topic Re: PenFed Pending Approval in Credit Card Approvals

PenFed Pending Approval

Anonymous — Sat, 19 Jul 2014 09:12:03 GMT

Hello all,

New user today. What do you think about the PenFed cards and what is their usual "approved" candidate look like? I'm sitting around 19% utilization spread amongst my cards today. Thanks!

Re: PenFed Pending Approval

CardsLifeLine — Sat, 19 Jul 2014 11:09:36 GMT

I applied for Penfed credit card 6 months back by creating new membership and it was a flat denial with reason of too many new cards and inquiries. At that time I had credit score of 740+ EQ and tons of new card accounts and inquires [12]. My utilization was 2%.

Later this month, I applied for Pendfed Rewards card and it was instant approval for $50K[ Yes 50K is the credit limit]. Right away, I also applied for Penfed Promise card and again they approved it by moving 5K credit limit from Reward card. which is fine with me.

I still have 12 inquires on my credit report, no baddies and EQ score is 705 [DCU]. My utilization now is 4%.

I wonder what make Penfed to decline me in past when my scores are high and approve for two credit cards with highest credit lines i can ever have when my scores are all time low at EQ.

This is my personal experience with Penfed.

Good luck for yours.

Re: PenFed Pending Approval

Anonymous — Sat, 19 Jul 2014 11:35:09 GMT

Wow...50K?? That's a big deal but would be nice for me as I have about 7 cards w/ 9K balance on them...we'll see what happens!

Re: PenFed Pending Approval

Kenny — Sat, 19 Jul 2014 11:46:33 GMT

@Anonymous wrote:
Wow...50K?? That's a big deal but would be nice for me as I have about 7 cards w/ 9K balance on them...we'll see what happens!

That's quite a bit of utilization!

Re: PenFed Pending Approval

Anonymous — Sat, 19 Jul 2014 12:36:23 GMT

About 20%

Re: PenFed Pending Approval

B335is — Sat, 19 Jul 2014 20:44:54 GMT

I have around $12k balances showing so don't feel bad about $9k

Anyways, Penfed manually reviews everything the computers send for approval and they generally don't like many new accts. If you see your status update to "transferred" it should be approved. Goodluck!

Apologies, I thought you had already applied. They've denied me 2 times for a card, I'll probably try again in December 2014. My CR are clean, but I have many new accts and quite a few open cards. In the coming months I'll be trimming 2 or 3 cards due to AF. Anyways, they typically look for good score (mid-700's) established employment history, good income and not too many new accts. They will deny for pyramiding debt if you have too many new accts.

Re: PenFed Pending Approval

Anonymous — Sat, 19 Jul 2014 21:41:34 GMT

Penfed seems so random. Denied back in January for pyramiding debt. Continued doing what I thought was their definition of pyramiding but this time was approved for 7k. I just let my share account sit there for 6 months.

Re: PenFed Pending Approval

-Wade- — Sat, 19 Jul 2014 21:43:16 GMT

@Anonymous wrote:
Hello all,

New user today. What do you think about the PenFed cards and what is their usual "approved" candidate look like? I'm sitting around 19% utilization spread amongst my cards today. Thanks!

Good luck on your Pending approval

Re: PenFed Pending Approval

Ron1 — Sat, 19 Jul 2014 22:21:40 GMT

You usually got approved if you got instantly approved. You might got denied if you see pending (deferred to loan officer). You get the card if you see the status changed to transferred.

Good luck!

Ron.

Re: PenFed Pending Approval

r34dy2fly — Sun, 20 Jul 2014 01:21:07 GMT

Just been approved for PenFed myself.

Mine had to get deterred to a loan officer but all they did was just verify some information and I was done. I use this card as my primary balance transfer card.

Re: PenFed Pending Approval

Anonymous — Mon, 21 Jul 2014 13:40:55 GMT

I was approved with penfed for a Cash Rewards Paltinum Visa sig 2 weeks ago with a $30K limit. Scores are in sig. AAoA is 6 years and oldest is 14 years 2% Utilization total overall

Re: PenFed Pending Approval

Anonymous — Mon, 21 Jul 2014 13:42:14 GMT

I had 7 inquiries at the time in the last year

Re: PenFed Pending Approval

Anonymous — Sat, 02 Aug 2014 06:43:20 GMT

12K approved today. Not too bad.

Re: PenFed Pending Approval

coldnmn — Sat, 02 Aug 2014 08:56:26 GMT

@Anonymous wrote:
12K approved today. Not too bad.

Congrats! Thanks for sharing.

Re: PenFed Pending Approval

BigBS — Sat, 02 Aug 2014 09:34:06 GMT

Very nice, congrats!

Re: PenFed Pending Approval

alvon123 — Sat, 02 Aug 2014 14:12:26 GMT

@Anonymous wrote:
12K approved today. Not too bad.

congrats

Re: PenFed Pending Approval

Anonymous — Sat, 02 Aug 2014 20:53:40 GMT

Make that 24K. I wanted to get the rewards as well as the promise and was approved for both. Great customer service as well. Side note, how can I put those CC images on my signature?

Re: PenFed Pending Approval

gdale6 — Sat, 02 Aug 2014 22:56:16 GMT

@Anonymous wrote:
12K approved today. Not too bad.

Excellent start limit, congrats