topic Re: Finally a Penfed Survey!!! in Credit Card Applications

Finally a Penfed Survey!!!

Anonymous — Thu, 23 Mar 2017 22:36:16 GMT

So everytime I apply for anything with Penfed its a pain in the behind. Yesterday I applied for a cli due to a 0% offer I received. I currently owe $6,000 on my card against a $10,000 limit (from another 0% balance transfer I did 10 months ago). I have a $4,000 payment scheduled for tomorrow. Id love to take advantage of a balance transfer as Ive recently completed an $80,000 home rehab ($55,000 which went on credit cards). It routed to review, and was declined over 24 hours later for "overextended" now mind you I have $250,000 in available credit and am borrowing $55,000 at the moment against an income of near $200,000. Im really kind of upset about it but an hour ago I received a survey that I filled out and provided 0's on everything so I cant wait for the call to see if they are willing to do anything. This is the first survey ive ever gotten from them

Re: Finally a Penfed Survey!!!

CreditCuriosity — Thu, 23 Mar 2017 23:15:26 GMT

55k just in CC debt although that is still considerable even with close to 200k income. Do you also have other debt such as car/house/student loan payments that is factoring into DTI ratio? I don't think 1 or 0's are really fair as you are using 60% of the CL they gave you on the CC, not sure if you are using their LOC. Are the scores current in your signature as well? Any baddies on your CR? Ifs no them what is suppressing your scores? utilization? Just trying to get some insight and give some thoughts, not really advise.

Re: Finally a Penfed Survey!!!

Anonymous — Fri, 24 Mar 2017 12:42:46 GMT

I do, my auto loans and my mortgage and such put my monthly payments around $3750 with my income before taxes being over $10,000. The LOC, has a few hundred dollars left used on it from the $3000 counter top that i bought a few months back they see that I make sizeable payments on everything with them. The score suppression is from a bk 7 years ago

Re: Finally a Penfed Survey!!!

Anonymous — Fri, 24 Mar 2017 12:46:33 GMT

And for the record 55k isnt a lot comparatively. One of the things I do as a hobby is rehab homes. (If you keep them for 24 months theres no cap gains tax). I bought it for $113k put $80k in and the realtor wants to list it in the $255-$265k range leaving me huge profit and since I only owe $105k on the mortgage ill walk away with $125k cash. Ill pay off the cards, and then start the process all over again. This is the 4th project in 6 years ive done. Ive made at least 50k off all but one lf the projects.

Re: Finally a Penfed Survey!!!

CreditCuriosity — Fri, 24 Mar 2017 19:09:25 GMT

@Anonymous wrote:
And for the record 55k isnt a lot comparatively. One of the things I do as a hobby is rehab homes. (If you keep them for 24 months theres no cap gains tax). I bought it for $113k put $80k in and the realtor wants to list it in the $255-$265k range leaving me huge profit and since I only owe $105k on the mortgage ill walk away with $125k cash. Ill pay off the cards, and then start the process all over again. This is the 4th project in 6 years ive done. Ive made at least 50k off all but one lf the projects.

Flipping houses is good money if you can do it right and on budget and actually sell them and don't run into any issues which can and do happen as I am sure you are aware and whether the housing market softens to rate increases etc.. I certainly don't know the business, but can only speculate at some of the risks. Anyways that is your thing and none of my business. I wish you the best and hopefully you aren't paying a high APR or an APR at all on the 55k+ as obviously that starts to chomp into profilts, but if you are making 50k per flip after all that is taken into account kudo to you.

W/regards to the 0 and 1's on the survery, still don't believe that is right, but to each and their own if you think that will get you the CLI... Which is possibly could. I actually did a survery and gave them in the middle, but certainly not the bottom and was honest on the comments and got a call and got another 25k out of them across two cards.

Re: Finally a Penfed Survey!!!

Anonymous — Sat, 25 Mar 2017 01:33:22 GMT

Few things:

1- I got the call today, and they met me half way! Bumped my line to $20,000 which will capture most of the transfer.

2- god no 55k at an apr would eat into my margin as well as boost those payments a ton. All but 20k is at 0%. Which will now be at 0%.

3- yes, It can be very volitile and while I havent been burned yet, when I look at a deal I look at it from the perspective of "if I have to do a total gut" which is what I mostly do. So if there are suprises they are already factored. But I also give my self a over kill budget of 25%. If I cant turn at least a 50k profit on top of expenses +25% I wont buy. And to be honest ive put bids in on 2-3 dozen properties to land 4. So I do try to stay somewhat conservitive.

4- the reason for the 0's was actually a plethra of things, they double pulled me a few months back and then sent me a letter saying they didnt after I sent them proof. Took 4 months to resolve. Every time I have ever applied for a CLI or app Ive been declined, yet I call in and within 2-3 minutes I get something... its frustrating constantly having to beg...

Re: Finally a Penfed Survey!!!

Anonymous — Mon, 27 Mar 2017 18:56:15 GMT

Oops! Just signed on to my online banking and noticed they opened a second card for me for $20,000 instead of just increasing the credit line to $20,000. Called they made a mistake in communication to me what they approved. There fixing it now and I will have a $30,000 total credit line 👍👍

Re: Finally a Penfed Survey!!!

Aduke1122 — Mon, 27 Mar 2017 22:34:53 GMT

Congrats Sean that's awesome recon

Re: Finally a Penfed Survey!!!

AverageJoesCredit — Tue, 28 Mar 2017 01:20:50 GMT

Sure glad those 0's and 1's came in handy

Re: Finally a Penfed Survey!!!

Anonymous — Tue, 28 Mar 2017 04:12:12 GMT

except, after completing the balance transfer (which I stated was the reason why I applied) I got a call back and a manager said the $30,000 credit line was an error they only meant to approve me for $20,000... I am rather angry at the situation to be honest. the approval was there. I seen my card for several hours at $30,000 and when I completed the balance transfer they call me and say "just kidding"... are you kidding me... They are suppose to be escalating and getting back to me tomorrow morning with what they have decided. When I sell the house I was going to drop the extra $100k with them until I find a new house to flip but after this ill likely just close everything out.

Re: Finally a Penfed Survey!!!

Aduke1122 — Tue, 28 Mar 2017 05:30:56 GMT

Sorry to hear of this mishap I'm sure they will get it sorted out for you though

Re: Finally a Penfed Survey!!!

Blackswizz750 — Tue, 28 Mar 2017 14:38:25 GMT

I would be tired of penned too. You shouldn't have to recon the recon and they still make expensive mistakes lime that. I only dropped a fee thousand in my checking and savings and then deny me. On my survey, they called my home phone while I was at work and play tag games with me. I may dump them at the years end. I believe they only wanted really high end customers and if you don't have 200K with 150 K income they don't care

Re: Finally a Penfed Survey!!!

Aduke1122 — Tue, 28 Mar 2017 18:00:30 GMT

I have heard this from several of our members here and if that is he case I need not even waste my time or HP with them in the future 😣

Re: Finally a Penfed Survey!!!

Anonymous — Tue, 28 Mar 2017 19:52:51 GMT

Got another phone call this morning... "upon further review... we have decided to stick with our initial approval of $30,000" I asked... "are you all sure thats the new limit and is going to stay there"

Re: Finally a Penfed Survey!!!

Aduke1122 — Tue, 28 Mar 2017 21:48:17 GMT

Great see I knew it would work out , sometimes it takes an actual person rather than a computer to look things over

Flawless experience with Pen Fed and the Penfed Survey!!!

Anonymous — Wed, 29 Mar 2017 01:50:50 GMT

Based upon "MY" personal first-hand experiences with Pen Fed

@Aduke1122 wrote:
I have heard this from several of our members here and if that is he case I need not even waste my time or HP with them in the future 😣

Over the course of only seven months I have achieved with only two different Hard Pulls: Two credit cards, two CLIs, the recipient of one survey, and only had to recon once.

Pen Fed is Perfectly Fantastic (twice)

* but then this is only my personal experience.

Re: Finally a Penfed Survey!!!

Aduke1122 — Wed, 29 Mar 2017 04:14:37 GMT

Thanks for the info , do you mind sharing your income Sebastian503

Re: Finally a Penfed Survey!!!

Blackswizz750 — Wed, 29 Mar 2017 15:11:31 GMT

I have two family members who make over 200K and one has a BK. One joined PF in 15 with dirty files and were able to get any card they wanted and get offers for more credit.

Re: Finally a Penfed Survey!!!

Aduke1122 — Wed, 29 Mar 2017 17:09:13 GMT

Wow 😳