Pen Fed odds?

[SwiftTone]

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@Ron1 wrote:

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@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?

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

Ron.

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So they require borderline applicants to mail in paystubs?

[Ron1]

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@SwiftTone wrote:

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@Ron1 wrote:

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@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?

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

Ron.

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So they require borderline applicants to mail in paystubs?

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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. 

[DesertLife]

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@Ron1 wrote:

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@SwiftTone wrote:

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@Ron1 wrote:

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@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.

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So they require borderline applicants to mail in paystubs?

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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. 

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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.

[cmerriott]

I had to fax in our last 2 paystubs

[newportguy]

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@chnceit wrote:

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@newportguy wrote:

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@chnceit wrote:

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@newportguy wrote:

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@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. 

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

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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. 

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

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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

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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

[chnceit]

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@newportguy wrote:

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@chnceit wrote:

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@newportguy wrote:

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@chnceit wrote:

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@newportguy wrote:

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@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. 

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

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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. 

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

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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

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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

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OMG you are so right!! Congrats!

[bs6054]

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@newportguy wrote:

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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

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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.

[bs6054]

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@DesertLife wrote:

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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.

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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?

[chnceit]

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@bs6054 wrote:

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@newportguy wrote:

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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

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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.

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

[DesertLife]

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@bs6054 wrote:

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@DesertLife wrote:

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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?

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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.