topic Re: PenFed approved in Credit Card Approvals

PenFed approved

wacdenney — Wed, 06 May 2015 12:52:47 GMT

So after reading up on PenFed I joined last night and applied this morning for some credit products. PenFed Promise was an instant approvaal for 12k and 16.99% APR. PLOC was an instant denial.

So my question is whether or not this approval is for real. Obviously it hasn't gone to "tranfered" and shown up on my accounts page yet, so when it does will the SL be adjusted down or will it actually be 12k after an instant approval?

I'm a little disappointed with the PLOC denial and the 16.99% APR on the Promise card. I chose that card hoping for a low APR. I guess the high limit would make up for the high APR if the limit sticks. It would be my highest limit other than Lowes @15k, but Lowes is a charge account so this would be my highest actual CC line. If it's for real...

Re: PenFed approved

chalupaman — Wed, 06 May 2015 12:57:20 GMT

@wacdenney wrote:
So after reading up on PenFed I joined last night and applied this morning for some credit products. PenFed Promise was an instant approvaal for 12k and 16.99% APR. PLOC was an instant denial.

So my question is whether or not this approval is for real. Obviously it hasn't gone to "tranfered" and shown up on my accounts page yet, so when it does will the SL be adjusted down or will it actually be 12k after an instant approval?

@I'm a little disappointed with the PLOC denial and the 16.99% APR on the Promise card. I chose that card hoping for a low APR. I guess the high limit would make up for the high APR if the limit sticks. It would be my highest limit other than Lowes @15k, but Lowes is a charge account so this would be my highest actual CC line. If it's for real...

Penfed does readjust CLs after manual review sometimes. Don't be surprised if they decide to lower your limit a little bit but I think if you get transferred and that $12k is intact, you are golden.

Re: PenFed approved

Anonymous — Wed, 06 May 2015 12:57:23 GMT

Congrats on your approval!

Re: PenFed approved

FinStar — Wed, 06 May 2015 13:11:45 GMT

Congrats on your PenFed approval wacdenney! Glad you bit the bullet on such a great CU. I'm thinking you're golden (keeping fingers crossed)... give it about 24 hours or so, then check the status. Once it displays TRANSFERRED, it's for real! Keep us updated.

Re: PenFed approved

B335is — Wed, 06 May 2015 13:15:31 GMT

Wacdenny, it is possible they will adjust the limit or even revoke the approval altogether (it happened to me last year). The PLOC is harder than the credit cards to get.

Re: PenFed approved

baller4life — Wed, 06 May 2015 13:24:55 GMT

Congrats wac!!

Re: PenFed approved

Anonymous — Wed, 06 May 2015 13:27:22 GMT

CONGRATS ON YOUR APPROVAL!

Re: PenFed approved

wacdenney — Wed, 06 May 2015 13:34:46 GMT

@FinStar wrote:
Congrats on your PenFed approval wacdenney! Glad you bit the bullet on such a great CU. I'm thinking you're golden (keeping fingers crossed)... give it about 24 hours or so, then check the status. Once it displays TRANSFERRED, it's for real! Keep us updated.

I guess I'll know for sure by tomorrow.

One interesting thing... I just checked my EQ Complete monitoring product and the PenFed HP actually caused my score to go up one point. lol Of course it could have been some other factor. After a certain point, additional HPs don't seem to have any effect at all.

I'm sure hoping the limit sticks. So far I am liking PenFed. I am a big fan of CUs in general. I have had nothing but great experiences with my local CU GA's Own Cu and I have also been pleased with DCU. I did get a bit weary after my experience with NASA, but PenFed seems great so far. If things continue to pan out I may consider switching my direct deposit over from DCU.

Re: PenFed approved

Anonymous — Wed, 06 May 2015 13:36:10 GMT

Very nice .. Congrats.

Re: PenFed approved

youdontkillmoney — Wed, 06 May 2015 13:45:29 GMT

Here are my terms with PenFed Promise (only $5000 credit line):

7.49% for 36 months through April 15, 2017 (opened April 16, 2014) then varies with Prime, currently 9.99% as of 4/16/14. No Balance Transfer fees.

My FICO is 780+ last time I checked. Over 20 active credit cards. Zero balance on all or PIF each month.

It took me two tries (6 months apart) to get a PenFed PLOC (only $1,000 line) at 10.25% APR.

I don't use either except 1-2 times a year to maintain activity to prevent closure. Just nice to have. My largest PLOC line is with a local credit union in Los Angeles, LA Financial, $20K.

Re: PenFed approved

baller4life — Wed, 06 May 2015 13:53:36 GMT

Guess it's true their PLOC are harder to get. WOW.

Re: PenFed approved

wacdenney — Wed, 06 May 2015 18:17:16 GMT

OK this is odd... "Thrifty Credit Service" has shown up in my accounts list with a $500 limit. Wat??

I don't remember applying for any "thrifty" lines of credit. Anyone have any idea what the heck this is?

EDIT: OK Never mind. Google is my friend. Apparently it's overdraft protection.

Re: PenFed approved

baller4life — Wed, 06 May 2015 18:33:27 GMT

Yeah you have to unchecked it when opening checking if you don't want it

Re: PenFed approved

Anonymous — Thu, 07 May 2015 03:14:54 GMT

Congrats OP.

@B335is wrote:
Wacdenny, it is possible they will adjust the limit or even revoke the approval altogether (it happened to me last year). The PLOC is harder than the credit cards to get.

That's odd because I was approved for their Rewards Visa Signature for just above the minimum SL of $5k and a few days later, I applied for the PLOC and was approved for $10k.

Re: PenFed approved

wacdenney — Thu, 07 May 2015 14:17:59 GMT

The status switched to "transfered" this morning, but the account still isn't showing up in my list of accounts. I'm assuming transferred means the account has been funded but I'm not sure how to tell if the SL remained intact. Will the account not show until the card arrives? Anyone know a way to see the limit now?

Re: PenFed approved

chalupaman — Thu, 07 May 2015 14:22:18 GMT

@wacdenney wrote:
The status switched to "transfered" this morning, but the account still isn't showing up in my list of accounts. I'm assuming transferred means the account has been funded but I'm not sure how to tell if the SL remained intact. Will the account not show until the card arrives? Anyone know a way to see the limit now?

You've been for certain approved now. Good work!

Maybe you should call just to double check if the account's not showing up yet and ask someone to tell you the limit.

Re: PenFed approved

Anonymous — Thu, 07 May 2015 14:24:14 GMT

@wacdenney wrote:
The status switched to "transfered" this morning, but the account still isn't showing up in my list of accounts. I'm assuming transferred means the account has been funded but I'm not sure how to tell if the SL remained intact. Will the account not show until the card arrives? Anyone know a way to see the limit now?

You will be able to see it in a few hours. It will show before the card arrives.

Re: PenFed approved

stagefoursurvivor — Thu, 07 May 2015 17:32:00 GMT

Congrats! The account will show within another day, maybe 2. I believe if the SL was changed you'd have received a call/email.

As for the PLOC, what SL did you request? That will definitely have a bearing on approval.

I was "turned down" when I requested $15K, approved when I reconned at $10K.

Got "turned down" for Promise for being Egyption, sent a recon email explaining my financial plan...approved!

Just approved last week for 1.99% auto loan

It seems that if PenFed likes you, they back the armored truck up to your door and say help yourself!

Re: PenFed approved

wacdenney — Thu, 07 May 2015 17:57:00 GMT

@stagefoursurvivor wrote:
Congrats! The account will show within another day, maybe 2. I believe if the SL was changed you'd have received a call/email.
As for the PLOC, what SL did you request? That will definitely have a bearing on approval.
I was "turned down" when I requested $15K, approved when I reconned at $10K.
Got "turned down" for Promise for being Egyption, sent a recon email explaining my financial plan...approved!
Just approved last week for 1.99% auto loan

It seems that if PenFed likes you, they back the armored truck up to your door and say help yourself!

Wow ok I didn't know that. I have read thread after thread about them adjusting limits down so when I applied for the PLOC I just went ahead and requested like 25k assuming they would counter or adjust it down or whatever. I guess that explains why I was denied. I'll give it a couple of months to establish a little history with them and try again for 10k or 15k. Thank you for the info. I wish I would have known.

Re: PenFed approved

baller4life — Thu, 07 May 2015 17:59:37 GMT

Great info!!!