topic Re: PenFed Questions in Credit Card Applications

PenFed Questions

Anonymous — Fri, 19 Aug 2016 20:23:46 GMT

I came on MyFICO this morning to look up some information and hours later was down in a rabbit hole reading about PenFed. I've always heard really positive things but assumed I did not qualify (non-military) until I read another post on how to apply if you aren't military, etc. I bit the bullet, applied for the regular share, transferred funds, was approved and then a couple hours later applied for the Platinum Rewards and Promise CC's. Was approved for the Rewards ($9,500) and the Promise was sent to a loan officer for approval. I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal? It's been several hours. Should I call to speak to a loan officer about the Promise or just wait? I'm always scared to get on the phone with recons. I also applied for the PLOC and was denied right off the bat - I'm thinking maybe I jumped the gun on applying too early? I really want to get my foot in the door with PenFed as they have great offers. I wish they offered business products.

Re: PenFed Questions

baller4life — Fri, 19 Aug 2016 19:58:15 GMT

Well welcome aboard. Penfed is awesome. Congratulations on your Platinum Rewards approval. You should hear back about Promise by this evening. Please share your data in the data share thread if you don't mind.

Re: PenFed Questions

live-n-learn — Fri, 19 Aug 2016 19:59:26 GMT

@Anonymous wrote:
I came on MyFICO this morning to look up some information and hours later was in a rabbit hole reading about PenFed. I've always heard really positive things but assumed I did not qualify (non-military) until I read another post on how to apply if you aren't military, etc. I bit the bullet, applied for the regular share, transferred funds, was approved and then a couple hours later applied for the Platinum Rewards and Promise CC's. Was approved for the Rewards ($9,500) and the Promise was sent to a loan office for approval. I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal? It's been several hours. Should I call to speak to a loan officer about the Promise or just wait? I'm always scared to get on the phone with recons. I also applied for the PLOC and was denied right off the bat - I'm thinking maybe I jumped the gun on applying to early. I really want to get my foot in the door with PenFed as they have great offers. I with they offered business products.

I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal?

Yes, this is normal, sometimes they call before it pops up, sometimes you get a secured message first, or it may just show up. They may need some digital signatures or verifications from you or something like that. I think you're good and it doesn't hurt to call just to clarify. Congrats!!!

Re: PenFed Questions

Anonymous — Fri, 19 Aug 2016 20:22:34 GMT

@baller4life wrote:
Well welcome aboard. Penfed is awesome. Congratulations on your Platinum Rewards approval. You should hear back about Promise by this evening. Please share your data in the data share thread if you don't mind.

Thanks, I'll wait to hear back on Promise till I update on that thread. So, you advise NOT to call into about the Promise card and just wait it out?

Re: PenFed Questions

Anonymous — Fri, 19 Aug 2016 20:29:40 GMT

Yes wait it out. They are pretty quick to make a decision. Congraats on the approval.

Re: PenFed Questions

baller4life — Fri, 19 Aug 2016 20:27:13 GMT

It won't hurt to call and check status if it makes you feel better

Re: PenFed Questions

Anonymous — Fri, 19 Aug 2016 22:36:59 GMT

I had to go and hunt down my decision by logging in and going to Applications. I did not receive any notifications whatsoever regarding the Promise application that I submitted.

Re: PenFed Questions

Anonymous — Fri, 19 Aug 2016 23:27:00 GMT

They also often tend to send emails that more often than not, end up in your Promotions folder with Google, or Spam.

Re: PenFed Questions

Anonymous — Sat, 20 Aug 2016 14:20:38 GMT

As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Equifax and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards.

Re: PenFed Questions

Loquat — Sat, 20 Aug 2016 14:17:33 GMT

@Anonymous wrote:
As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Experian and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards.

Interesting...first I've ever read of them pulling anything other than EQ. Enjoy your new Rewards card!

Re: PenFed Questions

Anonymous — Sat, 20 Aug 2016 14:20:08 GMT

@Loquat wrote:
@Anonymous wrote:
As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Experian and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards.
Interesting...first I've ever read of them pulling anything other than EQ. Enjoy your new Rewards card!

Whoops, you are correct, it was Equifax - NOT Experian.

Re: PenFed Questions

Anonymous — Sun, 21 Aug 2016 00:19:26 GMT

@Anonymous wrote:
@Loquat wrote:
@Anonymous wrote:
As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Experian and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards.
Interesting...first I've ever read of them pulling anything other than EQ. Enjoy your new Rewards card!
Whoops, you are correct, it was Equifax - NOT Experian.

The difference in the score is Penfed uses FICO NextGen 2 score version not FICO 8.

Re: PenFed Questions

Anonymous — Sun, 21 Aug 2016 12:30:05 GMT

Congratulations on your very nice approval - $9.5K SL is pretty awesome! You can request again for the Promise anytime within the next 90 days (from your original hp). Each time my hubby takes a hp with them, he applies for either a new product or a cli within the 90 day window, and as often as seven days between each app. He has been very successful getting cli's this way. Some on the forum say that they've been hit with a hp before the 90 days was up, but that has never happened to my hubby. Enjoy your new card!

Re: PenFed Questions

Anonymous — Sun, 21 Aug 2016 18:29:40 GMT

Congratulations on your approval! Great card!

Re: PenFed Questions

Anonymous — Sun, 21 Aug 2016 22:00:25 GMT

@Anonymous wrote:
I came on MyFICO this morning to look up some information and hours later was down in a rabbit hole reading about PenFed. I've always heard really positive things but assumed I did not qualify (non-military) until I read another post on how to apply if you aren't military, etc. I bit the bullet, applied for the regular share, transferred funds, was approved and then a couple hours later applied for the Platinum Rewards and Promise CC's. Was approved for the Rewards ($9,500) and the Promise was sent to a loan officer for approval. I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal? It's been several hours. Should I call to speak to a loan officer about the Promise or just wait? I'm always scared to get on the phone with recons. I also applied for the PLOC and was denied right off the bat - I'm thinking maybe I jumped the gun on applying too early? I really want to get my foot in the door with PenFed as they have great offers. I wish they offered business products.

You were much luckier than i was, i am a (Non-Military) also and yesterday i decided to apply for PenFed and i was asked many written questions then i was told to call them to finish my application for My Membership, The Customer Service asked more questions and then at the end He said that i need to send them Notarized Copies of My Driver License, Social Security Card and 1 Bill Stating My Home Address, i guess i did NOT answer the questions correctly and they don't think i am Myself, i'm going to wait for them to send Me some papers i have to Sign and in that envelope i will send them the Notarized Copies they want, Never in my life i had to send documents to proof i am who i am, anyways, i hope is worth it, i see lots of people here saying good things about PenFed, We'll see if it's true...................Congratulations to you!

Re: PenFed Questions

Anonymous — Mon, 22 Aug 2016 00:39:54 GMT

Wow. Congratulations. I'm also looking into joining PenFed, but my scores are around 615-630. What were yours when you applied?

Re: PenFed Questions

Anonymous — Mon, 22 Aug 2016 21:03:59 GMT

@Anonymous wrote:
@Anonymous wrote:
@Loquat wrote:
@Anonymous wrote:
As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Experian and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards.
Interesting...first I've ever read of them pulling anything other than EQ. Enjoy your new Rewards card!
Whoops, you are correct, it was Equifax - NOT Experian.
The difference in the score is Penfed uses FICO NextGen 2 score version not FICO 8.

They use FICO NextGen 2 for the free scoring they give the members, but that's not what they use for lending decisions. I'm trying to ask my friends who work there if they can figure it out for me what scoring model they use. They all assured me, they don't use NextGen for lending.

Re: PenFed Questions

Anonymous — Sun, 28 Aug 2016 17:13:00 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Loquat wrote:
@Anonymous wrote:
As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Experian and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards.
Interesting...first I've ever read of them pulling anything other than EQ. Enjoy your new Rewards card!
Whoops, you are correct, it was Equifax - NOT Experian.
The difference in the score is Penfed uses FICO NextGen 2 score version not FICO 8.
They use FICO NextGen 2 for the free scoring they give the members, but that's not what they use for lending decisions. I'm trying to ask my friends who work there if they can figure it out for me what scoring model they use. They all assured me, they don't use NextGen for lending.

It definitely is NextGen 2 that is used for credit decisions at Penfed unless they have changed there policy from this notice on the website. It is difficult to read what is below the score it states the following "Your FICO® Score NG 2, based on Equifax data and pulled on 05/31/2016, is 806 and is the same score that PenFed uses to manage your account".

Re: PenFed Questions

SouthJamaica — Fri, 09 Dec 2016 20:22:38 GMT

I have a couple of questions about PenFed personal lines of credit reporting.

I have a couple of personal lines of credit from PenFed, and

(a) neither has been reported to EX although both have been reported to EQ and TU; and

(b) the balance reported has never been the statement balance.

My questions are:

1. Will they eventually be reported to EX?

2. Will I ever be able to predict the date of the month for the balance to be reported?

Re: PenFed Questions

Anonymous — Sat, 10 Dec 2016 18:48:44 GMT

With my two lines they report three days AFTER my statement closes.