PENFED credit card options limited

[yzerman]

Okay I just called and was told my application is now "under review." I checked on the app and the status is "pending." The previous status was "conditionally approved." Is the status conditionally approved to pending a bad sign or just part of the process? I've never had so much trouble getting a credit card app approved!

[mmmagique]

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@yzerman wrote:

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@mmmagique wrote:

POI with Penfed was the biggest PITA I have had with any credit issuer ever. 

They sent me a pre-approval, and I wanted to get the zero percent interest on transfers so I applied. They asked for POI for two years. They wanted my tax returns for the previous two years. Each of my (and my husband's joint) tax returns are over 30 pages long (for each year). They did not have a way for me to send them all together. I had to send each individual page separately through their very archaic upload page, trying to keep all these pages straight (and each page has to have a reason and a name of the page listed) 
They said I could send it through email but for some reason that didn't work. 

They insisted on every single page of each document being sent. 

This took hours. 

If I ever decide to get any sort of credit with them again, I will double-check that I will not have to do that again. 

It really wasn't worth the time and the aggravation. 

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Sounds terrible! Thanks for the heads up. I sent mine via their upload page after minimizing the size of the pdf files since it could only handle a ridiculously small file size. I also attached the files to an email to make sure they had it. I guess it's not time to celebrate yet! BTW were you approved?

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I was approved! And yes, I did forget to add that I am self-employed, so they requested every single page of my taxes for the last two years. If you have a "real" job it's not nearly as bad. I would have signed a document to let them look at everything they wanted but they didn't offer that.  

[mmmagique]

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@yzerman wrote:

Okay I just called and was told my application is now "under review." I checked on the app and the status is "pending." The previous status was "conditionally approved." Is the status conditionally approved to pending a bad sign or just part of the process? I've never had so much trouble getting a credit card app approved!

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I really don't remember, I just remember days of hell trying to get all my info to them. *lol* I'm pretty sure that as long as everything you sent them matches up with what you claimed (and you said it does!) then you will be approved. I bet you'll know by tomorrow. (they were pretty quick after they finally got everything they needed.) 

[yzerman]

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@mmmagique wrote:

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@yzerman wrote:

Okay I just called and was told my application is now "under review." I checked on the app and the status is "pending." The previous status was "conditionally approved." Is the status conditionally approved to pending a bad sign or just part of the process? I've never had so much trouble getting a credit card app approved!

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I really don't remember, I just remember days of hell trying to get all my info to them. *lol* I'm pretty sure that as long as everything you sent them matches up with what you claimed (and you said it does!) then you will be approved. I bet you'll know by tomorrow. (they were pretty quick after they finally got everything they needed.) 

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Thanks for the encouragement! I'm not sure I'll hear anything before Monday though with the impending weekend. I was off my 2019 return by less than 1k so I should be okay in that regard lol! 

[CreditCuriosity]

Funny DP on one time they did ask me for POI on something or another I said look at deposits into my checking account as you are my primary FI the UW said oh looked for about 1 mins and said yep that will do seeing the direct deposit and granted what i was seeking at the time.  This is was for a 2nd card with them although with a 70k car loan prior they never asked for POI shrug.

[yzerman]

Follow up: DENIED for Penfed PCR. Recon no help. They sited recent late payments (4 yrs ago) Charged off account (4 yrs ago and paid when it went to collections.) EQ 9 they gave me was 699. After being conditionally approved pending POI this was a tough blow. I spent hours getting them the tax returns because they couldn't find them, too blurry or attacement too large. Not happy. As soon as I was denied I applied to NFCU, set up savings and checking and on acceptance I applied for the Cash Rewards card. One pull to TU the next day and was approved for 1k SL. No POI or any other issues, just approved. VERY easy process compared to PenFed. 1K not alot but I'm in and I understand that NFCU cards can grow quite quickly. Now i'm happy!

[FinStar]

Sorry to hear about the denial and congrats on the NFCU approval.

If you should happen to receive an email survey from PenFed, provide a concise (but polite) reason (don't write a novel) for another opportunity to have your application re-reviewed.  Often times, and based on DPs, some of these surveys end up with positive outcomes.  Tell them why you really want the product and how it would benefit your lifestyle and relationship with PenFed.

[mmmagique]

I am so sorry to hear that. I don't know why they couldn't have given you that answer without all of your tax information though, since their denial seems to have nothing to do with your taxes. I will say they have left a very bad taste in my mouth and unless I'm assured I will not have to go through that again, this is the only credit product that I will ever apply for through them. 

I second the survey (they do follow up on your answers even if it's just basically to say "we hear you") 

[yzerman]

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@mmmagique wrote:

I am so sorry to hear that. I don't know why they couldn't have given you that answer without all of your tax information though, since their denial seems to have nothing to do with your taxes. I will say they have left a very bad taste in my mouth and unless I'm assured I will not have to go through that again, this is the only credit product that I will ever apply for through them. 

I second the survey (they do follow up on your answers even if it's just basically to say "we hear you") 

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Exactly. Nothing to do with tax returns!  I wouldn't have shared all that info if I didn't think it was a done deal. They should just tell you your app is under review not that you are conditionally approved pending ONLY poi. My view may be biased at the moment but NFCU has got penfed beaten at everything from customer service to getting things done, like a cc app, very quickly. NO tax returns needed! The reps are extremely friendly and the hold times much shorter than penfed. Just my 2 cents.

[mmmagique]

I agree with everything you said. It's why I'm banking with NFCU.