me about it. I explained that my income is low right now because I'm in school and had decided to wait. Then I asked her if I could use my husband's income on the app even though he isn't a PenFed member...and things just went from there.

 

How much open credit does it take before they think you are pyramiding?


There is no set answer to this question.

 

See my previous post.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.