PenFed Questions

[pip3man]

I have successfully come to the final league of my app spree and the last card I want to add to my portfolio until 2016 is the PenFed Platinum Rewards Visa Signature card or the PenFed Promise Visa Card. But I have a couple of questions from membership approval, application process down to my personal situation. So here's the rundown:

1) what are the documents they request when applying for one of their credit cards (certainly don't want a situation I'll be asked to provide the documentation of my life history. I'm cool with providing paystubs, SSN card and passport/DL but anything IRS related NOPE)

2) How long does the approval process takes?

my EQ FICO as of yesterday was 761 (TU 725 & EX 717) with 2inquiries (one from yesterday with my Discover app and the other from Cap One (last year) that's my current creditor). Utilization is at 9% and absolutely no negative. AAoA is 3yrs however none of my current individual card has a CL of $5k. Considering I intend applying for their Visa Signature card do they require the applicant to have a curent card that has a $5k limit like most other creditors do?? Better yet based on my credit profile which of the above cards am I most likely to get approved for? I'm trying to maximize my chances of approval on one credit pull. Also how long after membership approval can I go ahead to apply for their credit card?? I appreciate any response. Thank you

[CreditUnionFan]

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@pip3man wrote:

I have successfully come to the final league of my app spree and the last card I want to add to my portfolio until 2016 is the PenFed Platinum Rewards Visa Signature card or the PenFed Promise Visa Card. But I have a couple of questions from membership approval, application process down to my personal situation. So here's the rundown:

1) what are the documents they request when applying for one of their credit cards (certainly don't want a situation I'll be asked to provide the documentation of my life history. I'm cool with providing paystubs, SSN card and passport/DL but anything IRS related NOPE)

2) How long does the approval process takes?

my EQ FICO as of yesterday was 761 (TU 725 & EX 717) with 2inquiries (one from yesterday with my Discover app and the other from Cap One (last year) that's my current creditor). Utilization is at 9% and absolutely no negative. AAoA is 3yrs however none of my current individual card has a CL of $5k. Considering I intend applying for their Visa Signature card do they require the applicant to have a curent card that has a $5k limit like most other creditors do?? Better yet based on my credit profile which of the above cards am I most likely to get approved for? I'm trying to maximize my chances of approval on one credit pull. Also how long after membership approval can I go ahead to apply for their credit card?? I appreciate any response. Thank you

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When you apply for membership, you'll be asked for a driver's license, and may be asked for paystubs. 

Regarding any attempts to maximize, if you know you want a $5k+ card, it may help to get CLIs from your current accounts. While every lender and situation is different, I've encountered a few underwriters who looked favorably on other higher limits and it was a factor in approving a similar limit.

As for CLIs, aim for SP (soft pull) that you may be able to get from Discover. I can't speak for Capital One. 

The system will generate an automatic decision, but PenFed runs the applications through a manual review process that can take a few days.

[takeshi74]

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@pip3man wrote:

what are the documents they request when applying for one of their credit cards (certainly don't want a situation I'll be asked to provide the documentation of my life history. I'm cool with providing paystubs, SSN card and passport/DL but anything IRS related NOPE)

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Nothing unless they need to verify.

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@pip3man wrote:

How long does the approval process takes?

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Instant unless they need to verify but there is the manual review mentioned above.  I've seen quite a few posts from those who ended up with CL's lower than the instant approval.  In my case they were one and the same.

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@pip3man wrote:

Better yet based on my credit profile which of the above cards am I most likely to get approved for?

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No idea.  Profile looks good and it doesn't seem that you have a number of new accounts so hopefully they won't cite "pyramiding".

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@pip3man wrote:

I'm trying to maximize my chances of approval on one credit pull. Also how long after membership approval can I go ahead to apply for their credit card??

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If you want it on one pull then you need to do so immediately since applying for membership results in a hard pull.

[striehl8212]

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@pip3man wrote:

I have successfully come to the final league of my app spree and the last card I want to add to my portfolio until 2016 is the PenFed Platinum Rewards Visa Signature card or the PenFed Promise Visa Card. But I have a couple of questions from membership approval, application process down to my personal situation. So here's the rundown:

1) what are the documents they request when applying for one of their credit cards (certainly don't want a situation I'll be asked to provide the documentation of my life history. I'm cool with providing paystubs, SSN card and passport/DL but anything IRS related NOPE)

2) How long does the approval process takes?

my EQ FICO as of yesterday was 761 (TU 725 & EX 717) with 2inquiries (one from yesterday with my Discover app and the other from Cap One (last year) that's my current creditor). Utilization is at 9% and absolutely no negative. AAoA is 3yrs however none of my current individual card has a CL of $5k. Considering I intend applying for their Visa Signature card do they require the applicant to have a curent card that has a $5k limit like most other creditors do?? Better yet based on my credit profile which of the above cards am I most likely to get approved for? I'm trying to maximize my chances of approval on one credit pull. Also how long after membership approval can I go ahead to apply for their credit card?? I appreciate any response. Thank you

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I was just approved for the PenFed Signature card last week. I applied for the member though the donation program and was able to put money in the savings account right away ($50 cap each day due to 'probation' they called it). By making the donation, you are automatically approved for the membership, but it is a hard pull. Waited a couple of days because I battled applying and wanted them to see me putting money in their account (still the same HP). The application was sent to a loan officer to review. I have opened up 4 accounts since Feburary (all but Discover in my sig) and they pulled EQ (score in sig). I was approved with no documentation needed. Applied Thursday, approved Friday. Looks like they tried to 1-up AMEX with the highest limit of $6,500. Very easy process. 

[Involver]

My experience was also very smooth and PenFed was very generous with me.  Put in the initial $50 deposit and two days later applied for the Promise Visa.  Instantly approved (and underwriter confirmed) for $10k, my highest reporting limit at the time was $7500.  Not long after I was approved for a $10k PLOC.  I was never asked to verify income through paystubs or asked for any other identifying information.  The 6 month limit on $50 ACH transfers into the share savings is a little annoying but it's really not a big deal.  Since joining I've moved all of my savings direct deposits to PenFed, as I feel compelled to return their generosity.  Down the line I will probably finance any auto purchases with them as well.  Very good experience.

Data points:  1 INQ at time of applying, 5 new accounts within 6 months.  Score was right around yours.