topic Re: PenFed conditional approval in Credit Card Applications

PenFed conditional approval

Anonymous — Fri, 11 Jun 2021 18:43:19 GMT

I got a letter in the mail saying that I was pre-approved for a PenFed Gold Visa. I read that they check Equifax, which is my strongest score. (My last Equifax VantageScore was 699. I know they don't use VantageScore but that is the only score I can see). I have no inquiries on Equifax in the last 12 months. Anyways, I applied online with the access code, exaggerated my income slightly, clicked submit ... drumroll ... I was hoping for an instant approval, but I got a response saying: "Your application is approved provided you satisfy some additional conditions. The additional conditions and next steps will be provided to you safely and securely through your preferred communication method (email or mail)." I was expecting to see an email, since that was my preferred communication method, but nothing yet. So it says I was approved, but this feels like a denial to me because I was expecting an instant decision. I will give an update when I find out what they want.

Re: PenFed conditional approval

Jnbmom — Fri, 11 Jun 2021 18:51:18 GMT

@Anonymous

It may be just for verification or it may be they want POI and if you "exaggerated " your income you may have a problem .

Re: PenFed conditional approval

pc01user — Wed, 16 Jun 2021 04:03:07 GMT

@Anonymous That happened to me but the next day I logged in

and I was approved.

Re: PenFed conditional approval

AverageJoesCredit — Wed, 16 Jun 2021 04:21:35 GMT

@Anonymous wrote:
I got a letter in the mail saying that I was pre-approved for a PenFed Gold Visa. I read that they check Equifax, which is my strongest score. (My last Equifax VantageScore was 699. I know they don't use VantageScore but that is the only score I can see). I have no inquiries on Equifax in the last 12 months. Anyways, I applied online with the access code, exaggerated my income slightly, clicked submit ... drumroll ... I was hoping for an instant approval, but I got a response saying: "Your application is approved provided you satisfy some additional conditions. The additional conditions and next steps will be provided to you safely and securely through your preferred communication method (email or mail)." I was expecting to see an email, since that was my preferred communication method, but nothing yet. So it says I was approved, but this feels like a denial to me because I was expecting an instant decision. I will give an update when I find out what they want.

When it comes to Credit Unions, i wouldnt exaggerate your income because CUs are more likely to ask for POI than a bank and they will deny based on insufficient income.

Re: PenFed conditional approval

babygirl1256 — Wed, 16 Jun 2021 04:41:19 GMT

Greetings denverguy67 ~ I have read several posts where forum members have stated that their annual income was $30k and sometimes less, yet they were approved for major credit cards. I think honesty is the best policy and “exaggerating your income slightly” could create problems if the creditor asked for proof of income. You probably would have met the income qualifications without the slight exaggeration . . . Wishing you the best outcome.

Re: PenFed conditional approval

AverageJoesCredit — Wed, 16 Jun 2021 04:48:21 GMT

@babygirl1256 wrote:
Greetings denverguy67 ~ I have read several posts where forum members have stated that their annual income was $30k and sometimes less, yet they were approved for major credit cards. I think honesty is the best policy and “exaggerating your income slightly” could create problems if the creditor asked for proof of income. You probably would have met the income qualifications without the slight exaggeration . . . Wishing you the best outcome.

Lol, im from the less crowd and ive done ok...more than $250k in credit at one point useless when you cant spend but fun to say i achieved

Re: PenFed conditional approval

Anonymous — Wed, 16 Jun 2021 15:41:20 GMT

You may have an issue if you exagerated your income. I applied for the Pathfinder card and got the same "Conditional Approval" and what they requested from me is POI. In my case it wasnt a big deal because I gave them my actual income. Took almost a week after I submitted docs to get final approval.

@Anonymous wrote:
I got a letter in the mail saying that I was pre-approved for a PenFed Gold Visa. I read that they check Equifax, which is my strongest score. (My last Equifax VantageScore was 699. I know they don't use VantageScore but that is the only score I can see). I have no inquiries on Equifax in the last 12 months. Anyways, I applied online with the access code, exaggerated my income slightly, clicked submit ... drumroll ... I was hoping for an instant approval, but I got a response saying: "Your application is approved provided you satisfy some additional conditions. The additional conditions and next steps will be provided to you safely and securely through your preferred communication method (email or mail)." I was expecting to see an email, since that was my preferred communication method, but nothing yet. So it says I was approved, but this feels like a denial to me because I was expecting an instant decision. I will give an update when I find out what they want.

Good luck and I hope they only need to verify your identity.

Re: PenFed conditional approval

fatcomic — Wed, 16 Jun 2021 15:43:15 GMT

define "slightly"