topic Re: penfed in Credit Cards

penfed

Anonymous — Tue, 04 Nov 2008 03:36:50 GMT

last time i applied for penfed theydeied me in 2 hours.

its been over 24 hours this time .

what are your experiences

Re: penfed

Anonymous — Tue, 04 Nov 2008 03:38:26 GMT

It took 2 days to deny me-but good luck! Maybe you will get it this time.

Re: penfed

score_building — Tue, 04 Nov 2008 03:42:46 GMT

do you mean for membership or products?

Re: penfed

Anonymous — Tue, 04 Nov 2008 03:44:37 GMT

for a visa classic . requested 1000.00

Re: penfed

score_building — Tue, 04 Nov 2008 03:47:42 GMT

i was denied in 36 hours. hope you get it this time!

Re: penfed

wmarat — Tue, 04 Nov 2008 03:50:04 GMT

My approval took 36 hrs.

GOOD lUCK.

Re: penfed

NowIcare — Tue, 04 Nov 2008 04:55:33 GMT

when I applied last week on Thursday 3pm they gave me an answer the next day by lunch time. Keep checking the application status page.

Re: penfed

jmbfl — Tue, 04 Nov 2008 08:56:26 GMT

It took me >24 and <48 hours to be approved. Be patient and keep checking the app status page. If the decision is negative be sure to call and discuss the matter with a CSR and seriously consider recon.

Re: penfed

Anonymous — Wed, 05 Nov 2008 03:15:56 GMT

Has PENFED requested PROOF OF INCOME for you guys for a credit card approval?

Re: penfed

haulingthescoreup — Wed, 05 Nov 2008 03:24:36 GMT

They do for most people, but I told them that I was a VA employee, and gave them my grade and step, and they approved then and there. A bit spooky, because I assume that they verified this somewhere.

Re: penfed

NowIcare — Wed, 05 Nov 2008 05:17:11 GMT

@Anonymous wrote:
Has PENFED requested PROOF OF INCOME for you guys for a credit card approval?

They did for me. I was asked to fax 2 most recent pay stubs and about 1HR later got the approval.

Re: penfed

Anonymous — Wed, 05 Nov 2008 05:23:14 GMT

no luck for me diened today

Re: penfed

NowIcare — Wed, 05 Nov 2008 05:32:59 GMT

What were the reasons for the decline? I actually applied last thursday on friday got the approval now im waiting for the card to arrive. I actually was a bit dissapointed I had asked for a 10000 CL but they countered with 3500 but im sure they will grow with me.

Re: penfed

Anonymous — Wed, 05 Nov 2008 05:40:08 GMT

low income 60k short history 6 months pryramiding debt ???? i owe 881.00

Re: penfed

jmbfl — Wed, 05 Nov 2008 06:06:21 GMT

They didn't ask me for anything. My SO was instantly approved for $10K plus a car loan she didn't ask for and wasn't asked for anything either.

Pyramiding debt is a strange concept. Do you have recent new accounts and/or inquiries?

Re: penfed

Anonymous — Wed, 05 Nov 2008 06:09:01 GMT

3 inq 3 accounts opened since may 08

Re: penfed

jmbfl — Wed, 05 Nov 2008 07:32:11 GMT

@Anonymous wrote:
3 inq 3 accounts opened since may 08

An absolute no no with PenFed. Minimal inquiries and no new accounts for at least six months or more before app'ing PenFed. This is why you got the pyramiding credit comment, which I assure you is the major reason the denied you. Wait six months and try it again. If the economy hasn't completely gone to hell in a handbasket you will probably get it.

Re: penfed

Anonymous — Wed, 05 Nov 2008 07:48:03 GMT

yes they are all the accts i have period . ppplus 1800 orchard 400 macys 400

Re: penfed

jmbfl — Wed, 05 Nov 2008 12:55:44 GMT

@Anonymous wrote:
yes they are all the accts i have period . ppplus 1800 orchard 400 macys 400

Well that explains the short credit history comment as well. I would give their CS a call and find out what you should do to improve your chances and when you whould reapply. I have heard of PenFed declining to offer even a secured card to applicants with a short credit history.

Consider accumulating some money in your share account. I use PenFed as a regular bank - I have savings (share), checking w/ATM card and MM accounts. I did this after I was issued a card looking to build a larger relationship in the future. It won't hurt you to do the same now.

It is most important that you call. Let us know what they tell you. Good luck!

Re: penfed

Anonymous — Wed, 05 Nov 2008 13:19:13 GMT

they sent a email about a iniator card. do you know anytking about it