topic Re: So Confused @ PenFed in Credit Cards

So Confused @ PenFed

CreditUp26 — Sat, 22 Jun 2024 00:53:44 GMT

I appled for a CLI on my PenFed card today and got a message that it looks like they need more information and they would be sending me an email shortly with what is needed and to check my Spam if it didn't arrive in a few minutes. No email. So I go into my online account and it shows that the application is "under review" not that it's even "processing" yet. I also didn't put in a specific amount for the CLI and yet there is one listed. Anyone had this happen before?

I also tried their personal loan when this happened and was denied which was surprising. I do have a few new accounts this year (4) but my utilization is low (2% of $250K available). FICO 770. I feel like you're either in or out with PenFed and I might be out lol.

Any feedback is apprciated.

Re: So Confused @ PenFed

FicoMike0 — Sat, 22 Jun 2024 02:52:23 GMT

Were pulling for you.

Re: So Confused @ PenFed

Gregory1776 — Sat, 22 Jun 2024 03:33:22 GMT

So you got the CLI?

Re: So Confused @ PenFed

SouthJamaica — Sat, 22 Jun 2024 11:44:26 GMT

@CreditUp26 wrote:
I appled for a CLI on my PenFed card today and got a message that it looks like they need more information and they would be sending me an email shortly with what is needed and to check my Spam if it didn't arrive in a few minutes. No email. So I go into my online account and it shows that the application is "under review" not that it's even "processing" yet. I also didn't put in a specific amount for the CLI and yet there is one listed. Anyone had this happen before?

I also tried their personal loan when this happened and was denied which was surprising. I do have a few new accounts this year (4) but my utilization is low (2% of $250K available). FICO 770. I feel like you're either in or out with PenFed and I might be out lol.

Any feedback is apprciated.

PenFed seems to be deteriorating rapidly, on all fronts.

Re: So Confused @ PenFed

MissLiz — Sat, 22 Jun 2024 13:17:02 GMT

Fingers crossed for you! 🤞

Any updates?

Re: So Confused @ PenFed

Guyatthebeach — Sat, 22 Jun 2024 13:37:06 GMT

@CreditUp26,

Given Penfed's financial and performance issues, you may need to follow up with them on the email. Just because an account is under review, it's not generally a bad thing. Follow up on this one is definitely going to be needed.

I would also follow up on the denial for the personal loan, because it may have been approved if Penfed had all the information they needed.

Given that Penfed is no longer offering BT's to most members, limiting external accounts, and other performance issues they are having, right now may not be the time to use their products for loans and credit cards right now. Hopefully, they will improve soon.

Guyatthebeach

Re: So Confused @ PenFed

CreditUp26 — Sat, 22 Jun 2024 14:06:03 GMT

I spoke with them this morning.

Both were denied. Essentially they are saying too many new accounts. Will leave it for now.

Re: So Confused @ PenFed

MissLiz — Sat, 22 Jun 2024 14:28:20 GMT

@CreditUp26 wrote:
I spoke with them this morning.

Both were denied. Essentially they are saying too many new accounts. Will leave it for now.

I'm sorry, @CreditUp26

Re: So Confused @ PenFed

Guyatthebeach — Sat, 22 Jun 2024 15:26:38 GMT

@CreditUp26 wrote:
I spoke with them this morning.

Both were denied. Essentially they are saying too many new accounts. Will leave it for now.

Well at least you know and plan accordingly!

Guyatthebeach

Re: So Confused @ PenFed

Gregory1776 — Sun, 23 Jun 2024 00:05:02 GMT

@SouthJamaica wrote:
@CreditUp26 wrote:
I appled for a CLI on my PenFed card today and got a message that it looks like they need more information and they would be sending me an email shortly with what is needed and to check my Spam if it didn't arrive in a few minutes. No email. So I go into my online account and it shows that the application is "under review" not that it's even "processing" yet. I also didn't put in a specific amount for the CLI and yet there is one listed. Anyone had this happen before?

I also tried their personal loan when this happened and was denied which was surprising. I do have a few new accounts this year (4) but my utilization is low (2% of $250K available). FICO 770. I feel like you're either in or out with PenFed and I might be out lol.

Any feedback is apprciated.
PenFed seems to be deteriorating rapidly, on all fronts.

Heard this elsewhere, and I've had my own frustrations with the CL on my card, no auto increase in 7 years, and the app. Makes me happy I've gotten another 2% card elsewhere, and I may move my checking elsewhere.

Re: So Confused @ PenFed

7774x — Sun, 23 Jun 2024 22:50:10 GMT

@CreditUp26 wrote:
I spoke with them this morning.

Both were denied. Essentially they are saying too many new accounts. Will leave it for now.

PenFed has tightened their lending .. due to big loan losses this year.. doesn't make PenFed bad. When I got the personal loan 3+ years from PenFed.... had a 640 Fico with some baddies still on CRs.. Now ??......different standards for different times

Re: So Confused @ PenFed

AverageJoesCredit — Mon, 24 Jun 2024 00:09:29 GMT

Interesting times with Penfed. Really stinks no more bts or offers if true overall. I've messed around a few times with PF check your loan rates and not one of them could be completed even after said preapproved/ approve . Always says to contact PF. Last one was so weird didn't even give me the offer. Looks like I can't look to PF for any needs lol. It's a shame one's history doesn't count for much but I understand their current losses affect the current decisions.