Reply
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Just App'ed PENFED for $25K : PenFed Countered $10K

[ Edited ]

Well, after reading all the posts, I decided that I would go for PenFed.  I just completed my app and it is now pending.

 

So, let's take some guesses at what my chances are:

 

App'ed for Platinum Visa Travel Reward, $25K

Income: $137,200

EQ:  808   (No Inquiries past 2 years)
TU:  803    (1 Inquiry past year)

Currently Highest Limit Card:  BofA $10K

 

So, let's take some bets!

 

FINAL RESULTS:  PenFed Counter Offered $10K.  I think the fact that an inquiry from Alliant CU hit the day before PenFed pulled CR probably reduced my limit some.  Maybe they would have gone more if I had zero Inquiries with my app. 

 

HAS ANYONE been approved on app for more than $10k initially with PenFed?  If so, what was your specs on CR and FICO?

Message Edited by txjohn on 03-27-2009 06:17 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Epic Contributor
Creditaddict
Posts: 22,043
Registered: ‎10-23-2007
0

Re: Just App'ed PENFED for $25K

sounds good to me
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
0

Re: Just App'ed PENFED for $25K

sound like shoe in if age is ok and not 'egyptian'

 

may've been an auto if under 25k was requested is my guess

 

GL!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Regular Contributor
thebostonredsox
Posts: 148
Registered: ‎08-27-2008
0

Re: Just App'ed PENFED for $25K

Wow TX, your scores are great. If PenFed declines you, I'd be surprised.
Valued Contributor
Schoolbuskid
Posts: 1,926
Registered: ‎10-23-2007
0

Re: Just App'ed PENFED for $25K

You got that easily! Be sure to let us know!
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
0

Re: Just App'ed PENFED for $25K

Good luck and best wishes. You will be fine score wise but with that much they WILL ask for a income verification. I recently did 10k and good scores, I got approved instantly but they DID ask for income verification. I had no problem proving it, money is not an issue but they did ask just the same. Good luck and let me know for my own knowledge how it goes please. Thanks.

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Just App'ed PENFED for $25K

What did they want for verification?  Paystubs, statements, tax returns?

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
0

Re: Just App'ed PENFED for $25K


txjohn wrote:
What did they want for verification?  Paystubs, statements, tax returns?

Well they said last two pay stubs or last tax return or if self employed last two years or financial statement (which didn't make sense to me, I am assuming they meant payroll). I just sent them last two pay stubs for my wife which later I was told since she is not on the card and we don't take household income, just yours, it was not used, my last year tax return which even though included my wife, has my own income on there, so that counted. That was sufficient, although I felt was a bit overkill. Do you want me to past the exact message they sent asking for the information?


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Just App'ed PENFED for $25K

[ Edited ]

Sure, if you have it, please post it.

 

Did you have to mail the items or did they allow faxing?  How long did the whole process take?

 

 

Message Edited by txjohn on 03-25-2009 03:35 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

Re: Just App'ed PENFED for $25K

From: Loan Response [mailto:LOANRESP@Eugene.PenFed.org]
Sent: Saturday, February 28, 2009 9:35 AM
To: xxx
Subject: Loan Response Application #######

Application Number: #######
 
Dear Member,
 
Congratulations! We are pleased to inform you that your request has been approved. However, before the loan proceeds can be sent to you, Pentagon Federal must receive the following:

 WITH SATISFACTORY VERIFICATION OF INCOME

You may fax the information requested to us at 1-800-278-2212 or mail it to us at PO Box 70046 Eugene, OR 97401. To help us serve you better, please include your application number on any documents you fax. If you have any questions regarding your application for credit or the necessary information needed to receive our loan proceeds, please reply to this email message or contact us at 1-800-247-5626. If you have already provided this information please disregard this message.
 
Your loan approval is good for 90 days from date of approval.
 
Please note: The rate on the loan will be the rate that is effective at the time the loan is disbursed and this may be different from the rate in effect at the time of application submission.
 
Thank you for choosing Pentagon Federal. We hope that we can help you with all your financial needs.
 
Sincerely,
 
Pentagon Federal Credit Union
Eugene Loan Processing
They told me that you can fax it, send it as TIFF or PDF, or even mail it if you wanted. I just made a PDF and attached it and they said it would be forwarded to the "loan officer" for processing and 2 days later, it was done.

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}