Finally joined Penfed... question

[Pikaboo-icu]

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@Anonymous wrote:
UPDATE
My second app, the power cash rewards, shows TURNED DOWN. Reason is “max unsecured “. What the heck does that mean? The first app I did ,the visa signature, still shows “in review” .

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It means they likely are approving the first card and whatever the starting CL is, it's the max they are willing to extend, for now.

The max goes up with time & good management.

My first PenFed card was $10,000. SL, they're decent at their SLs.

Good Luck!!  It looks like you'll be getting the VS

CHEERS

[Anonymous]

Well your response put a smile on my face and hope in my heart lol ! I will be hoping that’s the case and update once anything else changes, thank you ! 😀😀

[Anonymous]

Best of luck to you. As previously stated, they are most likely approving the other card and the max they give new members so I've heard is $10,000. So fingers crossed for you!! Congrats on joining PenFed. Remember I believe the original hp is good for 60 days. It used to be 90 but I believe others on here have stated ymmv. I just joined PenFed as well and was approved for the Power Cash Rewards card. I am currently trying to recon the starting limit as mine was not the full $10,000 and I am hoping to make them and Navy my number one bank cards. They pulled Equifax Fico 9 btw. Good luck to you. Cant wait to hear how it all goes.

[Anonymous]

Congrats on joining PF!
Any updates?

[Anonymous]

Thank you guys!! Nothing as of this morning . Visa sig (my first app) still says in review . No emails or calls . Does it usually take this long ? They seemed to decide within a couple days to turn down the second app , so seems they should decide whether the first card is approved or not. At least it would be nice to see it go to “almost done” so I know SOMETHING is happening with it lol. Oh the suspense 😎😂. I’ll check again tonight . Hopefully by Friday I should know something I would think .

[Anonymous]

Thank you anikins!! Congrats to your success with Penfed!! I’m hoping to be able to report the same success soon!! Good info on how long the hard pull is good for , thank you !! Let me know how it goes with the recon !! And good luck !

[SBR249]

If you really want to add that PCR to your wallet, just wait for a few quarters. It took PenFed about 6 months from when I joined to start showing me preapprovals for their entire CC lineup. No need to take another HP for the second PenFed CC. 

[joltdude]

Another common reason for Penfed rejections is something called Pyramiding Debt... they see that you have a lot of open lines of credit which potentially could be used and maxxed out.... Hence why your profile is prime for being deemed, The Queen of the Nile for pyramiding debt... otherwise referred to as being called an Egyptian on these forums. In some ways Penfed is conservative and they are DTI sensitive... and they tend to consider open lines of credit even if under or unutilized as a potential problem...

-J

[Anonymous]

Update .
PenFed saw me, the queen of Egypt ,looking down at the vast amount of unsecured indebtedness, high on my throne , and told me to kick rocks . 🤣
Received email this morning that actually said my application was turned down due to “length of time accounts have been established”.
It was one single Equifax pull for member ship and for the 2 apps so at least there’s that to be happy about . I’m still happy I joined PenFed and one day , I promise, that visa sig will be in my signature !! Going to work on the cards that I do have that I got recently and show them I can let my accounts age . Score on the letter was 747 so I was a bit lower than I thought(or they use a different model of scoring )
Anyway the PenFed succes stories will continue to haunt me until I at last have my own .😀 thank you all for the support and tips though through this process! Until we meet again PenFed!🤨😄

[Anonymous]

Sorry to hear about the dual denials.

Must try again down the road.

Good luck when the time comes.