Pen fed wants to 🏃‍♀️ a new app

[Anonymous]

Anybody heard of Pen fed wanting to run a new app for a balance xfer. I already have a C.L. of 13,000. The rep said it’s their policy. I’ve never heard of such nonsense😂 I guess they are being cautious to whether or not they want to purchase other banks balances.

[FinStar]

There's a disclaimer with any of their CCs that BTs are subject to credit approval. Is your account relatively new?

[CreditCuriosity]

As @FinStar mentioned penfed and alot of other lenders say "subject to credit approval"..  Usually it will go through although their is a min score such as PenFed will allow for a BT to go through and for the life of me can't recall it off the top of my head.  Is your score in the mid 600's or in the 700's+?  Also as stated a new member etc?  I have never had any issues with BT's with PenFed,  they typically put that just as a diclaimer and never had a HP done as a result of one, etc.  Smooth as butter for me and quick as well

[Anonymous]

I was very cautious when I saw the "subject to credit approval" language but I went ahead and transferred. I didn't get a HP and the transfers were completed in 2 or 3 days, I was shocked they posted so soon.

[Loquat]

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@Anonymous wrote:
I was very cautious when I saw the "subject to credit approval" language but I went ahead and transferred. I didn't get a HP and the transfers were completed in 2 or 3 days, I was shocked they posted so soon.

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PenFed is really quick with BT's...especially if you do them early in the morning.  I'd had one post the next day...was pleasantly surprised.  But as @CreditCuriosity mentioned, they do have a minimum score requirement.  I was told by loan officer some time ago that 660 was the magic number.  Supposedly the system won't even let you proceed with a BT if you score falls below this number even if you have the available credit to cover.

The conversation I had with the loan officer about this was over a year ago so things could have changed since then.  

[padme]

After opening a Promise card a few years back, Penfed tricked me into a gold card, with a really small SL. i split the the cards with my 9k limit. Tried a BT many months later, denied the BT 660s, i suck.