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

Valued Contributor

Re: Just App'ed PENFED for $25K


txjohn wrote:

Hmm, I really am having a very different experience than everybody else.  No email notices on my Visa app...

 

And when you say the CSR's are very helpful and knowledgable, I am having the opposite the 2 times I called just to respond to their posted "COMMENTS"

 

They have been fairly cool, and a didn't really seem to be interested in my call....basically just tried to get it ended and very distant.

 

Well, it looks like it will be next week before I get an answer....it's Friday 7PM EST and still pending without comment.

Message Edited by txjohn on 03-27-2009 04:04 PM

That was my experience with them as well. This went on for a week. 

I hate them. LOL

Message 41 of 76
Senior Contributor

Re: Just App'ed PENFED for $25K

The last two times I have called have been very pleasant and friendly.  I think that maybe my file just looked really funny maybe.  My EQ was locked, no CR on file, etc.

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
Message 42 of 76
Regular Contributor

Re: Final PenFed Decision in: Countered $10K


txjohn wrote:

 

QUESTION:  Has anyone been approved for more than $10k on initial app?  I have heard about going from $5k to $20.3k in 8 months....but was just wondering if anyone pulled anything more at app? 

 


 

 

I applied last August with nearly identical FICO scores - asked for & was approved for $15K.

 

Message 43 of 76
Regular Contributor

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


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?


 

Nah, that Alliant inq had nothing to do with your CL,  The CC issuers generally set CL from 60-80% of your highest current limit which you posted is 10-K,  So asking for 2.5-X that,  was aggressive (I agree, go ahead and ask) and wasn't likely to happen, being that a CC is unsecured debt, they want to see that you can handle a high limit, 

 

I initially asked for 12,5-k back in Nov with a 760-EQ and was approved, when I called to activate the card, I asked for a bump to 15 and was approved, my highest CL is 18,  I also  app'd a CITI Platinum Preferred card in Oct, got a 6,8-k limit on that one,  I made a mistake and got that before I knew how bad off CITI really is,

 

Penfed was SLOW in getting to card out, it took almost three weeks from the time I app'd till I received the card, it was an entirely different story when I app'd for a 12-k used car loan back in January, the check was in my mail box the next day,

 

 

Message 44 of 76
Senior Contributor

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


johnson_long wrote:

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?


 

Nah, that Alliant inq had nothing to do with your CL,  The CC issuers generally set CL from 60-80% of your highest current limit which you posted is 10-K,  So asking for 2.5-X that,  was aggressive (I agree, go ahead and ask) and wasn't likely to happen, being that a CC is unsecured debt, they want to see that you can handle a high limit, 

 

I initially asked for 12,5-k back in Nov with a 760-EQ and was approved, when I called to activate the card, I asked for a bump to 15 and was approved, my highest CL is 18,  I also  app'd a CITI Platinum Preferred card in Oct, got a 6,8-k limit on that one,  I made a mistake and got that before I knew how bad off CITI really is,

 

Penfed was SLOW in getting to card out, it took almost three weeks from the time I app'd till I received the card, it was an entirely different story when I app'd for a 12-k used car loan back in January, the check was in my mail box the next day,

 

 


Unless the whole world goes to he-- in a handbasket your Citi card will be fine. Either in their hands or in someone elses.

Message 45 of 76
Senior Contributor

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

Yes, I am sure that my current CL's had a significant impact.  My higher limits are on Bus Credit which does not report personally.  On Bus Cards I have much higher limits, but I keep then there because I don't want those business balances and items personally reported.  This is part of the reason BofA doesn't want to increase my 10K personal Visa, because I have Bus Card with them at $35k that runs a lot of volume and has balances on a regular basis.

 

QUESTION:  My PenFed online application status went from PENDING to PENDING with comments asking for my EQ file unlock, then to PENDING with comments asking for income verification, then to PENDING without comments once I provided the income verificatin info, then it was PENDING with a COUNTER OFFER.  Once I approved the counter offer status was showing APPROVED.  Now it has a status of TRANSFERRED.  Is that normal.  What does application TRANSFERRED mean?  Anyone know?

Message Edited by txjohn on 03-28-2009 12:11 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
Message 46 of 76
Valued Contributor

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


Penfed was SLOW in getting to card out, it took almost three weeks from the time I app'd till I received the card, it was an entirely different story when I app'd for a 12-k used car loan back in January, the check was in my mail box the next day,


Yeah that is one thing I noticed too, they were really slow getting it out to me but I wasn't in a rush so it was fine.


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


Message 47 of 76
Valued Contributor

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

Once I approved the counter offer status was showing APPROVED.  Now it has a status of TRANSFERRED.  Is that normal.  What does application TRANSFERRED mean?  Anyone know?



Yes that's normal, it means that its done and it has been sent out from underwriting to be processed and mailed to you.

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


Message 48 of 76
Senior Contributor

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

Thanks Guardian.... Smiley Happy

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
Message 49 of 76
Valued Contributor

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


txjohn wrote:
Thanks Guardian.... Smiley Happy

You are welcome, this is your cue to look for it in the mail, give it anywhere from 3-15 days. I got mine in 7 and some have gotten it sooner but some got it much later. Hopefully it will be sooner than later for you.


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


Message 50 of 76