PENFED Approval

[UpNUp]

Just got approved for the PLATINUM GAS/CASH VISA for 5K. Took 6 days for approval.

They required the 2 most recent tax returns and I also voluntarily submitted my 3 most recent bank statements.

I'm retired but I also have self employment income.

Equifax- 714- Due to a paid Federal tax lien still reporting

TansUnion- 761

[KIPPIE12]

Do you think they asked for your returns due to the fed tax lien still reporting, or is that standard practice for them?

[UpNUp]

I think that is pretty much standard. Although some get instant approval.

I think in my case it was mainly because of my self employment income. They wanted to varify what I stated. YMMV.

[UpNUp]

Also I recall reading during the app process they require tax returns for all new members. I was one month old when I applied for the credit card.

[thrasher865]

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@UpNUp wrote:

Also I recall reading during the app process they require tax returns for all new members. I was one month old when I applied for the credit card.

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Under the new credit card act, you have to be 21 for a credit card   j/k

Anyway, I wonder what their position is on 1.5 year members who show zero account activity.  I opened a share account almost 2 years ago in hopes of applying for the visa, but decided against it.  Now, I'm thinking I'll be in a much better position in a few months when I let my new auto loan age a bit more and pay my CCs down to 0 balance.

[UpNUp]

LOL

[oracles]

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@thrasher865 wrote:

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@UpNUp wrote:

Also I recall reading during the app process they require tax returns for all new members. I was one month old when I applied for the credit card.

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Under the new credit card act, you have to be 21 for a credit card   j/k

Anyway, I wonder what their position is on 1.5 year members who show zero account activity.  I opened a share account almost 2 years ago in hopes of applying for the visa, but decided against it.  Now, I'm thinking I'll be in a much better position in a few months when I let my new auto loan age a bit more and pay my CCs down to 0 balance.

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thrasher

did you go ahead and apply and if so, did they require the last 2 years tax returns?

[Anonymous]

Had to send them 2 years of tax returns, self employed, approved $7500