topic Penfed POI in Credit Card Applications

Penfed POI

Anonymous — Tue, 17 May 2016 13:03:57 GMT

I became a member and apped yesterday. After apping I received an email with a conditional approval. Had to send 2 years tax returns. I decided to call in and talk to a customer service person. Just general questions about what exactly was needed. Turns out I made a mistake on application. I am retired, with no income. I always use household income when applying. Never been a problem before. Household income $14000( gross) monthly. Eq 735 no baddies, lots of new credit. But I did get the conditional appoval.

CRS puts me on hold... comes back and says "Sorry can't approve, because of insufficent income". Your spouse has to be on app. I asked why and was told if my husband dies I will not be able to pay. Excuse me? I was very insulted. I mean if he dies while on the account, he can't pay.

I emailed them last night informing them about the 2013 Card Act which says if a spouse has reasonable access to household income (such as joint bank account, joint tax return) it can be included when applying for credit. I asked them to reconsider the application and approve using my household income. They are a federal intitution, but ignore the federal regulations. Oh well, we'll see...

Re: Penfed POI

Anonymous — Tue, 17 May 2016 13:05:49 GMT

So sorry this happened to you. Fingers crossed for a good outcome on your recon.

Re: Penfed POI

Anonymous — Tue, 17 May 2016 15:40:54 GMT

@Anonymous wrote:
So sorry this happened to you. Fingers crossed for a good outcome on your recon.

Thanks Musiclover. Just got the original denial...reason income does not support amount requested. Still waiting to hear about recon. I probably should have joined the Penfed stats posts in approvals. I would like to let stay at home mom and dad types know the problems they might run into with Penfed. Save someone else a hard pull

Re: Penfed POI

Anonymous — Tue, 17 May 2016 15:48:44 GMT

First hand data posts are always helpful! Thanks!

Re: Penfed POI

Anonymous — Tue, 17 May 2016 18:18:02 GMT

Do you file a joint return? If so, providing the requested tax returns should suffice,

Re: Penfed POI

Anonymous — Tue, 17 May 2016 19:50:28 GMT

Thanks Captool. Filed jointly and just uploaded my tax returns. Now I wait

Re: Penfed POI

Anonymous — Tue, 17 May 2016 21:38:08 GMT

Good luck with this.

Re: Penfed POI

Anonymous — Tue, 17 May 2016 21:43:16 GMT

I'm in a similar situation. I am NOT a PenFed fan now. They completely denied me but did eventually add me onto my husband's cards as joint owner (not just AU), but I can't see them from my log-in because of "federal regulations". Um, no. Navy shows both of us the cards we are joint on. PenFed likes to make stuff up.

Re: Penfed POI

Anonymous — Tue, 17 May 2016 21:48:07 GMT

I've had my problems with Penfed verifying income. If all else fails you can send an email to the President/CEO James Schenck at info@hq.penfed.org. I hope it works out for you.

Re: Penfed POI

Anonymous — Tue, 17 May 2016 23:42:31 GMT

Thanks everyone. Penfed has been a bit of a pain. I got another Congratulations your approved email, on the condition that I submit tax returns. Which I did this afternoon. I'm reluctant to call after the expierence I had last time. I'll give it a day...