topic Re: Just App'ed PENFED for $25K : PenFed Countered $10K in Credit Cards

Just App'ed PENFED for $25K : PenFed Countered $10K

Anonymous — Sat, 28 Mar 2009 01:17:41 GMT

Well, after reading all the posts, I decided that I would go for PenFed. I just completed my app and it is now pending.

So, let's take some guesses at what my chances are:

App'ed for Platinum Visa Travel Reward, $25K

Income: $137,200

EQ: 808 (No Inquiries past 2 years)
TU: 803 (1 Inquiry past year)

Currently Highest Limit Card: BofA $10K

So, let's take some bets!

FINAL RESULTS: PenFed Counter Offered $10K. I think the fact that an inquiry from Alliant CU hit the day before PenFed pulled CR probably reduced my limit some. Maybe they would have gone more if I had zero Inquiries with my app.

HAS ANYONE been approved on app for more than $10k initially with PenFed? If so, what was your specs on CR and FICO?

Message Edited by txjohn on 03-27-2009 06:17 PM

Re: Just App'ed PENFED for $25K

Creditaddict — Wed, 25 Mar 2009 01:18:42 GMT

sounds good to me

Re: Just App'ed PENFED for $25K

score_building — Wed, 25 Mar 2009 01:34:26 GMT

sound like shoe in if age is ok and not 'egyptian'

may've been an auto if under 25k was requested is my guess

GL!

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 01:56:55 GMT

Wow TX, your scores are great. If PenFed declines you, I'd be surprised.

Re: Just App'ed PENFED for $25K

Schoolbuskid — Wed, 25 Mar 2009 01:59:45 GMT

You got that easily! Be sure to let us know!

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 03:08:05 GMT

Good luck and best wishes. You will be fine score wise but with that much they WILL ask for a income verification. I recently did 10k and good scores, I got approved instantly but they DID ask for income verification. I had no problem proving it, money is not an issue but they did ask just the same. Good luck and let me know for my own knowledge how it goes please. Thanks.

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 03:15:44 GMT

What did they want for verification? Paystubs, statements, tax returns?

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 03:40:59 GMT

@Anonymous wrote:
What did they want for verification? Paystubs, statements, tax returns?

Well they said last two pay stubs or last tax return or if self employed last two years or financial statement (which didn't make sense to me, I am assuming they meant payroll). I just sent them last two pay stubs for my wife which later I was told since she is not on the card and we don't take household income, just yours, it was not used, my last year tax return which even though included my wife, has my own income on there, so that counted. That was sufficient, although I felt was a bit overkill. Do you want me to past the exact message they sent asking for the information?

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 10:35:48 GMT

Sure, if you have it, please post it.

Did you have to mail the items or did they allow faxing? How long did the whole process take?

Message Edited by txjohn on 03-25-2009 03:35 AM

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 19:26:29 GMT

From: Loan Response [mailto:LOANRESP@Eugene.PenFed.org]
Sent: Saturday, February 28, 2009 9:35 AM
To: xxx
Subject: Loan Response Application #######

Application Number: #######

Dear Member,

Congratulations! We are pleased to inform you that your request has been approved. However, before the loan proceeds can be sent to you, Pentagon Federal must receive the following:

WITH SATISFACTORY VERIFICATION OF INCOME

You may fax the information requested to us at 1-800-278-2212 or mail it to us at PO Box 70046 Eugene, OR 97401. To help us serve you better, please include your application number on any documents you fax. If you have any questions regarding your application for credit or the necessary information needed to receive our loan proceeds, please reply to this email message or contact us at 1-800-247-5626. If you have already provided this information please disregard this message.

Your loan approval is good for 90 days from date of approval.

Please note: The rate on the loan will be the rate that is effective at the time the loan is disbursed and this may be different from the rate in effect at the time of application submission.

Thank you for choosing Pentagon Federal. We hope that we can help you with all your financial needs.

Sincerely,

Pentagon Federal Credit Union
Eugene Loan Processing

They told me that you can fax it, send it as TIFF or PDF, or even mail it if you wanted. I just made a PDF and attached it and they said it would be forwarded to the "loan officer" for processing and 2 days later, it was done.

Re: Just App'ed PENFED for $25K

Anonymous — Wed, 25 Mar 2009 22:23:47 GMT

Thanks!

Re: Just App'ed PENFED for $25K

Anonymous — Thu, 26 Mar 2009 00:01:33 GMT

Whoops. My EQ file was "locked" when I app'ed, so I got a "comment" back stating to either provide a pin or notify EQ to unblock.

I had all ready done so, called PenFed, they notified loan officer who said they would try to get decision in 24 hours, but are busy and could take up to 3 days.

We'll see....gee I hope it takes 3 days

Re: Just App'ed PENFED for $25K

Anonymous — Thu, 26 Mar 2009 00:07:55 GMT

@Anonymous wrote:
Whoops. My EQ file was "locked" when I app'ed, so I got a "comment" back stating to either provide a pin or notify EQ to unblock.

I had all ready done so, called PenFed, they notified loan officer who said they would try to get decision in 24 hours, but are busy and could take up to 3 days.

We'll see....gee I hope it takes 3 days

You are welcome and yeah that's probably why you didn't get an instant decision but it will take a few days and they will clear it up but remember that from the day I asked, got approved until I got my card (3 days ago) it been nearly a month. So they are not that 'quick' if you will but they will get it done.

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 19:25:57 GMT

Okay, the status on my application is still pending, but COMMENTS now say:

COMMENTS: EMPLOYMENT VERIFICATION
NEED LAST 2 PAYSTUBS FOR VERIFICATION OF INCOME

Hopefully this means that I am approved pending income verification, otherwise if they didn't like the application I wouldn't think they would waste time asking for pay stubs.

Anyone think my theory holds water?

So, I faxed in my paystubs a little bit ago and we'll see what they say. Anyone know how long from request of income verification till they usually make final decision?

Guardian - I didn't get an email like you did....the comments in my application status on penfed.org is the only place I found the request....and they asked specifically for 2 pay stubs.

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 20:14:48 GMT

Interesting, I think if you can provide that information and they consider it sufficient, then they will approve and send it out to you. THis means that is tentatively approved but awaiting final "underwriting" if you will.

I am surprised that I got that email and you didn't, only got it online huh? Weird. Let me ask you this, did you talk to someone when you applied or was it all online? Trying to see if there is a difference in how we did it and maybe why it was handled differently. Did you give them an email? If so did you check the SPAM folder to see if it got snagged?

Interesting...Thanks for sharing though, good to know.

ADD: It took them 2 days from the time I sent the verification to finalize and was told they were behind but will get it out in the next week and it did come shortly after that.

Message Edited by Guardian on 03-27-2009 01:14 PM

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 20:18:57 GMT

It must feel good to have a PenFed card huh? I would definitely feel accomplished to have their card in my wallet knowing that it's a card not everyone can get approved for since it's for people with excellent credit. It would make me proud of all the hard work that went into building my credit.

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 22:11:51 GMT

@Anonymous wrote:
It must feel good to have a PenFed card huh? I would definitely feel accomplished to have their card in my wallet knowing that it's a card not everyone can get approved for since it's for people with excellent credit. It would make me proud of all the hard work that went into building my credit.

Yes its a nice card and they are a bit on the picky side but I am sure you can do it if you avoid some inquiries for a while, get your score up, make sure you have no baddies that are super hurting or get rid of them if possible. Its definately doable and ultimately worth it.

Message Edited by Guardian on 03-27-2009 03:11 PM

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 20:33:04 GMT

Guardian -

My entire application process was online. I did not speak with a loan officer. And my EQ file was "locked/frozen" at the time of app (I didn't realize this until then next day). So, I had an inquiry hit EQ from Alliant by the time PenFed pulled my app (I app'ed Alliant a day after PenFed), but the freeze ended up reversing the order of pulls. So, I had an Alliant inquiry that was 24 hours old when PenFed finally pulled.

So far I have not received any email from them of any kind, only the online confirmation pages and then the PenFed.org application status page. I wonder if emails are not getting through to me for some reason?

Anyway...that's where it stands for now. Drum roll still in process......

Message Edited by txjohn on 03-27-2009 01:33 PM

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 20:40:58 GMT

That makes me think you would be more likley to get email notifications and I think somehow your email is not getting delivered. Check your spam folder/settings to make sure they are allowed. The send from @penfed.info @penfed.org and sometimes from @eugene.penfed.org (all the ones I have encountered so far, there might be more). Also I think you need to accept to receive information electronically for statments, so not sure if that applies to everything else too or not. I am set for 100% electronic communication, so I get things instantly.

Re: Just App'ed PENFED for $25K

Anonymous — Fri, 27 Mar 2009 20:56:20 GMT

Nope, emails come through fine. When I just now went in and changed some information on my account profile, I got an email confirmation about those changes (chosen to receive electronic statements, online tax notices).

Also, I did find that I had in fact received orginal emails with a "DEAR NEW MEMBER" welcome email for joining PenFed and also another with a confirmation that I had established my online banking username and password.

But I received NOTHING about my Visa app, Pending status, Equifax unlock request, Request for income verification.....nothing at all.

On the PenFed.org status page the comments for EQ and Income verification are gone and now the app is pending without comment.