topic Re: Pen Fed, it is VERY REAL in Credit Cards

2nd Update to the previous Update, UPDATE***** Pen Fed, it is VERY REAL

Bay_Area_Joe — Fri, 15 Mar 2013 18:00:26 GMT

I am one of those guys that checks this site and see everybody's applications, app spree, rebuilding or what have you.

I always thought that some of these insane approvals were just a little hype, so I had all my ducks in a row with my CR and decided what did I have to lose with Pen Fed.

I paid the 15 bucks for Voices of America Troops. Opened an account, funded it with 20 dollars from my CSP. I oh la la I am a member.

So, next is lets just see about this Cash Visa Card.... Made the application and all that.

And to my amazment I was instant approved.

Get this, a $ 19,000.00 approval. I am in shock. So I dedcide why not go for the 25k Personal Line of Credit too. Made that application and it is pending.

I guess it is true with Pen Fed. I bet I am going to get that 25k too.

All this in less than 15 minutes. Still Amazed........

Thank you to the members of this forum.

UPDATE.

More information.

Pen Fed Pulled EQ for me, at the time I had the following stats on EQ.

MyFICO EQ was 779, now 774 though 5 point hit for Inq.

Newest account opened 3 months ago

Oldest account 22yr, 2 months

AAoA 4 years

UTL at 7%

Income 104k

Total inq prior to Pen Fed in last 12 month was 4

Highest current credit line is 11,800

No Baddies, ever.

And the best news EVER!!!!!

I called a service rep today as when I checked the LOC had a counter offer.

The counter offer was an amazing 20k.

Of course I took it. I was also told that you need to be a member for at least 6 months to get an approval to 25k.

No request for docs of any kind.

I can not believe that I got 39k worth of credit for one hard hit on EQ.

Amazing what I have learned here.

Thank you FORUM>>>>>>>>

Another Update as of 3-15-2013

Here is the letter I got on the counter offer for those who are interested.

Thank you for your recent application for credit. We are unable to offer you credit on the terms that you requested

for the following reason(s):

Excessive obligations in relation to income (overextended).

We can, however, offer you credit on the following terms:

Open-end credit not to exceed $ 20,000.00 at 9.25% APR. The monthly payment will be either 2.0% (2.5% for

Thrifty Credit) of the outstanding balance or minimum $10.00 ($15.00 for all credit cards).

MAX TO CONSIDER FOR MEMBER LESS THAN 6 MONTHS IS $20,000

If this offer is acceptable to you, please notify us before 06/14/2013. You can notify us by phone at 800-247-

5626, by mail at the address listed on the top of this letter, by visiting a branch or by contacting us at our web site

WWW.PENFED.ORG.

Our credit decision on your application was based in whole or in part on information obtained in a report from the

consumer reporting agency listed below. You also have a right under the Fair Credit Reporting Act to know the

information contained in your credit file at the consumer reporting agency. The reporting agency played no part in

our decision and is unable to supply specific reasons why we have denied credit to you. You also have a right to

a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this

notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete,

you have the right to dispute the matter with the reporting agency.

Equifax

P.O. BOX 740241

ATLANTA, GA 30374

PH: 1-800-685-1111

We also obtained your credit score from this consumer reporting agency and used it in making our credit

decision. Your credit score is a number that reflects the information in your consumer report. Your credit score

can change, depending on how the information in your consumer report changes.

Your credit score: 753

Date: 03/13/2013

Scores range from a low of 150 to a high of 950.

Key factors that adversely affected your credit score:

Amount owed on revolving accounts is too high

Length of time accounts have been established

Proportion of revolving balances to total balances is too high

Too many inquiries last 12 months

If you have any questions regarding your credit score, you should contact the consumer reporting agency at the

address and phone number listed above.

Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit

applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant

has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any

public assistance programs; or because the applicant has in good faith exercised any right under the Consumer

Credit Protection Act. The Federal Agency that administers compliance with this law concerning this credit union

is the Bureau of Consumer Financial Protection, 1700 G Street NW., Washington DC 20006.

For California residents only: If you did not submit an application for credit to the Pentagon Federal Credit Union,

please contact us at 800-247-5626.

Sincerely,

Re: Pen Fed, it is VERY REAL

Mellon — Thu, 14 Mar 2013 01:19:58 GMT

WOW.. congrats!!

Re: Pen Fed, it is VERY REAL

RyVision — Thu, 14 Mar 2013 01:21:35 GMT

Congrats! PenFed can be like that. Your scores indicate they should like what they see on manual review. If they don't feel it's up to their standards (in line with your score), they'll request docs or close. They do keep a close eye on your CRs for about a year after opening too btw. They're a rather good lender and have rather good CSRs from what I've experienced.

Re: Pen Fed, it is VERY REAL

Epcot — Thu, 14 Mar 2013 01:39:04 GMT

Very nice CL, Congrats on the approval!

Re: Pen Fed, it is VERY REAL

WarJar101 — Thu, 14 Mar 2013 02:26:38 GMT

Congrats bro, very nice credit limit. Is it the fact that your stats are good (i.e "Decent Income") or is Pen Fed trying to be like NFCU now for the consumer with an average income? If that's the case I'll be aiming for them in the future, after some gardening.

Re: Pen Fed, it is VERY REAL

LS2982 — Thu, 14 Mar 2013 02:30:42 GMT

CONGRATS!!!

Awesome starting CL!!! Good luck on the LOC!!

Re: Pen Fed, it is VERY REAL

Anonymous — Thu, 14 Mar 2013 03:04:28 GMT

@Bay_Area_Joe wrote:
I am one of those guys that checks this site and see everybody's applications, app spree, rebuilding or what have you.

I always thought that some of these insane approvals were just a little hype, so I had all my ducks in a row with my CR and decided what did I have to lose with Pen Fed.

I paid the 15 bucks for Voices of America Troops. Opened an account, funded it with 20 dollars from my CSP. I oh la la I am a member.

So, next is lets just see about this Cash Visa Card.... Made the application and all that.

And to my amazment I was instant approved.

Get this, a $ 19,000.00 approval. I am in shock. So I dedcide why not go for the 25k Personal Line of Credit too. Made that application and it is pending.

I guess it is true with Pen Fed. I bet I am going to get that 25k too.

All this in less than 15 minutes. Still Amazed........

Thank you to the members of this forum.

you are probably right about getting the 25k LOC but be preapred to show income docs also they might say youre egyptian Penfed is great when they like you i see people with 750 -800 getting denied good luck! congrats on the cash rewards.

Re: Pen Fed, it is VERY REAL

Bay_Area_Joe — Thu, 14 Mar 2013 19:19:23 GMT

See the update. Very very real stuff here....

I am in amazement.

Joe

Re: Pen Fed, it is VERY REAL

09Lexie — Thu, 14 Mar 2013 19:26:48 GMT

Awesome!

Re: UPDATE***** Pen Fed, it is VERY REAL

Anonymous — Thu, 14 Mar 2013 20:12:46 GMT

does anyone know what kind of EQ score PenFed uses?

Re: UPDATE***** Pen Fed, it is VERY REAL

Anonymous — Fri, 15 Mar 2013 02:54:10 GMT

@Anonymous wrote:
does anyone know what kind of EQ score PenFed uses?

It is their own version or some enhanced version based on EQ score, basically that score will be higher than your true FICO by 20-30 points....

Re: UPDATE***** Pen Fed, it is VERY REAL

ObeyJohnny12 — Fri, 15 Mar 2013 04:41:56 GMT

Amazing! Congrats!

Re: UPDATE***** Pen Fed, it is VERY REAL

awdsmama — Fri, 15 Mar 2013 04:49:21 GMT

WOW very very nice!!

Re: UPDATE***** Pen Fed, it is VERY REAL

gen-specific — Fri, 15 Mar 2013 05:13:39 GMT

hmmm the line of credit looks nice for appropriating that cash incognito like! woop woop

does that mean you are going to get Voices of America mail for life? ehhhhh, hope they accept PO boxes!

I'm in the garden right now, but 6 months in the future I might keep these guys in mind and go for the PLOC, if my score EQ is over 770 by then

Re: UPDATE***** Pen Fed, it is VERY REAL

Bay_Area_Joe — Fri, 15 Mar 2013 18:34:59 GMT

See update in first post.

I gave Voices of Troops my PO Box, that is what I give everybody, always for everything. It has been years since I got mail at home, other than weekly newspaper grocery adds and stuff.