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Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: Penfed....Almost hit the submit button....

Pen Fed takes the 5% discount off of your statement before they mail it. No hastle, no forms, no sign ups! Just plain routine and their customer service is like a four star resort!

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Contributor
greeneman21
Posts: 94
Registered: ‎06-18-2012
0

Re: Penfed....Almost hit the submit button....

Since I took a HP on 7/16 when I joined, I just applied here's what I got....

 

 

Decision

Your application has been referred to a Loan Officer to be considered for a loan amount of $5500.00.

 


Not sure if this is an approval or not, but I guess i'll find out soon enough.
Wallet: NFCU CashRewards 35k-- USAA AMEX 28k-- USAA World MC 22k-- Discover IT 17.5k--Chase Freedom 23.5k-- NFCU NavCheck 15k
Contributor
greeneman21
Posts: 94
Registered: ‎06-18-2012
0

Re: Penfed....Almost hit the submit button....

Thank you guys for the advice.

Wallet: NFCU CashRewards 35k-- USAA AMEX 28k-- USAA World MC 22k-- Discover IT 17.5k--Chase Freedom 23.5k-- NFCU NavCheck 15k
Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: Penfed....Almost hit the submit button....

p.s. I became a member last year. They did a hard pull to open account and gave me a Visa Cash Back rewards card. About two months later, I apped for and was pre approved for $ X. limit towards a new vehicle purchase. No additional HP, mostly all completed via internet and snail mail. Just very organized and professional organization. Kinda like the difference of using a handyman and a real tradesperson. Good luck!

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Established Contributor
ztnjpv
Posts: 734
Registered: ‎02-01-2012
0

Re: Penfed....Almost hit the submit button....

 

Since I took a HP on 7/16 when I joined, I just applied here's what I got....

 

 

Decision

Your application has been referred to a Loan Officer to be considered for a loan amount of $5500.00.

 

Not sure if this is an approval or not, but I guess i'll find out soon enough.
....................................................................................................................................................
Good Luck. Like I said, you had a HP anyway when you joined  so you did no more damage in terms of inquiries if you are denied. Next time you look at your report (they look at Equifax), check out the date of your PenFed inquiry. I'm sure it'll be the date you joined and not the date you apped for the card. 
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Frequent Contributor
wreith
Posts: 461
Registered: ‎06-13-2012
0

Re: Penfed....Almost hit the submit button....

Since I joined late last month, and you all say the HP is good for like 60-90 days I bit the bullet.  I got the "your loan application has been forwarded to loan officer for the amount of 6500.  If I get it that will be my biggest CL and I may just forget all about amex cause I don't need it, I just want it :smileyhappy:.  Wonder how long it will take to find out.

03/10/2014 Walmart TU 724
09/07/2013 MyFico EQ 684
03/10/2014 USAA FAKO EX 728, EQ 728, TU 728
Discover It $1700, USAA Cash Rewards AMEX $11K, USAA Rewards Platinum MC $12K, CareCredit $13.2K, Chase Freedom $1900, Walmart $4500, Lowes $9800, QVC $1200, HSN $2350, Macys Red Star Store $2900, Paypal smart connect $4022, VS Angelcard $1200, Amazon Store $2500, BCE $4K, Sam's Club Discover $8500, Home Depot $7200, FNBO AMEX $7800
Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: Penfed....Almost hit the submit button....

Allow about ten business days.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Established Contributor
ztnjpv
Posts: 734
Registered: ‎02-01-2012
0

Re: Penfed....Almost hit the submit button....

You can follow the progress of the application on your PenFed account page. It also doesn't hurt to call to see if there is anything they need from you to complete the app.

 

When it says "transferred" , I beleieve that means it's approved. Not sure. At least it means a decision has been reached.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012
0

Re: Penfed....Almost hit the submit button....


greeneman21 wrote:

So I gotten 5 credit cards in the last 3 months and after seeing Penfed on Amazon's website for $50 amazon GC upon approval. 5,000 bonus points after first purchase AND 20,000 if $1,000 within first 3 months, I was so tempted, I filled out the app. Fate intervene, I had a sudden urge to take a quick wiz, stepped back from my laptop and quickly closed my browser right before hitting the submit button....I think those CC approvals get addicting. I need to go back to the garden but its so damn hard....

 

I'm cancelling my membership with Penfed tomorrow as USAA is my bank, dont think I have te willpower to hold off on that too much longer without doing that.


I actually appd after reading this thread and I was in fact denied, but i did not recon, i may do that now or just be humbled by defeat.. THey do it fact seem very conservative, idk if its because the new credit cards i got or if they are just plain conservative, im very doubtful they would accept my app, but i am making it a personal mission of mine to get this card!!

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Penfed....Almost hit the submit button....

@ iMD,

 

Don't get sucked into PenFed's evil game, LOL!

 

They're not for rebuilders, hate inquiries, and loathe high utilization.

 

If you're determined to get their gas card, don't waste another inquiry until your credit is perfect and utilization is relatively low. By "perfect" I pretty much mean 0 recent negatives. Only PenFed knows what's considered recent but I was denied with a few years back with negatives more than 4 years old.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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