topic Re: Penfed Really Pushing That Rewards Card in Credit Cards

Penfed Really Pushing That Rewards Card

jbh — Fri, 19 Sep 2008 07:14:32 GMT

So I talk to a rep when I re-did my ap (from $2500 to $500)

I told her I just wanted the basic visa to show how serious I was from starting from the ground. She said to call back tomorrow to view the results. Well, I logged in just after the call and I see she stated "Switching APP to Rewards Card Due To Customer Request"

WTF?

I wonder if this will affect my approval as it's a 'higher tier' card probably. :/
I told her no need to do that. It's kind of sad to see that from Penfed. Maybe she was being sweet, but to put words in my mouth is a bit unsettling. I never requested that at all. In fact, the entire point was to tell her I didn't need perks at all. I just wanted my foot in the door. We'll see...

Re: Penfed Really Pushing That Rewards Card

smallfry — Fri, 19 Sep 2008 09:47:54 GMT

Its a great rewards card. Probably in the top 3 or 4 of all rewards cards currently available anywhere. Not a vast difference in the APR maybe 2% points. I wish the card was available when I joined but I am not taking a hit for another new account so I won't be applying for it. I would take the card if I were you.

Re: Penfed Really Pushing That Rewards Card

score_building — Fri, 19 Sep 2008 10:13:42 GMT

different issuer same deal: i called cap1 twice in one week to see if a csr could simply confirm if my card was at the max cl (500) i specifically and clearly and repeatedly stated, 'i am not requesting a cli'. this week i received 2 denial letters for a cli. it is so aggravating when a csr completely disregards what you say.

In your case, it sounds like, if you ever wanted a rewards card -this may be THE one to have... in any case, it is not what you requested...i hope there's a silver lining for you on this, but understand your frustration with how your request was handled or somewhat mishandled. sorry to be vaguely ot but i think the csr ignoring what you say is a global problem that i hope is somehow being addressed by cc issuer's. for heavan's sake, do i have to start recording every convo, just in case?

Message Edited by score_building on 09-19-2008 03:13 AM

Re: Penfed Really Pushing That Rewards Card

jmbfl — Fri, 19 Sep 2008 14:24:45 GMT

They like you, the card is great, BE HAPPY!

Re: Penfed Really Pushing That Rewards Card

jbh — Fri, 19 Sep 2008 14:34:10 GMT

I'm NOT approved yet. The concern is that they view an app differently from a starter visa to their best card. I'd hate another denial/tease. If I get it, cartwheels for sure. IF not, it's just irritating as it's based on false pretenses.

Re: Penfed Really Pushing That Rewards Card

score_building — Fri, 19 Sep 2008 15:54:56 GMT

jbh wrote:
I'm NOT approved yet. The concern is that they view an app differently from a starter visa to their best card. I'd hate another denial/tease. If I get it, cartwheels for sure. IF not, it's just irritating as it's based on false pretenses.

this worked for me with SimmonsFirst, maybe you could give it a try if you haven't already: contact them and summarize what happened. ask if they would please review you for the standard card (under the same inq.) if you don't qualify for the rewards card, as a courtesy -based on what transpired with your initial request.

Re: Penfed Really Pushing That Rewards Card

jbh — Fri, 19 Sep 2008 15:57:09 GMT

Bingo. Will do that. The CSR (who WAS sweet, don't get me wrong) mentioned I should call this afternoon. I will wait a few hours as to not make a pest of myself. I guess what concerned me is I didn't want my apps to reek of "Oh, I deserve the best" when my message was "I'll start at the bottom, gladly. Would you like tea with your biscuits? Is there anything *I* can do for *you*? "

Re: Penfed Really Pushing That Rewards Card

score_building — Fri, 19 Sep 2008 16:21:08 GMT

LOL, i so hear you!! GL!

Re: Penfed Really Pushing That Rewards Card

jbh — Fri, 19 Sep 2008 16:36:07 GMT

Ok, was denied but the lady (loan officer) stated it was due to the CA (one and only). It will fall off may 09 but she, believe it or not said, "Do what you can to remove it"

So once that clears I know I should be fine. I can wait...now it's a matter of seeing if Aliant (still waiting to hear from them) and PartnersFirst give me a shot.

Anyway, a word of warning, do NOT enter PenFed with a collection!

Re: Penfed Really Pushing That Rewards Card

athensguy — Fri, 19 Sep 2008 20:47:56 GMT

smallfry, you might be able to ask them to switch the card type for you.

Re: Penfed Really Pushing That Rewards Card

smallfry — Fri, 19 Sep 2008 21:19:00 GMT

@athensguy wrote:
smallfry, you might be able to ask them to switch the card type for you.

Not from what I am hearing. They will switch the card but I will lose the history from May 2007 and I'll take a new account hit as well. My average age is not good at all so I think I have to stand pat here.

Re: Penfed Really Pushing That Rewards Card

jmbfl — Fri, 19 Sep 2008 21:46:00 GMT

jbh wrote:
Ok, was denied but the lady (loan officer) stated it was due to the CA (one and only). It will fall off may 09 but she, believe it or not said, "Do what you can to remove it"

I thought I cautioned you in another thread about app'ing PedFed with an unresolved baddie. Most issuers and PenFed in particular do not like unresolved baddies.

Re: Penfed Really Pushing That Rewards Card

jmbfl — Fri, 19 Sep 2008 21:51:35 GMT

@smallfry wrote:

@athensguy wrote:
smallfry, you might be able to ask them to switch the card type for you.

Not from what I am hearing. They will switch the card but I will lose the history from May 2007 and I'll take a new account hit as well. My average age is not good at all so I think I have to stand pat here.

Really? If that's the case I would ask them for a PCR card and keep the other one too. There are a lot of people out there who have both. I have condidered getting the non-rewards card for the lower APR in case I need to carry a balance for some reason. Right now I have 0% intro rate with Discover and BofA, but I might consider it next year. I am done app'ing for the time being.

Re: Penfed Really Pushing That Rewards Card

smallfry — Fri, 19 Sep 2008 22:43:02 GMT

@jmbfl wrote:

@smallfry wrote:

@athensguy wrote:
smallfry, you might be able to ask them to switch the card type for you.

Not from what I am hearing. They will switch the card but I will lose the history from May 2007 and I'll take a new account hit as well. My average age is not good at all so I think I have to stand pat here.

Really? If that's the case I would ask them for a PCR card and keep the other one too. There are a lot of people out there who have both. I have condidered getting the non-rewards card for the lower APR in case I need to carry a balance for some reason. Right now I have 0% intro rate with Discover and BofA, but I might consider it next year. I am done app'ing for the time being.

If I ever need to revolve a balance it means I'm out of work. Worst case I can revolve on my Navy Fed card. Much as I would like the Penfed Rewards card it just doesn't make sense in my circumstances. I would hate getting a 10K card or something in that range and get AA from another creditor for opening a new account. My reports are still digesting a new account from August and one from May.

Re: Penfed Really Pushing That Rewards Card

Anonymous — Sun, 21 Sep 2008 02:40:16 GMT

@smallfry wrote:

@athensguy wrote:
smallfry, you might be able to ask them to switch the card type for you.

Not from what I am hearing. They will switch the card but I will lose the history from May 2007 and I'll take a new account hit as well. My average age is not good at all so I think I have to stand pat here.

PenFed has a conversion form on their website... the age of your account will transfer to the new card.

Re: Penfed Really Pushing That Rewards Card

jmbfl — Sun, 21 Sep 2008 07:59:30 GMT

smallfry -

You are way too paranoid of AA from your lenders. I got a $10K CL from PenFed and Discover turned around and gave me $8.1K more. If you tend your accounts properly you have nothing to fear. In all seriousness I am starting to get a little tired of the Chicken Little "The sky is falling routine". It's going to be the same old same old. If you are in the bottom 20% you are going to get shafted. (But then again you already were - they'll just find a few more ways to do it.) If your in the top 80% the issuers may actually become MORE GENEROUS! Please remember that these business entities have income to be made and they have to make it somewhere. If they go willy nilly AA'ing everybody they won't have anybody left to make them money.

I'm not worried!

Re: Penfed Really Pushing That Rewards Card

TangMeister — Sun, 21 Sep 2008 21:13:27 GMT

@jmbfl wrote:
smallfry -

You are way too paranoid of AA from your lenders. I got a $10K CL from PenFed and Discover turned around and gave me $8.1K more. If you tend your accounts properly you have nothing to fear. In all seriousness I am starting to get a little tired of the Chicken Little "The sky is falling routine". It's going to be the same old same old. If you are in the bottom 20% you are going to get shafted. (But then again you already were - they'll just find a few more ways to do it.) If your in the top 80% the issuers may actually become MORE GENEROUS! Please remember that these business entities have income to be made and they have to make it somewhere. If they go willy nilly AA'ing everybody they won't have anybody left to make them money.

I'm not worried!

++1. I know we hear of exceptions and I'm sure they exist, but by and large, this is the case. They're target AA'ing accounts with specific characteristics. Never be afraid to go for a new line of credit...especially a generous one! I cranked up the apps recently, taking a few hard inqs for new checking/share accounts and a couple CCs, and since then, I'm still getting auto-CLIs from my other CCCs, and no AA from anyone...quite the opposite, actually. If you treat them right, they're gonna continue to give you some luv.