topic Re: Pen Fed App ...Why so much work? in Credit Card Applications

Pen Fed App ...Why so much work?

Anonymous — Wed, 21 Mar 2018 21:07:34 GMT

I tried to apply for the Pen Fed Card that gives you 5 points back on gas. I got a 14 day message and phone number to call with questions. I called and the rep asked for 2 yearts tax returns, pay stubs, copy of id and forgot the rest of the list. It seemed like a lot of work just to add another card. This is my first app with a credit union...is this the norm. I hung up on her and did an app for a delta amex and approved for 25K. To me its not worth my time to go through all that work just for credit card. I am very carefull where and how I send my personal info these days.

I have a 25 year credit history, 10 + cards between 10k and 65K in credit limits. As of this morning my scores on all 3 credit bureas are over 800.

Re: Pen Fed App ...Why so much work?

Anonymous — Wed, 21 Mar 2018 22:02:54 GMT

Well generally for CUs, including Penfed, you have to be a member to get a CC so you have to apply for membership. Personally I became a Penfed member and opened the Pathfinder CC in the same phone call in late January. Little to no hassle, I was approved for both in the same phone call.

Re: Pen Fed App ...Why so much work?

AverageJoesCredit — Thu, 22 Mar 2018 01:02:58 GMT

Penfed must have seen something that spooked them considering your credit profile, i find that interesting.. Hanging up on someone just doing their job isnt nice or called for. A simple thank you for your time id like to withdraw my application would suffice.

Re: Pen Fed App ...Why so much work?

Anonymous — Thu, 22 Mar 2018 16:57:13 GMT

I didnt just slam the phone down on the rep. I thanked her for her time and said no thank you , not today. I have very high credit lines of 50K+ and maybe thats what spoked them.

Re: Pen Fed App ...Why so much work?

Appleman — Thu, 22 Mar 2018 19:39:41 GMT

Are you self employed?

That can be an issue that some credit unions have not fully squared away. It seems if you are employed with a good profile, no issues.

PenFed has also had a lot of expansion over the past few years and they may be doing a bit more homework.

Even once you are in with PenFed it can take over 6 months before they give you easy access to your checking funds and transfers (meaning they place limits at first).

Re: Pen Fed App ...Why so much work?

Anonymous — Thu, 22 Mar 2018 19:50:41 GMT

I had no trouble joining a year ago, and was approved for 2 CCs the same day I joined; all done online. PenFed has never asked for anything and have been great to work with so far.

As stated, maybe there was some other issue if self-employed or some other reason. I have noticed that some credit unions do ask for more than an 'ordinary' bank might, but the four that I am a part of have never requested any type of POI or other information from me

Re: Pen Fed App ...Why so much work?

Anonymous — Thu, 22 Mar 2018 21:51:59 GMT

Yes, Self employed for the last 35 years.

Re: Pen Fed App ...Why so much work?

Anonymous — Fri, 23 Mar 2018 05:47:36 GMT

I would have done the same thing.

There are plenty of other lenders (including credit unions) that won't make you survive the Hunger Games just to get a credit card; not to mention that since it seems your only goal with them was to get a credit card, PenFed doesn't offer anything unique in regards to credit cards that you couldn't get elsewhere.

If your goal was a auto loan or you were planning on buying a house soon then that would be different; however I would still say there are easier credit unions to apply with for that regardless of how popular PenFed is around here. Enjoy your behemoth of a CL AMEX

@Anonymouswrote:
I tried to apply for the Pen Fed Card that gives you 5 points back on gas. I got a 14 day message and phone number to call with questions. I called and the rep asked for 2 yearts tax returns, pay stubs, copy of id and forgot the rest of the list. It seemed like a lot of work just to add another card. This is my first app with a credit union...is this the norm. I hung up on her and did an app for a delta amex and approved for 25K. To me its not worth my time to go through all that work just for credit card. I am very carefull where and how I send my personal info these days.

I have a 25 year credit history, 10 + cards between 10k and 65K in credit limits. As of this morning my scores on all 3 credit bureas are over 800.

I