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Last sunday night I was checking my Penfed account online, and it showed my pre-approvals. Visa card you applied was there with $25,400 CL. I accepted it, and approved right away. Yesterday I received a form to sign, after they receive it, they will mail the card.
This will be my highest limit credit card. I also have $25,000 Line of credit with Penfed which happened the same way a few months back.
I have zero balance on all my credit cards. I have a Amex Platinum, Amex Blue Cash, Citi Premiere Pass MC and now Penfed cash Rewards Visa card. I cancelled my BMW Visa and Wamu Platinum MC last month because I did not use them/bad customer service.
I am pretty much done applying any card and credit. Next stop is to buy a house within the next 3 years.
I do not know my FICO scores, last time I checked them was about a year ago, EQ was 760, EX and TU was 693.
I hope this helps.
@Anonymous wrote:I have received some requests that we start a PenFed Application Results survey in order for others compare their own credit circumstances and gauge their readiness and likely outcome of an app with PenFed.
If you have applied for CC, Auto or other credit with PenFed, or have been Instant Approved online, please post your results and the following info for others to learn from. THANKS
- What did you App for (CC, Auto...) Credit Card
- Approved or Declined? Declined
- Date of app? 3/21/2009
- EQ FICO at app? 743
- # of Inquiries at app? 14 in 2 yrs. 5 in 12 mo.
- Any Derogs at app: No
- Oldest Account Age? 15.5 yrs.
- Newest Account Age? 2 mo.
- AAoA at app? 1.5 yr.
- Highest CL at app? 7,500
- EQ Utilization Percentage? 13%
- Requested CL? 7,500
- Instant Approval, LO Review or Decline? LO Review
- Income Verification Required? No
- Any Counter Offer from PenFed? No
- If declined, reason given? Pyramiding Accounts
- Any comments you think helpful?
HELPFUL TIPS: From the combined experience of the forum, PenFed appears to ONLY pulls EQ. If anybody ever gets a different pull, let us all know.
EDITED: deleted info that was confusing.
Message Edited by txjohn on 04-07-2009 12:01 PM
NO! . . . having joined PenFed in Aug. 07, I have applied 4 times for their CC. Each time their reason was either too many recent apps or Pyramiding credit. Even though on my last attempt, there is only one CC showing a balance on my EQ report and 15.5 yrs. of credit history including Amex, Chase, Discover and 7 others. I'm sure PF is a good CU, based on the posts I see here, but for personal reasons they just don't fit into my long term plans anymore. So, I called and closed the account.
@score_building wrote:- What did you Recon for? Recon Secured Credit Card (500 CL)
- Approved or Declined? Declined
- Date of app? 2/2009
- EQ FICO at app? 720ish
- # of Inquiries at app? 2 (1 also pen fed)
- Any Derogs at app: 5 yr.3 mos SL lates- Oldest Account Age? 21 yrs.
- Newest Account Age? 5 mo.
- AAoA at app? 5 yr.
- Highest CL at app? 7,500
- EQ Utilization Percentage? 27%
- Requested CL? 500
- Instant Approval, LO Review or Decline? LO Review
- Notarized Income and ID Verification Required? yes
- Any Counter Offer from PenFed? No
- If declined, reason given? Balances too high, Accounts too young (WTH?)
- Any comments you think helpful?
HELPFUL TIPS: if it is a goal for you don't give up it is not uncommon to hear reports of those who get in after brushing up and reapping. GL!