topic Re: Penfed app reviewed by loan officer in Credit Card Applications

Penfed app reviewed by loan officer

tbea1004 — Tue, 25 Sep 2018 21:50:43 GMT

I applied for Penfed Power Cash Rewards Visa card yesterday morning and I got the message saying that it will be reviewed by a loan officer. I have not got any email or message yet. They pulled EQ yesterday and my score was 669. I had 1 charge off from 2013. Do I have a good chance of approval? Should I call or just wait for a message from them?

Re: Penfed app reviewed by loan officer

FinStar — Tue, 25 Sep 2018 21:58:11 GMT

You can check the status of the application online which should display where it is in the process. Some applications take a few days to review by their loan officers.

Re: Penfed app reviewed by loan officer

Anonymous — Wed, 26 Sep 2018 03:01:34 GMT

Calling Pefed has always worked for me.
They are great to talk to.
30k cc
8k cc
40k car
10k car loan
40k car (closed)
15k heloc

All with a 680 score at the time, bk13 was present, but a year past discharge.

Re: Penfed app reviewed by loan officer

Anonymous — Wed, 26 Sep 2018 03:02:59 GMT

And if it is denied... fill out the questionnaire you will receive in email. They are personally reviewed by managers at branches.

Re: Penfed app reviewed by loan officer

MrDFinance — Wed, 26 Sep 2018 04:24:13 GMT

Both my penfed apps needed to be reviewed by loan officer and even had to verify my income for the first card.... I'm hearing that's a normal process for them .... They do a fair amount of manual reviews for their applications unlike other issuers

Re: Penfed app reviewed by loan officer

hawkins — Wed, 26 Sep 2018 05:46:30 GMT

I cannot disagree with any of the other posts except to say that in regards to the survey it is only sometimes that you get it. I got one when I was approved already which was kind of wierd but I have read about many people on this forum that never got any survey to fill out. So keep that in mind. Also I probably would call as soon as possible to be proactive with you app. The CSRs are fantastic at PenFed and will generally work very hard to get your app reviewed by a loan officer and a decision made. Ask for reconsideration if they do decline it. PenFed is great so I wish you the best of luck with them.

Re: Penfed app reviewed by loan officer

Anonymous — Wed, 26 Sep 2018 15:59:57 GMT

If they're doing a manual review there's a good chance you're approved.

I joined PenFed a little over a week ago and app'd for a Power Cash Rewards card a few days later. It went to manual review and took 3 days to complete but I came out with a $9k SL.

Re: Penfed app reviewed by loan officer

FinStar — Wed, 26 Sep 2018 16:32:44 GMT

@Anonymous wrote:
If they're doing a manual review there's a good chance you're approved.

I joined PenFed a little over a week ago and app'd for a Power Cash Rewards card a few days later. It went to manual review and took 3 days to complete but I came out with a $9k SL.

Just to clarify, manual review doesn't always result in an approval outcome. Typically, that is just the pipeline for any pending applications that may require judgemental or secondary reviews. We've often seen that even the latter can result in a declined application. As with anything, not just PenFed, individual outcomes will vary.

Re: Penfed app reviewed by loan officer

AverageJoesCredit — Wed, 26 Sep 2018 17:16:05 GMT

Plus 1 Finstar, manual review doesnt guarantee anything.