Joined Penfed!!

[Anonymous]

I joined Penfed today over the phone. I will join Alliant tomorrow, ( I have to fax in ID). Any tips for penfed? Im going to apply for their card, can I apply for more then one or the LOC?? My EQ is 740 with 19% UTIL and 5 INQ"s. I just got approved for 15,000 USAA last week. Thanks

[DI]

Congratulations and welcome aboard to PenFed.  The glossy Platinum Cash Rewards card will stand out and draw compliments.

[Anonymous]

I just applied for the visa, asked for 20k, what the heck! Went into pending. Do they ask for income verification, not that its a huge prob. Thanks

[Jazzzy]

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@Anonymous wrote:
I just applied for the visa, asked for 20k, what the heck! Went into pending. Do they ask for income verification, not that its a huge prob. Thanks

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We had to fax them some IRS forms that dealt with my husband's business (Schedule C) and our rental property.

[Anonymous]

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@Anonymous wrote:
I just applied for the visa, asked for 20k, what the heck! Went into pending. Do they ask for income verification, not that its a huge prob. Thanks

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They often do, especially at higher CL's and depending on the length and strength of your CR (not just FICO).  PenFed is very sensitive to new inquiries and accounts....so if you have 5 recent inquiries and a couple or so accounts....they may give you the "escalating" or "pyramiding" debt decline.

Good luck though

[creditwherecreditisdue]

How many of those INQ's are on EQ and how many new accounts are you showing in the last year and last six months? You might pull off one each - more than that and you are on very shakey ground.