PenFed Credit Union - APP results and FICO SURVEY

[Anonymous]

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@MS00000000 wrote:

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@Anonymous wrote:

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Just a guess, but maybe they like to see more tradelines? 

You never know with PenFed.  Although they are painted as conservative, sometimes "conservative" is just a polite way to say they have an extra chromosome. 

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Perhaps that's the case. I wonder if there is any benefit in completing the application for their secured card. I'd have to go out of my way to use it each month instead of a rewards card, for no real benefit other than the hope that they see a good credit history with PenFed for 12 months and they allow me to convert it to the rewards card later. Since they've already run the CR, it can't really hurt, can it?

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If there is no additional credit pull, then I think you are correct in that it can't really hurt.

Back a year or so ago when some individuals I know where getting denied even for secured cards when their only crime was having a "thin" file, I spoke with PenFed's HMFIC.  He explained that their secured cards worked differently from those of the competition in that they only approved secured cards under two scenarios -- one was for poor credit and the other was for no credit. 

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Wow, you weren't kidding. I talked to a rep and went for the secured card at $500 with $500 already in my share savings, and they turned it down too! Before I saw the "turned down" result, the rep told me the other denial wasn't for bad credit, just limited credit experience. I just don't quite understand how I could get turned down for a secured card...it totally blows me away.  So since I don't have "poor" credit or "no" credit, just "limited" credit by their standards, I qualify for nothing. I suppose I should be happy that I was approved for a share savings with them at this point  The rates are better than my local CU, even though my local CU seems to like me better. 

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Yup!  Believe it or not!

If you have bad credit, you can get a secured card.  If you have no credit you can get a credit card.  If you just have a limited credit experience you get zilch! 

I have been with PenFed for a long time and those people must have an extra chromosome.  Some of the stuff they have pulled is simply amazing!  And to tell you the truth, I see nothing with my PenFed cards that I can't also obtain with other cards I have.

[MS00000000]

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O6 wrote: 

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If there is no additional credit pull, then I think you are correct in that it can't really hurt.

Back a year or so ago when some individuals I know where getting denied even for secured cards when their only crime was having a "thin" file, I spoke with PenFed's HMFIC.  He explained that their secured cards worked differently from those of the competition in that they only approved secured cards under two scenarios -- one was for poor credit and the other was for no credit. 

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Wow, you weren't kidding. I talked to a rep and went for the secured card at $500 with $500 already in my share savings, and they turned it down too! Before I saw the "turned down" result, the rep told me the other denial wasn't for bad credit, just limited credit experience. I just don't quite understand how I could get turned down for a secured card...it totally blows me away.  So since I don't have "poor" credit or "no" credit, just "limited" credit by their standards, I qualify for nothing. I suppose I should be happy that I was approved for a share savings with them at this point  The rates are better than my local CU, even though my local CU seems to like me better. 

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Yup!  Believe it or not!

If you have bad credit, you can get a secured card.  If you have no credit you can get a credit card.  If you just have a limited credit experience you get zilch! 

I have been with PenFed for a long time and those people must have an extra chromosome.  Some of the stuff they have pulled is simply amazing!  And to tell you the truth, I see nothing with my PenFed cards that I can't also obtain with other cards I have.

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It's such a strange "dead zone" to be in, but I'm starting to think it might just be PenFed like you mentioned. I was able to get the Costco TrueEarnings Amex and Home Depot store card just in the last few days.  

I was very happy to get both of those after the PenFed disappointments though, especially the Amex. That made me forget all about that PenFed card I wanted so much!   Now the plan is to buy a few things, pay them off, and watch the accounts age.

[Anonymous]

- What did you App for (CC, Auto...)? 28K Auto loan and Visa Platinum

- Approved or Declined? Approved

- Date of app? 8/2010

- EQ FICO at app? 707

- # of Inquiries at app? 7+ PenFed inq. for savings acct.

- Any Derogs at app: None

- Oldest Account Age? 9

- Newest Account Age? 1 month 

- AAoA at app?4 yrs

- Highest CL at app? $6000

- EQ Utilization Percentage? 13%

- Requested CL? None requested, $7500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? Instant on auto, put through the wringer on Visa

- Income Verification Required? Yes, last two TAX RETURNS!

- Any Counter Offer from PenFed? No, CS claims they no longer accept conteroffers

Went on a app spree in July, opened AMEX, Chase Freedom and Centra Elan Visa.

Bought auto in August before I heard of PenFed and financed through Ford at 5.9%.

All was well until I started reading the forum and heard about PENFED, I figured what the heck, at 2.9% on the auto refinance whats another inquiry at this point!

Opened the savings account and was approved for the auto refinance at 2.9.  Waited a week and read where PENFED does not hard pull twice in 30 days, so I figured why not shoot for the Platinum Visa!

The the fun began. talked to CS and they required a litany of information from Me, from name address, where I lived 40 years ago, right down to the color of the underwear I had on. But at the end of the conversation she told me to check on line in 24 hours, and yep there it was pending income verification.  TWO YEARS OF COMPLETE INCOME TAX RETURNS that were literally 30 pages each as I am self employed.

As I was getting ready to fax them over, I read a little more about PENFED deining apps for debt pyramding, so I wrote a nice cover letter stating that I had closed or was in the process of closing 6 different accounts that had annual fees or high interest rates and replaced them with high value cashback cards hence the new inquiries.  I named the ones that I had recently opened and told PENFED their credit card was going to be the flagship of my card portfolio.

I don't know how much weight that held, but I wanted them to know what and why I was doing, since a underwriter does make the decision not a computer.

So long story long I was approved for the auto refinance and the Visa and am a very happy camper!

[Anonymous]

- What did you App for (CC, Auto...)? Promise Visa

- Approved or Declined? Tentative Approval

- Date of app? 10/18/2010

- EQ FICO at app? 772

- # of Inquiries at app? 4-5

- Any Derogs at app: one

- Oldest Account Age? 8

- Newest Account Age? 4 

- AAoA at app? ?

- Highest CL at app? $3500

- EQ Utilization Percentage? 27%

- Requested CL? None requested, $16,500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? Tentative Approval, fax in income verification

- Income Verification Required? Yes, not specified. Sent in 2009 W2. Also sending in paystubs

- Any Counter Offer from PenFed? N/A so far

I also went on a mini app spree.

[Anonymous]

Anyone know how long a decision takes when an approval/decline isn't instant? It's been 27 hours since I apped and it still says pending...

thanks

[Rebuilding101]

- What did you App for (CC, Auto...)? Platinum Cash Back

- Approved or Declined? Approved

- Date of app? 09/2010

- EQ FICO at app? 756

- # of Inquiries at app? 0

- Any Derogs at app: 3

- Oldest Account Age? 28years

- Newest Account Age? 4months 

- AAoA at app? 6

- Highest CL at app? $1000

- EQ Utilization Percentage? 5%

- Requested CL? None requested, $14,500 entered into app automatically by PenFed

- Instant Approval, LO Review or Decline? Instant

- Income Verification Required? No

- Any Counter Offer from PenFed? N/A

Derogs are 6yo Charge Offs, like 4 new accounts in the past year/6 months

[Anonymous]

For me, it took about 3-4 days. I emailed in w2 and paystubs. I guess it takes longer when you do that vs faxing. They get a lot of emails. My application just changed from "pending approval" to "approved."

We'll see what happens next!

[lostinlala2]

Thrilled!!! Signed up for PenFed yesterday.... PenFed Promise card 7.49apr 36 months approved 16,500 automatically today!!! Highest limit card up to now 4250 capone. Yeah. Couldn't resist apping for personal loan too...pending. I almost feel like I'm bragging, but I am just ecstatic. Worked really hard for really long time to get here.

- What did you App for (CC, Auto...)? Promise Platinum Visa

- Approved or Declined? Instant approval

- Date of app?10/22/10

- EQ FICO at app?DH 795 mine 783

- # of Inquiries at app? 5 on mine 3 on dh all mortgage related

- Any Derogs at app:0

- Oldest Account Age? 15 years (Student loan) / cc 10, 9 , 8

- Newest Account Age? mortgage 6mo, car 5y

- AAoA at app? best i can figure 8.5???

- Highest CL at app? 4250

- util? i think their report would indicate 18%, but it's actually under 1%, just paid off card...hasn't reported yet dh just couldn't wait to apply

- Requested CL? didn't specify

- Instant Approval, LO Review or Decline? instant approval

- Income Verification Required? no

- Any Counter Offer from PenFed? didn't request particular amt for card

- If declined, reason given?

- Any comments you think helpful? appd over phone...can't wait for card in the mail!  Since they do hard pull (good for 60 days I was told by rep) we decided to apply for personal loan too. Asked for 16k. We want to buy piece of heavy machinery. Loan app pending. Will update.

As an aside, the rate on the promise card is lower for 36mo (7.49) than any loan rates we've found. How much of a hit to our credit would maxing out limit for purchase 16k and then paying off over 3 years? Or are we better off paying a little higher rate for penfed loan or lending club loan?

Are we pushing our luck or should we try for a rewards card to use as a "debit card" pif each month while we're at it? maybe with another company.

[Anonymous]

I have the exact same questions....hmmmm?

I'm going to wait and see if your loan is approved before I try one. Thanks for testing the waters!

[lostinlala2]

Update...denied personal loan app for 16k. I was told by rep that it was because they had extended us the max amt of credit allowable to us on the card. She also said that the reasons listed were pretty "generic" and that it was possible it was simply because we were new members with not enough history. She said we might get a different response in 6 months. still stoked about the card. I think we might be on to lending club...