topic Re: Joined Penfed. Now What? in Credit Cards

Joined Penfed. Now What?

Anonymous — Tue, 05 Oct 2010 21:53:09 GMT

I joined Penfed just now, I spoke to the CSR and she said my credit pull will be valid for 90 days.

752/740 CR

I'm a college student with very limited income. (12k)

Which is their best card to apply for? What if I get rejected? Can I apply for the others with the same pull? Any negative things come out of this?

Should I shoot for their non college card and If I get rejected apply for the college card?

Re: Joined Penfed. Now What?

Creditaddict — Tue, 05 Oct 2010 22:30:45 GMT

I would try for regular credit card first

Re: Joined Penfed. Now What?

Anonymous — Wed, 06 Oct 2010 02:23:27 GMT

just spoke to a CSR and applied for the Penfed Visa Platinum Cash rewards. He told me it was forwarded to a loan officer. wish me luck! its pending for a 3k card!

Re: Joined Penfed. Now What?

DI — Wed, 06 Oct 2010 02:49:35 GMT

Goodluck! Don't get too excited about PenFed. They are so overrated!

Re: Joined Penfed. Now What?

Anonymous — Wed, 06 Oct 2010 03:35:51 GMT

@Anonymous wrote:
I joined Penfed just now, I spoke to the CSR and she said my credit pull will be valid for 90 days.

752/740 CR
I'm a college student with very limited income. (12k)

Which is their best card to apply for? What if I get rejected? Can I apply for the others with the same pull? Any negative things come out of this?

Should I shoot for their non college card and If I get rejected apply for the college card?

Income shouldnt matter if you have good credit (with a considerable length of history ofcourse). I saw on whogavemecredit.com that there's this guy in IL with 18k income who got approved for Amex clear!

Re: Joined Penfed. Now What?

Uncle_Money — Wed, 06 Oct 2010 03:36:32 GMT

From my personal experience with Penfed, income most certainly makes a difference. They told me it did. My income is very high, yet I was still only approved for 5K. I should have been approved for at least 25K with no problem based on my income. They had to verify my income via tax returns and W2 forms before granting me the 5K LOC.

So, there is a possibility they will ask you to send in documentation, even if the income is low. However, it is worth it to get in, IMO.

Re: Joined Penfed. Now What?

Anonymous — Wed, 06 Oct 2010 13:59:23 GMT

@Anonymous wrote:
just spoke to a CSR and applied for the Penfed Visa Platinum Cash rewards. He told me it was forwarded to a loan officer. wish me luck! its pending for a 3k card!

Excellent choice - I hope you get it - I love the way the cash rewards are credited to your account every month with no probs...

Re: Joined Penfed. Now What?

haulingthescoreup — Wed, 06 Oct 2010 14:15:07 GMT

@DI wrote:
Goodluck! Don't get too excited about PenFed. They are so overrated!

They may be frustrating, but I don't think that "overrated" applies. Their two main cards are pretty hard to beat. The AmEx is doing 2% on everything else through the end of the year.

Re: Joined Penfed. Now What?

Anonymous — Wed, 13 Oct 2010 17:52:28 GMT

I was denied because of lack of credit history! I recon'd and suggested it be changed to a student cashback rewards and got denied as well.

What is going on?!? Can I recon the second card?

I understand getting rejected for the normal platinum cashback rewards becuase of not enough credit history, but how can you deny someone for a college cashback rewards when he has 2years of credit history and a 740eq. The whole point of the college card is to build the credit, i'd be graduated by college by the time I have sufficient credit history...

I tried to explain my reasoning to a CSR and they do not make the decisions, and that the loan officers dont speak over the phone.

What should I do?? I feel like I just wasted a hard pull for nothing..

She did mention a secured card of $1000 If I deposited $500 in my account. But that option isnt apealing as I have 3 current college cards with 1500,2500,4000 CL's that are aging.

Re: Joined Penfed. Now What?

DI — Wed, 13 Oct 2010 19:10:19 GMT

Your income plus the available credit you already have could be the reason why you got denied.

Re: Joined Penfed. Now What?

Anonymous — Wed, 13 Oct 2010 19:21:30 GMT

If you have otheer cards and a good credit score, I'd pursue those. I can see the appeal of the regular PenFed VISA but why would you care for a secured PenFed card at your score level?

Re: Joined Penfed. Now What?

Anonymous — Wed, 13 Oct 2010 20:16:12 GMT

@Anonymous wrote:
If you have otheer cards and a good credit score, I'd pursue those. I can see the appeal of the regular PenFed VISA but why would you care for a secured PenFed card at your score level?

Thats exactly why I feel like I wasted a hard pull.

Update: I noticed a "PENDING" notification on the card, after speaking with them last night something must have changed. I called today and they told me it was sent to a senior loan officer for recon. I sent another recon letter with an explantation by fax.

Hopefully they reconsider...

Re: Joined Penfed. Now What?

Pushto700 — Wed, 13 Oct 2010 21:40:50 GMT

@Anonymous wrote:

@Anonymous wrote:
If you have otheer cards and a good credit score, I'd pursue those. I can see the appeal of the regular PenFed VISA but why would you care for a secured PenFed card at your score level?

Thats exactly why I feel like I wasted a hard pull.

Update: I noticed a "PENDING" notification on the card, after speaking with them last night something must have changed. I called today and they told me it was sent to a senior loan officer for recon. I sent another recon letter with an explantation by fax.

Hopefully they reconsider...

+1 Good job. Way to not quit on it and push for it.

Re: Joined Penfed. Now What?

Anonymous — Thu, 14 Oct 2010 21:54:51 GMT

eagerly awaiting the decision. :/