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Established Member
Posts: 62
Registered: ‎09-22-2010
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PenFed pending ... maybe decline later..

I joined PenFed by paying $20 and $5 for saving account, and applied for Visa Platinum Case Reward card since they already pulled my EQ inqury. It's been pending 3 days and today i called them. They told me to provide additional income or someone who can co-sign me. I put down $25k income including my financial aid from school and family support. I am going to college right now and currently i don't have a job.

 

Sounds like i'll get declined if i don't provide either of them. I can ask my cousin to do co-sign for me, but it's gonna be a favor. Is PenFed credit card worth to ask someone to do co-sign for me? Should i try for PSECU?

 

Thanks in advance.

myfico TU - 740
myfico EQ - 734
EX plus - 736
Established Member
Posts: 62
Registered: ‎09-22-2010
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Re: PenFed pending ... maybe decline later..

FYI : i joined PenFed last friday and applied CC on Saturday.

myfico TU - 740
myfico EQ - 734
EX plus - 736
Established Member
Posts: 62
Registered: ‎09-22-2010
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Re: PenFed pending ... maybe decline later..

Anyone?

myfico TU - 740
myfico EQ - 734
EX plus - 736
Established Member
Posts: 37
Registered: ‎10-11-2010
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Re: PenFed pending ... maybe decline later

Since they asked you for more income or a co-signer, it sounds like you don't have a choice but to get a co-signer if you really want that card. I don't know anything about that card though, so I can't tell you if it'd be worth it or not. Good luck though.

Current Cards: Chase Sapphire-$5,000, Local Credit Union-$1,000
New Member
Posts: 7
Registered: ‎09-17-2010
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Re: PenFed pending ... maybe decline later..

Honestly, sounds like you just don't have enough income to make them happy. They're probably asking for a co-signer because they can provide more income on the application. Your scores are pretty high, I don't think that's the issue.

Contributor
Posts: 81
Registered: ‎10-12-2010
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Re: PenFed pending ... maybe decline later..

Are you over 21?  If not you are required to A) Either prove you can pay or B) have a co-signer

07/23/12 - EQ - 733

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Established Member
Posts: 62
Registered: ‎09-22-2010
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Re: PenFed pending ... maybe decline later..

 


CustomCasket wrote:

Honestly, sounds like you just don't have enough income to make them happy. They're probably asking for a co-signer because they can provide more income on the application. Your scores are pretty high, I don't think that's the issue.


Ya they said scores isn't issue. Even though i put down $25k income, they said Loan officer asks me to provide additional income or have someone to join my acccount with good amount of income. Smiley Sad((

 

myfico TU - 740
myfico EQ - 734
EX plus - 736
Established Member
Posts: 62
Registered: ‎09-22-2010
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Re: PenFed pending ... maybe decline later..

 


pmbrian wrote:

Are you over 21?  If not you are required to A) Either prove you can pay or B) have a co-signer


Yes i'm. I shouldn't have applied this in the first place,so i didnt have to waste one inqury on them Smiley Sad( ..

 

myfico TU - 740
myfico EQ - 734
EX plus - 736
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: PenFed pending ... maybe decline later..

I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

 

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

 

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.

* 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
Established Member
Posts: 62
Registered: ‎09-22-2010
0

Re: PenFed pending ... maybe decline later..

 


haulingthescoreup wrote:

I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

 

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

 

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.


 

Thanks HTSU. I'm thinking of applying one of their cards since i've already gotten a hard inq. However, i thought secured card was only for those who like to rebuild their credit? If i applied for secured card and got one, can i change the card to unsecured one later on?

 

Thing is i don't wanna have another unneccessary CC just because i don't wanna waste on a hard inq.

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