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Regular Contributor
kobe81
Posts: 122
Registered: ‎03-05-2008

Question About PenFed

I just went ahead and applied for a PenFed membership.

 

I did it over the phone, and when the Rep. setup membership account for me, she asked me if I wanted to get a CC from them.

 

I said yes, and she asked me how much of a credit line do i want. I said I'll take 15K. She went ahead a submitted it and said it would take a few hours for them to make a decision.

 

My question is, being that I've read about PenFed on here so much, with people getting such good rates and CL's, if they don't believe i deserve 15K, do they counter offer?

 

 

Regular Contributor
NowIcare
Posts: 151
Registered: ‎09-28-2007

Re: Question About PenFed

To answer your question Yes they counter, I applied about a month ago asked for 10k and they countered at 3.5k I took it but from what I hear they are tightening cc a bit I was somewhat dissapointed I had a score of 750 with eq which is what they pulled no baddies completely clean report and got offered less than I hoped but im possitive they will grow with you. Good luck
NO SIGNATURE FOR ME
Regular Contributor
kobe81
Posts: 122
Registered: ‎03-05-2008

Re: Question About PenFed

I haven't checked the status yet online, but my EQ isn't up there at all. I pay for everything on time and I've never had any late payments at all.

 

This is reall the last card that I want, and I hope I get it even if the limit isn't high.

 

I'm in the low 600's, but my credit is strong. I've been spending money re-doing my house.

Senior Contributor
score_building
Posts: 3,463
Registered: ‎01-10-2008

Re: Question About PenFed

i was denied with a 713 eq. and clean report except for a 5 year old late on a now current student loan.

IMO PF intensely dilikes high util (i was around %40 when denied) i had 1 inq.  the strange thing is that they nailed me with two hard inq.'s which hasn't been reported to have happened to anyone else, so i'm special: denied and double inq'ed, eww.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (WALMART)
Regular Contributor
kobe81
Posts: 122
Registered: ‎03-05-2008

Re: Question About PenFed

Hearing your story, I'm starting to think it's not going to happen if they are going to look into my ult.
Regular Contributor
NowIcare
Posts: 151
Registered: ‎09-28-2007

Re: Question About PenFed

forgot to mention my utility was at around 9% when I applied
NO SIGNATURE FOR ME
Regular Contributor
kobe81
Posts: 122
Registered: ‎03-05-2008

Re: Question About PenFed

LOL. Even though it shows PENDING, I'll say forget about it then. I'm way above that right now (45% to 55% in credit usage), even though my company pays for 60% of my spending.

 

Maybe if I don't get approved I'll do a recon. explaining and giving some more information.

 

 

 

 

Regular Contributor
kobe81
Posts: 122
Registered: ‎03-05-2008

Re: Question About PenFed

I knew it. Got denied. Should I call them.

Regular Contributor
kobe81
Posts: 122
Registered: ‎03-05-2008

Re: Question About PenFed

They told me I have to fax in a written statement for a recon to be done.

 

I thought I would be able to talk to a live rep.

Frequent Contributor
manyquestions
Posts: 282
Registered: ‎10-20-2008

Re: Question About PenFed

No, thats how they do recon, you fax in your story explaining why your credit report looks the way it looks, addressing whatever they rejected you for, and beg to be given a chance to prove yourself.  :smileyhappy:

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