topic PenFed approved ! in Credit Cards

PenFed approved !

Anonymous — Thu, 05 Jun 2008 20:37:20 GMT

Ok...so I guess it was worth the long wait. I applied this past Sunday night. I think there was a mix up with confirming my identity. When I gave the CSR my identity information, I gave her my wrong past address...and I guess that put a red flag in the system and everything got delayed. I was sick of waiting to see if I got approved, so I called for the 3rd time today and spoke to someone who said that if I wanted, she would ask me all the questions again and I could answer them again...which I did. This time I check the addresses I had on equifax since the ones on TU and EX are different for whatever strange reason. So... I got my membership approved, got my membership and PIN # and she told me that in 2-3 hours I would have a decision on the credit card I applied for. I hung up and immediately logged on and went to LOAN APPLICATION STATUS and saw that the status was APPROVED for 10,000 for their Platinum Visa cash rewards card. I am very happy. My EQ score was 673....long credit history but a total of 6 late payments 1.5 years ago. My utilization was horrible too at over 50%....but my income is pretty darn good as is my time on the job....I think that made the difference. Also, only one new inquiry in the past year. Thanks for everyone for suggesting PenFed. It's kinda of cool to whip out a CC that says "Pentagon" on it.....at least here in South Florida. People may think I am CIA or something...which is very cool. lol -------------------------------------------------------------------------------------- Comments Application Number Loan Type Amount Requested Date Received Date Last Processed Status XXXXXX VISA Platinum Cash Rewards 10,000.00 06/02/2008 06/05/2008 APPROVED

Message Edited by firstinlastout on 06-05-2008 04:37 PM

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 19:49:32 GMT

What are the requirments to join penfed?

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 19:56:44 GMT

I am not a federal employee...you need to join the military officers association for 20 bucks or 25 bucks (I forgot)...that is the only way you can join if you don't quality through the other means.

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 19:59:34 GMT

are you a military officer? or anyone can join?

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 20:00:36 GMT

Super Congrats firstinlastout!!!!!

PenFed is a great credit union and a $10,000

credit limit on your first credit card with them is

a fantastic way to start!

Also please keep in mind that your initial Equifax

pull is good for 60-90 days. So if you have aspirations

of apping for other PenFed products, it won't cost you

another inquiry. Pretty cool, huh??!!

Once again, Congratulations on your PenFed membership

and new credit card!

CanDo

"The right attitude is everything"

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 20:38:15 GMT

ANYONE can join...but again, you need to join that military officers association thing and that costs 25 bucks.

Re: PenFed approved !

smallfry — Thu, 05 Jun 2008 20:45:14 GMT

Well how about that? What do you think of the service now? Congrats. Before long I bet you get a 30K limit on that card.

Re: PenFed approved !

jaxstraw — Thu, 05 Jun 2008 20:48:46 GMT

Congrats !!

I applied for a second Gold Visa W/ PenFed a day after the Visa Plat approval.

They approved me for 10k cl.

Two days later tried for a cli on Visa Plat from 7.5k to 15k , they approved that too.

Took out a 5k sig loan a couple of days later !!

All on the same hard pull, all in a week.

Waited a month and a half and refinanced my truck to 4.25 %.

On that same hard pull also.

I have no complaints w/ P-Fed. They did 'pyramid' me for a overdraft protection of 2k finally when I opened my checking acct w/ the car refinance.

They finally gave me enough on thst one hard pull I guess. That's OK though, they give an auto $500 overdraft w/ every checking acct apparently.

Don't be shy about looking into more products. It doesn't cost you anything and if denied you're no worse off than you are right now, credit wise at least.

Jax

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 21:06:19 GMT

Well, that's the thing. If open up another account, it will decrease my average account age and that is not good. Why ? Because I plan on getting a mortgage and buying my dream home in 6 months. I got this card from PenFed to decrease my utilization even though I am paying off my 7k in revolving debt aggressively and should be done with that in 3 more months. Believe me..I am very tempted to get more cards since it's only one one pull...but I wonder how those additional accounts will affect my credit score and my guess it not good since gain, my average account age will decrease. What do u think ?

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 21:07:32 GMT

@smallfry wrote:
Well how about that? What do you think of the service now? Congrats. Before long I bet you get a 30K limit on that card.

Thanks SmallFry ! I appreciate your advice ! SEIHT

Re: PenFed approved !

jaxstraw — Thu, 05 Jun 2008 21:16:19 GMT

In that case I wouldn't app for another card. You could always app again on the same card to see if they'll increase the cl on that same pull though.

Just a thought.

Jax

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 21:26:46 GMT

@jaxstraw wrote:
In that case I wouldn't app for another card. You could always app again on the same card to see if they'll increase the cl on that same pull though.

Just a thought.

Jax

is that how you ask for a CLI ?? Apply on the same card ?

Re: PenFed approved !

jaxstraw — Thu, 05 Jun 2008 21:32:42 GMT

If I remember right. I don't exactly recall the process but I do remember that I had to check back on the loan application status page. It's still there actually with all the other app's. Even the ones I canceled because I thought I thought I was doing it wrong.

I know I also app'ed for a specific amount. I didn't just ask for a cli.

Wish I was more help w/ exact info but I know I did it on the app page.

Like I said , if they deny it's no great loss, no inq, and you still have a 10k card.

Jax

Message Edited by jaxstraw on 06-05-2008 02:32 PM

Re: PenFed approved !

smallfry — Thu, 05 Jun 2008 21:35:44 GMT

First in go easy with Penfed. After you get into the house and have established at least 6 months payment history on the card then go for a CLI. No need to take another new account hit at that point. They can be very conservative. 10K is a respectable starting limit. They will most definitely grow with you. Check their website for mortgage pricing and let me know what you think.

Re: PenFed approved !

Anonymous — Thu, 05 Jun 2008 22:01:47 GMT

Their mortgage rates are OK. But I wonder if they themselves service the loan or does some other bank take it over ?

Re: PenFed approved !

smallfry — Thu, 05 Jun 2008 22:20:41 GMT

I think Penfed holds the paper but I am not positive.