topic Re: Urgent PENFED advice needed - Pull the trigger??? in Credit Card Applications

UPDATE!!! Approved - Low SIL: -Urgent PENFED advice needed

Anonymous — Tue, 25 Aug 2020 07:49:33 GMT

***Update to the Update***

Finally- I was approved for the PENFed Cash Rewards card . But the SIL is $1000.

I'm grateful for the approval since I haven't got a lot of cards. But I'm actually inclined to decline this card and apply again in 30-60 days when this application experience has passed and I haven't got such a sour taste in my mouth.

This is the only HP on my EQ report so not to much harm done.

What do you guys think? I'm want to decline the offer.

So it was not a great and seemless experience with my membership application. They asked for a lot of information and took issue with the fact that I couldn't find my SSN card in the meantime I provided them with my US Passport, Drivers License, W-2, Tax 1040 forms, Chase Bank Statement. They didn't believe I was me even though I answered rather directly all their questions . The only challenge I had was not having my SSN card. In the end I found a copy and sent it over though.

***UPDATE*** I applied today 8/19/2020. Called in and got a hp on EQ only. It's Pending Review with a loan officer and I should get a response within 24hrs. 🤞🤞🤞

***

Hey everyone!

I'd like to ride this wave of PENFed approvals that's been happening lately and wanted your take on what you think my approval chances are.

So My EQ 774 , clean, no baddies, no lates, no enquires. I have a thin report just an AMEX $5000sl opened in March /2020, Utlization is at 9%.

There's an aged 2008 SYNC account that's closed but still reports as a positive. It only shows on my EQ.

TU and EX are 674 and 693. Same details as above - plus two enquires and minus the aged SYNC acct.

From my understanding there's a hard pull when a bank account is opened with PENFED anyway...so it might as well be used towards a CC too. Is that right?

I'd appreciate suggestions! Thanks guys

Re: Urgent PENFED advice needed - Pull the trigger???

BmoreBull — Tue, 18 Aug 2020 12:13:34 GMT

I don't think PenFed is doing the hard pull for membership anymore. I didn't receive one when I joined. Of course YMMV

Re: Urgent PENFED advice needed - Pull the trigger???

AverageJoesCredit — Tue, 18 Aug 2020 12:28:20 GMT

dispite all tecent approvals, Penfed can be 50/50 imo but with your Eq being highest its worth a shot to try. Whats 1 hp lol? I still have 9 from them on mine ( with nothing to show haha!)

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 13:03:32 GMT

@BmoreBull wrote:
I don't think PenFed is doing the hard pull for membership anymore. I didn't receive one when I joined. Of course YMMV

Oh! Well that's good to know! There were a couple posts I'd seen on that but couldnt tell.

What does YMMV mean again?? I really need to print out all those abbreviations and keep it by my side at all times. Lol

Thanks for the response!

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 13:07:25 GMT

🤣🤣🤣 and I'm over here being miserly about HPs. 🤦🤦🤦

I've been trying to be disciplined and wait till my Amex hits that 6mth mark...but the temptation! Who knew credit could be so addictive.

Thanks for the response @AverageJoesCredit

Re: Urgent PENFED advice needed - Pull the trigger???

rbentley — Tue, 18 Aug 2020 13:20:35 GMT

@Anonymous wrote:
What does YMMV mean again?? I really need to print out all those abbreviations and keep it by my side at all times. Lol

Thanks for the response!

YMMV = Your Mother Makes Vodka. It is an old complimentary expression from prohibition days, at least that is what AJC told me.

Re: Urgent PENFED advice needed - Pull the trigger???

CreditCuriosity — Tue, 18 Aug 2020 13:27:46 GMT

@Anonymous wrote:
@BmoreBull wrote:
I don't think PenFed is doing the hard pull for membership anymore. I didn't receive one when I joined. Of course YMMV
Oh! Well that's good to know! There were a couple posts I'd seen on that but couldnt tell.

What does YMMV mean again?? I really need to print out all those abbreviations and keep it by my side at all times. Lol

Thanks for the response!

YMMV = Your Mileage May Vary

Re: Urgent PENFED advice needed - Pull the trigger???

Vegasr — Tue, 18 Aug 2020 13:43:34 GMT

Yep its a SP to be member opening up a savings. With Penfed being in a giving mood lately along with your very nice EQ score this could be a really good time to apply for one of their cards. Seems like their Power Cash Rewards is a great choice. Good luck.

Re: Urgent PENFED advice needed - Pull the trigger???

WhiteCollar — Tue, 18 Aug 2020 15:21:48 GMT

Re: Urgent PENFED advice needed - Pull the trigger???

Mnk1 — Tue, 18 Aug 2020 15:55:14 GMT

@Vegasr wrote:
Yep its a SP to be member opening up a savings. With Penfed being in a giving mood lately along with your very nice EQ score this could be a really good time to apply for one of their cards. Seems like their Power Cash Rewards is a great choice. Good luck.

So getting a pre-approval letter from Penfed in the mail without a previous relationship is pretty solidy?

Re: Urgent PENFED advice needed - Pull the trigger???

randomguy1 — Tue, 18 Aug 2020 15:57:05 GMT

I have seen a bunch of marketing for their Power Cash rewards. I receive letters all the time and an email today. They are certainly marketing their card which leads me to believe they are open to applications...

To back what others are saying, there is not a hard pull to open a Penfed Checking\Shares account anymore.

OP, your EQ score looks high. If confident in the rest of your profile, go for it. Be the data point you want to be.

Re: Urgent PENFED advice needed - Pull the trigger???

WhiteCollar — Tue, 18 Aug 2020 15:59:51 GMT

My EQ score was 705 when I was approved about a month ago if that helps.

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 17:50:20 GMT

@Anonymous wrote:
... I'd appreciate suggestions!

Do it. Now.

Re: Urgent PENFED advice needed - Pull the trigger???

SecretAzure — Tue, 18 Aug 2020 18:10:08 GMT

@randomguy1 wrote:
I have seen a bunch of marketing for their Power Cash rewards. I receive letters all the time and an email today. They are certainly marketing their card which leads me to believe they are open to applications...

To back what others are saying, there is not a hard pull to open a Penfed Checking\Shares account anymore.

OP, your EQ score looks high. If confident in the rest of your profile, go for it. Be the data point you want to be.

Yeah I've only gotten 1 (maybe 1 long ago, can't remember) credit card offer from PenFed and I got one for this card last week. I was kind of shocked and didn't know I existed. Didn't seem worth it since I have Chase FU already. I'm enjoying the garden for now...no card has piqued my interest enough to leave since Marvel.

Re: Urgent PENFED advice needed - Pull the trigger???

Vegasr — Tue, 18 Aug 2020 19:14:33 GMT

@Mnk1 wrote:
@Vegasr wrote:
Yep its a SP to be member opening up a savings. With Penfed being in a giving mood lately along with your very nice EQ score this could be a really good time to apply for one of their cards. Seems like their Power Cash Rewards is a great choice. Good luck.
So getting a pre-approval letter from Penfed in the mail without a previous relationship is pretty solidy?

Definitely would depend on one's data points. If the pre-approval has a specific interest rate versus a range it's even a better sign. It's not uncommon to sign up with Penfed, or any credit union, and apply for a cc the same day. Thus a relationship begins.

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 19:20:39 GMT

😱😱😱

Guys I'm so embarrassed.

So I almost did it and then I chickened out and went to hide under my bed!...but couldn't fit. Lol

I'm a PENFED member now... got a savings account and even discussed credit products but when the lady said I needed to send some identity verification documents, I got scared. Lol...I've got no backbone.

Sent the docs.

I'll do it...I'll do it...I'll do it. I just need to find some balls.

I'll do it! Ahhhhhhh! I guess once they verify my docs and stuff I'll just call in and App.

Oh. And no HP so far.

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 19:23:59 GMT

@Vegasr

Yeah, I'm totally thinking the Power Cash Rewards is the way to go too. That's the one.

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 19:25:53 GMT

@Mnk1 wrote:
@Vegasr wrote:
Yep its a SP to be member opening up a savings. With Penfed being in a giving mood lately along with your very nice EQ score this could be a really good time to apply for one of their cards. Seems like their Power Cash Rewards is a great choice. Good luck.
So getting a pre-approval letter from Penfed in the mail without a previous relationship is pretty solidy?

I read somewhere on here that a few people app'd off the mailers and got in with out a relationship. So I guess it works. I just don't know how rare that is.

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 19:27:28 GMT

@randomguy1 wrote:
I have seen a bunch of marketing for their Power Cash rewards. I receive letters all the time and an email today. They are certainly marketing their card which leads me to believe they are open to applications...

To back what others are saying, there is not a hard pull to open a Penfed Checking\Shares account anymore.

OP, your EQ score looks high. If confident in the rest of your profile, go for it. Be the data point you want to be.

"Be the data point you want to be" ...I might have to borrow this for my signature!

The wisdom! 😊.

Re: Urgent PENFED advice needed - Pull the trigger???

Anonymous — Tue, 18 Aug 2020 19:28:17 GMT

@WhiteCollar wrote:
My EQ score was 705 when I was approved about a month ago if that helps.

Oh! This does help actually! And congrats on your Approval!

topic Re: Urgent PENFED advice needed - Pull the trigger??? in Credit Card Applications

*UPDATE!!!* Approved - Low SIL: -Urgent PENFED advice needed

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

Re: Urgent PENFED advice needed - Pull the trigger???

UPDATE!!! Approved - Low SIL: -Urgent PENFED advice needed