topic Re: PenFed pending ... maybe decline later.. in Credit Cards

PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 02:52:51 GMT

I joined PenFed by paying $20 and $5 for saving account, and applied for Visa Platinum Case Reward card since they already pulled my EQ inqury. It's been pending 3 days and today i called them. They told me to provide additional income or someone who can co-sign me. I put down $25k income including my financial aid from school and family support. I am going to college right now and currently i don't have a job.

Sounds like i'll get declined if i don't provide either of them. I can ask my cousin to do co-sign for me, but it's gonna be a favor. Is PenFed credit card worth to ask someone to do co-sign for me? Should i try for PSECU?

Thanks in advance.

Re: PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 02:54:52 GMT

FYI : i joined PenFed last friday and applied CC on Saturday.

Re: PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 07:25:20 GMT

Anyone?

Re: PenFed pending ... maybe decline later

Anonymous — Wed, 24 Nov 2010 10:21:23 GMT

Since they asked you for more income or a co-signer, it sounds like you don't have a choice but to get a co-signer if you really want that card. I don't know anything about that card though, so I can't tell you if it'd be worth it or not. Good luck though.

Re: PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 13:24:37 GMT

Honestly, sounds like you just don't have enough income to make them happy. They're probably asking for a co-signer because they can provide more income on the application. Your scores are pretty high, I don't think that's the issue.

Re: PenFed pending ... maybe decline later..

pmbrian — Wed, 24 Nov 2010 13:29:08 GMT

Are you over 21? If not you are required to A) Either prove you can pay or B) have a co-signer

Re: PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 18:19:49 GMT

@Anonymous wrote:
Honestly, sounds like you just don't have enough income to make them happy. They're probably asking for a co-signer because they can provide more income on the application. Your scores are pretty high, I don't think that's the issue.

Ya they said scores isn't issue. Even though i put down $25k income, they said Loan officer asks me to provide additional income or have someone to join my acccount with good amount of income. ((

Re: PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 18:20:54 GMT

@pmbrian wrote:
Are you over 21? If not you are required to A) Either prove you can pay or B) have a co-signer

Yes i'm. I shouldn't have applied this in the first place,so i didnt have to waste one inqury on them ( ..

Re: PenFed pending ... maybe decline later..

haulingthescoreup — Wed, 24 Nov 2010 18:22:05 GMT

I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.

Re: PenFed pending ... maybe decline later..

Anonymous — Wed, 24 Nov 2010 18:29:16 GMT

@haulingthescoreup wrote:
I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.

Thanks HTSU. I'm thinking of applying one of their cards since i've already gotten a hard inq. However, i thought secured card was only for those who like to rebuild their credit? If i applied for secured card and got one, can i change the card to unsecured one later on?

Thing is i don't wanna have another unneccessary CC just because i don't wanna waste on a hard inq.

Re: PenFed pending ... maybe decline later..

haulingthescoreup — Wed, 24 Nov 2010 18:40:48 GMT

@Anonymous wrote:
@haulingthescoreup wrote:
I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.
Thanks HTSU. I'm thinking of applying one of their cards since i've already gotten a hard inq. However, i thought secured card was only for those who like to rebuild their credit? If i applied for secured card and got one, can i change the card to unsecured one later on?

Thing is i don't wanna have another unneccessary CC just because i don't wanna waste on a hard inq.

Well, that's what I was saying --I don't know the details on their secured card, but I know that I've seen posts about it. Maybe someone else can chime in.

With PenFed, they hard you on EQ when you first apply to join, even before you apply for a CC, a loan, etc. This is pretty common with CU's. That hard inq is then good for 60-90 days, so you can app your brains out during this period, and they'll just keep working off the EQ report that they already pulled.

In other words, you've already taken the hit, and there shouldn't be any more inqs for a while, unless you ask them to pull a new report for some reason.

--unless they've changed their policy recently, in which case, someone please post a correction PDQ!

Re: PenFed pending ... maybe decline later..

Anonymous — Thu, 25 Nov 2010 06:50:44 GMT

@haulingthescoreup wrote:

@Anonymous wrote:
@haulingthescoreup wrote:
I * think * PenFed has a secured card. Since you've already gotten a hard inq for applying, if you get turned down for a regular card, you might try for the secured instead.

I'm not up on the details though about later conversion to unsecured and all, so you'd want to do some research on that.

PenFed does like to see steady income, and enough of it. For instance, self-employed people often have to go through the wringer when applying.
Thanks HTSU. I'm thinking of applying one of their cards since i've already gotten a hard inq. However, i thought secured card was only for those who like to rebuild their credit? If i applied for secured card and got one, can i change the card to unsecured one later on?

Thing is i don't wanna have another unneccessary CC just because i don't wanna waste on a hard inq.

Well, that's what I was saying --I don't know the details on their secured card, but I know that I've seen posts about it. Maybe someone else can chime in.

With PenFed, they hard you on EQ when you first apply to join, even before you apply for a CC, a loan, etc. This is pretty common with CU's. That hard inq is then good for 60-90 days, so you can app your brains out during this period, and they'll just keep working off the EQ report that they already pulled.

In other words, you've already taken the hit, and there shouldn't be any more inqs for a while, unless you ask them to pull a new report for some reason.

--unless they've changed their policy recently, in which case, someone please post a correction PDQ!

If they INQ'd you once, you won't get hit again if you try for an alternative product.

What is crazy about their secured card products, though, is the way they are underwritten. They have, in fact, two types of secured cards:

1. For those with zero credit;

2. For those with troubled credit.

If you fall somewhere in between, they will deny you for a secured card.