topic Re: Penfed Power Cash Rewards Signature Approval Process in Credit Card Applications

Penfed Power Cash Rewards Signature Approval Process

Anonymous — Tue, 30 Mar 2021 01:23:20 GMT

Hi all, i received a pre-approval letter for Penfed Power Cash Rewards Signature card. I applied online as i am a member already. My EQ score is 765. I know they pulled EQ as i got the inquiry alert, i did not get from other two bureaus. I was expecting a decision online, but surprisingly it said underwriter will review the application. Currently it is in review stage. Is this normal? or is this a sign of rejection? Has anyone got instant approval decision?

Thank you for reading my post and answering!!!

Re: Penfed Power Cash Rewards Signature Approval Process

FinStar — Tue, 30 Mar 2021 02:02:26 GMT

Not all applications end up as immediate or on-the-spot approvals. A variety of them, depending on what's on the application, may require additional UW review. This is fairly normal and you can periodically check the status online. I wouldn't recommend calling unless it's necessary given any unexpected long hold times.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Tue, 30 Mar 2021 02:05:21 GMT

Eh, they just might want to have a second look by a human to see if you qualify. Could have just been flagged for manual review since sometimes they may not fully trust their own automated system. Should hopefully end up with an acceptance, but you'll have to see.

Re: Penfed Power Cash Rewards Signature Approval Process

M_Smart007 — Tue, 30 Mar 2021 02:14:43 GMT

"pre-approval letter for Penfed Power Cash Rewards Signature card"

Usually pretty solid. Give them time as FinStar stated.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Tue, 30 Mar 2021 02:34:16 GMT

Thank you. Not calling them is a great suggestion as i understand it can show desperation.

Re: Penfed Power Cash Rewards Signature Approval Process

FinStar — Tue, 30 Mar 2021 03:07:57 GMT

@Anonymous wrote:
Thank you. Not calling them is a great suggestion as i understand it can show desperation.

If you don't see any update/movement in a day or so, calling them isn't a bad thing. This way you can expedite the process a bit. It just depends on whether the hold times may be longer than usual and if you're willing to wait that long.

Re: Penfed Power Cash Rewards Signature Approval Process

DebtStinks — Tue, 30 Mar 2021 18:36:35 GMT

Both of my PenFed applications in the past have gone to manual review. It's recommended you wait at least 48 hours after application before calling, but if you wait at least 24 hours and get on the phone with a rep who cares about your app, they'll place you on hold while contacting the underwriting department themselves to finalize the review of your application.

I know that a previous post says calling in shows "desperation" and while that may be the case, I called in right at the 24 hour mark and received approval for my current PCR card with a 35k credit line...not to mention that I also have a blemished profile with a BK from August 2017.

All that to say, as long as DTI, etc are well in line and don't have much in the way of recently opened credit cards or a ton of other high credit line cards with a relatively low income in relation...then I wouldn't worry and you should have a decent approval any time now.

Best of luck!

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Tue, 30 Mar 2021 19:59:58 GMT

I applied only after being with them a week or 2.. was approved instantly for $3500 for the PCR.. wasn't the limit i was looking for but it was a feet in the door. they just pulled EQ only hard pull.

keep us posted.

Re: Penfed Power Cash Rewards Signature Approval Process

Horseshoez — Tue, 30 Mar 2021 20:05:11 GMT

@Anonymous wrote:
Hi all, i received a pre-approval letter for Penfed Power Cash Rewards Signature card. I applied online as i am a member already. My EQ score is 765. I know they pulled EQ as i got the inquiry alert, i did not get from other two bureaus. I was expecting a decision online, but surprisingly it said underwriter will review the application. Currently it is in review stage. Is this normal? or is this a sign of rejection? Has anyone got instant approval decision?

Thank you for reading my post and answering!!!

My scores are significantly below yours and I got an instant approval for their Platinum Rewards card. Quite honestly I was surprised.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Tue, 30 Mar 2021 21:52:23 GMT

@Anonymous wrote:
Hi all, i received a pre-approval letter for Penfed Power Cash Rewards Signature card. I applied online as i am a member already. My EQ score is 765. I know they pulled EQ as i got the inquiry alert, i did not get from other two bureaus. I was expecting a decision online, but surprisingly it said underwriter will review the application. Currently it is in review stage. Is this normal? or is this a sign of rejection? Has anyone got instant approval decision?

Thank you for reading my post and answering!!!

My first card with them went pending for two days got an email for the approval. Second one was instantly approved.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Wed, 31 Mar 2021 23:25:12 GMT

Thanks guys. Today I got an email asking for my DL, ssn, utility bill. It also said tentatively approved and asked me to upload the documents. I uploaded them and waiting for the decision. Is this a good sign?

Re: Penfed Power Cash Rewards Signature Approval Process

FinStar — Wed, 31 Mar 2021 23:32:51 GMT

@Anonymous wrote:
Thanks guys. Today I got an email asking for my DL, ssn, utility bill. It also said tentatively approved and asked me to upload the documents. I uploaded them and waiting for the decision. Is this a good sign?

If the approval is contingent on the requested documents + verification, it is a good sign.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Thu, 01 Apr 2021 02:20:42 GMT

WOW.. never heard about this before.. definitely keep me posted.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Thu, 01 Apr 2021 02:23:12 GMT

@Anonymous thanks for the response. you mean, they have not asked for these docs from anyone?

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Thu, 01 Apr 2021 02:25:11 GMT

Yes.. i never heard of anyone having to deal with this situation.. it's like you verifying your identity.. i heard of them asking for POI..

Re: Penfed Power Cash Rewards Signature Approval Process

coldfusion — Thu, 01 Apr 2021 03:01:04 GMT

@Anonymous wrote:
Yes.. i never heard of anyone having to deal with this situation.. it's like you verifying your identity.. i heard of them asking for POI..

The request is typical for what jus about any CU will ask for to confirm ID and current address; picture a senario if the OP were named John Smith and lived in a large city. They just want to be doubly sure that they are dealing with the right person, and as @FinStar pointed out above it's a good sign that approval is forthcoming as long as the info requested is provided and checks out.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Fri, 02 Apr 2021 02:00:46 GMT

Thank you all. Finally got approved for 15,000 Credit Limit!!! This is my highest approved credit line so far.

Like i said earlier i was asked for DL, SSN, utility bill. Their document upload process is not that solid. So looks like they did not receive the documents properly when i uploaded first. After calling them, i was told "We got your ssn, can you upload utility bill again", then i uploaded utility bill again and then called them. This time they said, "We dont have your DL, can you upload again". Then uploaded DL again and then called them. While i was on the call this third time, got the email saying "Congratulations, you have been approved".

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Fri, 02 Apr 2021 02:10:06 GMT

That's a lot for this information i was waiting on you.. Congratulations.. my turn next april 8th i'm going for everything.. CLI for my PCR and Pathfinder. Maybe personal loan as well. BTW today they just updated my score equifax 9 from penfed.

Re: Penfed Power Cash Rewards Signature Approval Process

Anonymous — Fri, 02 Apr 2021 02:16:09 GMT

No problem. All the best for CLI approval.. Do they do auto CLI or is it a hard inquiry based on our request?

Re: Penfed Power Cash Rewards Signature Approval Process

Remedios — Fri, 02 Apr 2021 02:20:38 GMT

Congratulations on your approval.

Feel free to start an approval thread if you wish to do so.