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Established Contributor
Posts: 1,040
Registered: ‎02-27-2012
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Re: Pen Fed odds?


Ron1 wrote:

SwiftTone wrote:

I don't mean to threadjack here but since we're on topic, what are my chances of approval?

 

EQ FICO: 734

EQ INQ: 02/2011, 04/2012

AAoA: 3+ years, maybe 4 soon

Utilization: 4%-6%

New accounts in the last year: 04/2012 Discover, 10/2012 CSP, 10/2012 BCE

Baddies: string of 9 30 and 60 day lates in 2009. Nothing since then.

Income: $30k reported, $48k including unreported.

 

I'm thinking of maybe applying for their 5% gas card when April rolls around. If I didn't have those baddies I know I can get approved but maybe they will over look it since it's aged atleast 3 years? I'm looking for a nice limit in the tunes of $10k possibly. Do you guys think my income would be a problem if I put $30k on the app?

 


You might have a shot. They might need to you to fax paystub. 

 

 

Ron.


So they require borderline applicants to mail in paystubs?

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Super Contributor
Posts: 6,659
Registered: ‎05-23-2009
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Re: Pen Fed odds?


SwiftTone wrote:

Ron1 wrote:

SwiftTone wrote:

I don't mean to threadjack here but since we're on topic, what are my chances of approval?

 

EQ FICO: 734

EQ INQ: 02/2011, 04/2012

AAoA: 3+ years, maybe 4 soon

Utilization: 4%-6%

New accounts in the last year: 04/2012 Discover, 10/2012 CSP, 10/2012 BCE

Baddies: string of 9 30 and 60 day lates in 2009. Nothing since then.

Income: $30k reported, $48k including unreported.

 

I'm thinking of maybe applying for their 5% gas card when April rolls around. If I didn't have those baddies I know I can get approved but maybe they will over look it since it's aged atleast 3 years? I'm looking for a nice limit in the tunes of $10k possibly. Do you guys think my income would be a problem if I put $30k on the app?

 


You might have a shot. They might need to you to fax paystub. 

 

 

Ron.


So they require borderline applicants to mail in paystubs?


Sometimes, they require to fax over income vertification.  I'm not sure it's only for borderline.  By the way, you can request to recon thru fax to LO if you get denied. I only got $5K and my score was 747. 

Regular Contributor
Posts: 136
Registered: ‎07-09-2012
0

Re: Pen Fed odds?


Ron1 wrote:

SwiftTone wrote:

Ron1 wrote:

SwiftTone wrote:

I don't mean to threadjack here but since we're on topic, what are my chances of approval?

 

EQ FICO: 734

EQ INQ: 02/2011, 04/2012

AAoA: 3+ years, maybe 4 soon

Utilization: 4%-6%

New accounts in the last year: 04/2012 Discover, 10/2012 CSP, 10/2012 BCE

Baddies: string of 9 30 and 60 day lates in 2009. Nothing since then.

Income: $30k reported, $48k including unreported.

 

I'm thinking of maybe applying for their 5% gas card when April rolls around. If I didn't have those baddies I know I can get approved but maybe they will over look it since it's aged atleast 3 years? I'm looking for a nice limit in the tunes of $10k possibly. Do you guys think my income would be a problem if I put $30k on the app?

 


You might have a shot. They might need to you to fax paystub. 

 

 

Ron.


So they require borderline applicants to mail in paystubs?


Sometimes, they require to fax over income vertification.  I'm not sure it's only for borderline.  By the way, you can request to recon thru fax to LO if you get denied. I only got $5K and my score was 747. 


I don't know if I would say only for borderline either. I think many people have had instant approvals, but most often it seems people are having to go through the process. I wasn't denied, but I did have to verify income. It was almost like getting a mortgage.... almost. Then, I transferred the max allowable per day for a new checking account ($50 per day I think) until I had a decent amount in checking ($50 deposit every possible day for a month). Now, I sit with the min required $500 in checking so I don't get a fee for checking which would offset the benefits of using the 5% back on gas purchases. I do think I would like to try setting up a monthly direct deposit and withdrawl for something so as to build a consistent banking relationship with them. Maybe that will help with CLI in the future. Aw hell, I'm rambling.


Starting Score (2015): EX: 748; EQ 737; TU 761
2014 Current Score: Discover FICO08 803 (1/15); EQ BE FICO 817 (1/15); PenFed FICO NextGen 799 (12/14)
Goal Score: All 775+ Available Credit: $100K+ Utilization: 10%
Gardening Since: Sept 2014
Highlighted
Valued Member
Posts: 29
Registered: ‎05-06-2011
0

Re: Pen Fed odds?

I had to fax in our last 2 paystubs

Myfico EQ 1/12/13 759

Barclays $6,300, NAVY FCU $25,000, CITI dividend $4,500, AMEX HH $16,800, AMEX BCP $6,000, BofA 123 $9,900, CAP ONE VENTURE $7,500, CITI forward $3,000, DISCOVER IT $10,000, GECRB/LOW $10,000, GECRB/SAMSDC $10,000, SPIEGEL $1,150, WFNNB/BUCKLE $1,100
Frequent Contributor
Posts: 351
Registered: ‎11-11-2012
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Re: Pen Fed odds?


chnceit wrote:

newportguy wrote:

chnceit wrote:

newportguy wrote:

cmerriott wrote:

I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have.  Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

 

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input. 



Sorry to hear the bad news!!!  I think the 3 new account within the last year spooked them


Depending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.

 

I would call and just find out why and try to recon. 


This does not apply with PenFed, they spook very easy. It's either that or Debt/Income ratio .


I got approved for a PenFed CC and LOC this month with 5 new accounts in a 6 month period so this statement maybe its a YMMV moment


I see the OP got her letter and it said to much available credit (which is Debt/Income ratio)  So my statement was correct and not one of those YMMV moments.

OP, congrats on your approval


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: Pen Fed odds?


newportguy wrote:

chnceit wrote:

newportguy wrote:

chnceit wrote:

newportguy wrote:

cmerriott wrote:

I joined pen fed over the weekend and went ahead and applied for the gas card....it's really the only card out there left that I want and I don't have.  Anyways it went to LO review and is pending, and I am now having regrets, thinking maybe I wasn't ready yet. Lol...

 

My oldest acct was opened 14 yrs ago, AAoA is 3.3 yrs, 2 inquires in last year, no baddies, I have 3 new accounts opened up in the last year. My fico was a 759 when I applied. Looking for any input. 



Sorry to hear the bad news!!!  I think the 3 new account within the last year spooked them


Depending on when he opened like 3 new accounts in less than 6 months, but I dont see it being a problem where its 3 new accounts in a year span.

 

I would call and just find out why and try to recon. 


This does not apply with PenFed, they spook very easy. It's either that or Debt/Income ratio .


I got approved for a PenFed CC and LOC this month with 5 new accounts in a 6 month period so this statement maybe its a YMMV moment


I see the OP got her letter and it said to much available credit (which is Debt/Income ratio)  So my statement was correct and not one of those YMMV moments.

OP, congrats on your approval


OMG you are so right!! Congrats!


$100K in Credit
Last Credit Card App: 11/16/13
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
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Re: Pen Fed odds?


newportguy wrote:

I see the OP got her letter and it said to much available credit (which is Debt/Income ratio)  So my statement was correct and not one of those YMMV moments.

OP, congrats on your approval


Is that really Debt/Income?  At least for mortgage, DTI is (actual amount owed)/income (or perhaps monthly payments/monthly income) not this, which is just total credit line.

Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
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Re: Pen Fed odds?


DesertLife wrote:

I don't know if I would say only for borderline either. I think many people have had instant approvals, but most often it seems people are having to go through the process. I wasn't denied, but I did have to verify income. It was almost like getting a mortgage.... almost. Then, I transferred the max allowable per day for a new checking account ($50 per day I think) until I had a decent amount in checking ($50 deposit every possible day for a month). Now, I sit with the min required $500 in checking so I don't get a fee for checking which would offset the benefits of using the 5% back on gas purchases. I do think I would like to try setting up a monthly direct deposit and withdrawl for something so as to build a consistent banking relationship with them. Maybe that will help with CLI in the future. Aw hell, I'm rambling.


Is this $50 a day thing standard?   I opened a PenFed share account when applying for my platinum rewards card, and being a big spender, deposited the whole $5 required!   Since then, I purchased a money money CD from them.   I had planned to put the money in my share account and use that to fund, but then I ran into the very small daily limit.  They had no problem in doing a multi-thousand dollar transfer from my bank to fund the CD, so why are the share limits so small?  Is this credit union rules?

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Pen Fed odds?


bs6054 wrote:

newportguy wrote:

I see the OP got her letter and it said to much available credit (which is Debt/Income ratio)  So my statement was correct and not one of those YMMV moments.

OP, congrats on your approval


Is that really Debt/Income?  At least for mortgage, DTI is (actual amount owed)/income (or perhaps monthly payments/monthly income) not this, which is just total credit line.


After doing some research DTI and too much available credit is two different things. Thanks BS for clarifying DTI


$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
Posts: 136
Registered: ‎07-09-2012
0

Re: Pen Fed odds?

 


bs6054 wrote:

DesertLife wrote:

I don't know if I would say only for borderline either. I think many people have had instant approvals, but most often it seems people are having to go through the process. I wasn't denied, but I did have to verify income. It was almost like getting a mortgage.... almost. Then, I transferred the max allowable per day for a new checking account ($50 per day I think) until I had a decent amount in checking ($50 deposit every possible day for a month). Now, I sit with the min required $500 in checking so I don't get a fee for checking which would offset the benefits of using the 5% back on gas purchases. I do think I would like to try setting up a monthly direct deposit and withdrawl for something so as to build a consistent banking relationship with them. Maybe that will help with CLI in the future. Aw hell, I'm rambling.


Is this $50 a day thing standard?   I opened a PenFed share account when applying for my platinum rewards card, and being a big spender, deposited the whole $5 required!   Since then, I purchased a money money CD from them.   I had planned to put the money in my share account and use that to fund, but then I ran into the very small daily limit.  They had no problem in doing a multi-thousand dollar transfer from my bank to fund the CD, so why are the share limits so small?  Is this credit union rules?


I think a CSR told me it was standard for the first (30/60 or 90?) days. Anyhow, now I have a max daily limit of $5,000 for transfers. Weird they would transfer so much for the CD and not for savings / checking.


Starting Score (2015): EX: 748; EQ 737; TU 761
2014 Current Score: Discover FICO08 803 (1/15); EQ BE FICO 817 (1/15); PenFed FICO NextGen 799 (12/14)
Goal Score: All 775+ Available Credit: $100K+ Utilization: 10%
Gardening Since: Sept 2014
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