topic Re: PenFed Approval in Credit Card Approvals

PenFed Approval

LawStudentCivilis — Sat, 31 Oct 2020 12:57:40 GMT

Woah it's been 6 years since I posted! I lurk occassionally, but I believe years pass without lurking as well.

On to what you're really reading for. I recently applied to become a member of PenFed. I had to call in to complete identity verification.

Ultimately I had to load documents (not POI related). Suprisingly, they reviewed and approved the verification documents within an hour of my upload.

Initially I only opened a savings account. Once my identity was verified I applied for the PenFed Gold and was approved for $7.5k SL with 15.49% APR. I applied to take advantage of the BT.

My EQ8 is 726, EQ9 691 - I have relatively high aggregate UTIL around 44%, which is why I am looking to consolidate and pay off aggressively with the balance transfer. No derogatory nor lates on any reports. I received the survey 2 days after approval. I requested a higher limit via survey. I am now waiting to hear back to see if my request will be granted. It will be an interesting DP to see if the survey is still helpful for recons.

Edited to add no hard pull for membership (this made me nervous reading about the experiences of others). Only 1 hp for CC application. 0 inq with Equifax at the time of application. I had a theory or moreso superstition about clicking the "apply now" versus "join now" buttons. I made sure to click join now, to possibly minimize any of their system glitches that may have resulted in unnecessary hard pull.

I hope this information has been helpful to someone!

Re: PenFed Approval

AllZero — Fri, 30 Oct 2020 19:23:00 GMT

Congratulations on your approval!

Re: PenFed Approval

cashorcharge — Fri, 30 Oct 2020 19:23:46 GMT

Congratulations on your new banking relationship with PenFed and your new Gold Card!! Enjoy!!

Re: PenFed Approval

blindambition — Fri, 30 Oct 2020 19:42:44 GMT

Congrats on your approval and membership!!! Good luck on recon!!

Re: PenFed Approval

Anonymous — Fri, 30 Oct 2020 20:17:22 GMT

@LawStudentCivilis wrote:
... I hope this information has been helpful to someone!

Good stuff -- thank you & Congratulations! on a nice approval.

Re: PenFed Approval

gdale6 — Fri, 30 Oct 2020 20:41:34 GMT

Sweet, congrats on your Penfed approval

Re: PenFed Approval

LawStudentCivilis — Fri, 30 Oct 2020 21:17:27 GMT

Thank you everyone! I forgot to add I had 0 inq on Equifax if that is a helpful datapoint. I will let everyone know if/when I hear back.

Re: PenFed Approval

Loquat — Fri, 30 Oct 2020 21:20:31 GMT

Well what a way to come back to the forums than with an awesome approval. Congrats!

Re: PenFed Approval

CreditAggie — Fri, 30 Oct 2020 21:28:18 GMT

Congratulations on your PenFed Gold approval!

Re: PenFed Approval

LawStudentCivilis — Fri, 30 Oct 2020 21:38:30 GMT

@LoquatAw thank you Hopefully I can be a good datapoint as I saw discussion about whether PenFed's surveys are still useful.

Re: PenFed Approval

M_Smart007 — Sat, 31 Oct 2020 00:06:07 GMT

Congratulations on your Penfed Approval..

Re: PenFed Approval

Irv02 — Sat, 31 Oct 2020 00:21:02 GMT

Congratulations on your approval!!!

Re: PenFed Approval

LawStudentCivilis — Sat, 31 Oct 2020 00:23:47 GMT

@CreditAggie @M_Smart007 Thank you both! PenFed has been handing out credit like Halloween Candy!

Re: PenFed Approval

Anonymous — Sat, 31 Oct 2020 04:50:14 GMT

Congratulations

Re: PenFed Approval

LawStudentCivilis — Thu, 05 Nov 2020 21:51:03 GMT

Just to give an update, I became impatient and sent a secure message. I received the following email response:

"Unfortunately, we do not reconsider credit limits that are assigned. If you wish to see if you could get an increase for a larger limit you would need submit an application for an increase. Sorry for any inconvenience this may cause."

I don't think I will do anything with the card. I will wait three months and request an increase, which I know is a hp. As stated, PF is my only inq on EQ so I am not upset, as I won't be shopping for credit.

Seems strange as the language indicates they don't do recons at all, not that I do not qualify for an increase. I wonder if there are policy changes?

Re: PenFed Approval

TIPPY-BOB — Mon, 01 Feb 2021 03:19:08 GMT

Congrats! Thanks for sharing. What type of verification docs did you have to upload?

Re: PenFed Approval

LawStudentCivilis — Mon, 01 Feb 2021 06:02:02 GMT

@TIPPY-BOBIt was identity authentication so I believe it was only my driver's license and social security card. I can't remember if there was a third document.

Re: PenFed Approval

gingerflower — Mon, 01 Feb 2021 15:49:48 GMT

Congratulations!

Re: PenFed Approval

TIPPY-BOB — Tue, 02 Feb 2021 01:18:00 GMT

That makes sense. I'm a bit of a newb with all of this. Thanks for your reply! Much appreciated, and congrats again!