Man, PenFed is TUFF. Putting me through the ringer ...

[Uncle_Money]

Application is STILL pending from over a week ago. Here are some of the many documents they requested from me:

2008 personal tax return

2009 personal tax return

All schedules with tax returns

W2 forms

Business tax return

Profit & loss statement

Holy ****! This is only for a 15K line of credit from someone with a 750 Fico Equifax score. You would think I asked for $1,000,000!

I'm looking to establish a relationship here so I'm biting the bullet and giving them everything they requested. Waiting for their final decision. I called today and they said now they have everything they need.

Has anyone else encountered all this?

UM

[UpNUp]

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@Uncle_Money wrote:

Application is STILL pending from over a week ago. Here are some of the many documents they requested from me:

2008 personal tax return - Yes

2009 personal tax return- Yes

All schedules with tax returns- Yes

W2 forms

Business tax return- Yes

Profit & loss statement- Yes

Holy ****! This is only for a 15K line of credit from someone with a 750 Fico Equifax score. You would think I asked for $1,000,000!

I'm looking to establish a relationship here so I'm biting the bullet and giving them everything they requested. Waiting for their final decision. I called today and they said now they have everything they need.

Has anyone else encountered all this?

UM

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Plus I voluntarily submitted my 3 most recent bank Statements and Retirement Statement and Social Security Statement.All this for a 5K CL. Which I'm very happy with. It took 6 days from app to approval. The card is in the mail as of yesterday.

Personally, I dont have problem submitting all the documents a creditor asks for... at the time of application. It's their right IMO. Where I do have a problem submitting documents is after the fact. For example, Amex, upon instant approval, they grant me  a credit line and some time down the road they want to do a Financial Review.

This hasn't happened to me yet, as I'm still a youngster with Amex. But if it does in the future, I will close my Amex account in a heartbeat. The only thing they need to review, at this point, as far as I'm concerned, are my credit reports.

[score_building]

While within an approvable range a 750 is certainly no protection from further scrutiny from Pen Fed (they also not infrequently deny apps at 750 range outright) their renowned for their strict underwriting and while they can't completely shake down every single applicant they often give a real run for the money.

[haulingthescoreup]

They're tough for the self-employed.

When I applied, they didn't ask me for anything. I was still a federal employee at the time. I gave them my GS level, so they knew my salary (federal salaries are a matter of public record), and that was it. The only genuine perk of federal employment I've ever had, and it was unofficial.

[Anonymous]

Would this happen with AmEx Credit Cards (not charge cards)?

[Creditaddict]

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@Anonymous wrote:

Would this happen with AmEx Credit Cards (not charge cards)?

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it can happen with any amex account

[haulingthescoreup]

It can happen with any lender, period.

But PenFed has always been known for wanting to make sure that they're not going to get burned on any of their credit products.

[techman2008]

I went thru the same thing with my local CU(BECU) for their credit card app.  

[Anonymous]

I recently had a completely hassle free experience opening an auto loan with them. No tax returns required or anything. Granted, I have a strong history with them (credit card), so I think that factored in. You just can't beat their rates... I tried really hard to find a bank or credit union that could do better.

Providing them with all that info is well worth it. You'll save a lot of money.