Reply
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

PenFed Application Process

Against my better judgment I let the PenFed customer service representative convince me to apply for a PenFed Visa platinum and an overdraft line of credit -- neither of which I particularly need, but since they already pulled my CR about two months ago when I joined I figured I had nothing to lose.

 

Anyhow, the following day I logged in and found the LOC already included in my list of accounts.  When I checked application status it shows the LOC as "transferred" and the Visa card as "pending."

 

My questions are, how long does it take for them to process an application and either approve it or deny it?  I wonder why the LOC was approved so quickly and the credit card not -- especially since the requested limit on both was the same.

IAALBNYL
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: PenFed Application Process


O6 wrote:

Against my better judgment I let the PenFed customer service representative convince me to apply for a PenFed Visa platinum and an overdraft line of credit -- neither of which I particularly need, but since they already pulled my CR about two months ago when I joined I figured I had nothing to lose.

 

Anyhow, the following day I logged in and found the LOC already included in my list of accounts.  When I checked application status it shows the LOC as "transferred" and the Visa card as "pending."

 

My questions are, how long does it take for them to process an application and either approve it or deny it?  I wonder why the LOC was approved so quickly and the credit card not -- especially since the requested limit on both was the same.


PenFed is very backed up with CC app's at the moment. Normally the consideration process takes about 24 hours unless they require additional information from you. Your post did not include the date when you app'ed these things so I can't really comment further. Try to remain patient.

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: PenFed Application Process


creditwherecreditisdue wrote:

O6 wrote:

Against my better judgment I let the PenFed customer service representative convince me to apply for a PenFed Visa platinum and an overdraft line of credit -- neither of which I particularly need, but since they already pulled my CR about two months ago when I joined I figured I had nothing to lose.

 

Anyhow, the following day I logged in and found the LOC already included in my list of accounts.  When I checked application status it shows the LOC as "transferred" and the Visa card as "pending."

 

My questions are, how long does it take for them to process an application and either approve it or deny it?  I wonder why the LOC was approved so quickly and the credit card not -- especially since the requested limit on both was the same.


PenFed is very backed up with CC app's at the moment. Normally the consideration process takes about 24 hours unless they require additional information from you. Your post did not include the date when you app'ed these things so I can't really comment further. Try to remain patient.


MyFICO can take credit for the spike in apps with Penfed.  

Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
0

Re: PenFed Application Process


creditwherecreditisdue wrote:

O6 wrote:

Against my better judgment I let the PenFed customer service representative convince me to apply for a PenFed Visa platinum and an overdraft line of credit -- neither of which I particularly need, but since they already pulled my CR about two months ago when I joined I figured I had nothing to lose.

 

Anyhow, the following day I logged in and found the LOC already included in my list of accounts.  When I checked application status it shows the LOC as "transferred" and the Visa card as "pending."

 

My questions are, how long does it take for them to process an application and either approve it or deny it?  I wonder why the LOC was approved so quickly and the credit card not -- especially since the requested limit on both was the same.


PenFed is very backed up with CC app's at the moment. Normally the consideration process takes about 24 hours unless they require additional information from you. Your post did not include the date when you app'ed these things so I can't really comment further. Try to remain patient.


I applied on 10-17, sent income verification in on 10-19 (and they emailed me to let me know they received it) and as of right now I'm still pending.
 
I received an email yesterday that stated:
 
Thank you for contacting Pentagon Federal Credit Union.

Due to the high volume we are currently experiencing, there is a delay in 
processing loan and credit card applications. Our records indicate the income 
information you have provided has been forwarded to a loan officer for review. 
Please allow up to an additional 24 - 48 hours for processing. We appreciate 
your patience.

 

 

Frequent Contributor
manyquestions
Posts: 292
Registered: ‎10-20-2008
0

Re: PenFed Application Process

Shouldn't take more than a week. 
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: PenFed Application Process

It took about 7 days for me to get approve for the platinum card.  I got approved on a Sunday. 
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: PenFed Application Process

The time penalty for triggering an MR at PenFed seems to be increasing. Hang tight - they'll get to you!
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

Re: PenFed Application Process


creditwherecreditisdue wrote:

O6 wrote:

Against my better judgment I let the PenFed customer service representative convince me to apply for a PenFed Visa platinum and an overdraft line of credit -- neither of which I particularly need, but since they already pulled my CR about two months ago when I joined I figured I had nothing to lose.

 

Anyhow, the following day I logged in and found the LOC already included in my list of accounts.  When I checked application status it shows the LOC as "transferred" and the Visa card as "pending."

 

My questions are, how long does it take for them to process an application and either approve it or deny it?  I wonder why the LOC was approved so quickly and the credit card not -- especially since the requested limit on both was the same.


PenFed is very backed up with CC app's at the moment. Normally the consideration process takes about 24 hours unless they require additional information from you. Your post did not include the date when you app'ed these things so I can't really comment further. Try to remain patient.


So true.  If only patience wasn't so hard to come by.  :smileyhappy:

 

They're really pushing the Visa platinum so they must be floating in applications to process.  The CSR spent a good ten minutes telling me about all the benefits.  Normally I don't like "suggestive selling," but the CSR was very nice about it and he was very professional. 

 

IAALBNYL
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: PenFed Application Process

If you don't mind the actual opening of a new credit account, with the associated drop in average age, etc., it's hard to imagine walking away from the Plat Visa. Even if you don't drive/ buy gas, there aren't that many rewards cards left that still return 2% for grocs and 1.25% for everything else. And to think that I used to think of those as Mickey Mouse compared to the 5% on gas... :smileysad:

You'll like how the rewards post every month on your CC statement as a cash credit. Nice and straightforward, no hoarding of points and calling for a check, blah blah blah.

Congrats, eventually! :smileywink:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
0

Re: PenFed Application Process


haulingthescoreup wrote:
If you don't mind the actual opening of a new credit account, with the associated drop in average age, etc., it's hard to imagine walking away from the Plat Visa. Even if you don't drive/ buy gas, there aren't that many rewards cards left that still return 2% for grocs and 1.25% for everything else. And to think that I used to think of those as Mickey Mouse compared to the 5% on gas... :smileysad:

You'll like how the rewards post every month on your CC statement as a cash credit. Nice and straightforward, no hoarding of points and calling for a check, blah blah blah.

Congrats, eventually! :smileywink:

 

I know I'm going to catch hell, but I chickened out.

 

I was approved for the LOC, but the Visa application was going nowhere.  After 4 days there was no update and I could feel it in my bones that they were going to decline the application because I have 2 or 3 new accounts within the past 6 months.  So I had them withdraw the application rather than get the Dear John letter.

 

At least the inquiry wasn't wasted as I did get the LOC.  I'll wait 6 months or so and let them soft me a few times and then maybe get a pre-approved offer.

 

I really don't need another credit card, but I could use one with a very low limit like $500 so I can let our housekeeper use it instead of giving her cash to do the shopping.  What about NFCU?  I understand they pull EQ, right?  With 3 accounts opened this past May and about 5 inquiries in the past 6 months, what are the odds?  My EQ FICO is the lowest of all at 680.  If they'd pull TU or EX it's about 740.

IAALBNYL

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+