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PenFed APPROVAL! NEED HELP THOUGH

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Anonymous
Not applicable

PenFed APPROVAL! NEED HELP THOUGH

 CreditScore.jpg

Scores from MyFico Above

NextGen Score according to PenFed (814)

 

Update to post below

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Joining-PenFed-About-time/m-p/4925742

 

Auto Loan: $11,500 / 2.74% / 48 Months

Platinum Rewards Visa: $5,000 Limit / 11.74% Interest

Personal LOC: $3,500 / 15.24% Interest

 

I initially opened a savings account with $100 and right after applied for the Auto Refinance and got instantly approved (No POI), then after auto refi got approved, I applied for both the credit card and line of credit, both went to pending and they asked for paystubs. I have w2 income and side consulting job (self-employment income) They approved both incomes as acceptable and approved the credit card application for $8,500 but my total unsecured limit according to the lo was only $8,500 so they couldn’t approve the LOC unless if I transferred the limit from the credit card to LOC, which I did.

 

I also applied for the Citi Double Cash and got approved for $7,900. I’m done with my mini spree for now, unless if anyone has any ideas.. lol  

 

I want to take advantage of the 90 day hard pull timeframe remaining on the system and want to ask for a CLI, but don’t know how long I should wait?

 

So question to the PenFed buffs.. Help me out haha

15 REPLIES 15
Anonymous
Not applicable

Re: PenFed APPROVAL!

Very Nice!! Congratulations on your membership and approvals!!

Message 2 of 16
Anonymous
Not applicable

Re: PenFed APPROVAL!


@Anonymous wrote:

Very Nice!! Congratulations on your membership and approvals!!


Thank You!

Message 3 of 16
AverageJoesCredit
Legendary Contributor

Re: PenFed APPROVAL! NEED HELP THOUGH

Im not sure but with a nextgen score like yours, PF should be your oyster. If your income is good and your dti good, with that internal score you should shoot for the moonSmiley Happy if you feel your limit isnt sufficient put in for the cli now. If they dont give it, recon and explain why you want it. Id emphasize the nextgen score as well lol, im at 693, so....
Message 4 of 16
AverageJoesCredit
Legendary Contributor

Re: PenFed APPROVAL! NEED HELP THOUGH

Oh, great job on the DC, thats a really nice sl.
Message 5 of 16
Anonymous
Not applicable

Re: PenFed APPROVAL! NEED HELP THOUGH


@AverageJoesCredit wrote:
Im not sure but with a nextgen score like yours, PF should be your oyster. If your income is good and your dti good, with that internal score you should shoot for the moonSmiley Happy if you feel your limit isnt sufficient put in for the cli now. If they dont give it, recon and explain why you want it. Id emphasize the nextgen score as well lol, im at 693, so....

Thanks for the response.

 

Trust me, I want to shoot for the moon with PenFed haha, I really wasn’t expecting my NextGen score being that high.

 

I'm waiting for my credit card to appear on my online account and then requesting the CLI, and if anything, I'll recon through a message. I'm currently not seeing anything for a cli on my account so I'm going to wait until my account appears. 

Message 6 of 16
Blackswizz750
Established Contributor

Re: PenFed APPROVAL! NEED HELP THOUGH

Congrats, you cleaned up here. You can always do a survey and lay it out there, especially with your scores and as long as the income is in line, you shuld be fine.

Message 7 of 16
Anonymous
Not applicable

Re: PenFed APPROVAL! NEED HELP THOUGH


@Blackswizz750 wrote:

Congrats, you cleaned up here. You can always do a survey and lay it out there, especially with your scores and as long as the income is in line, you shuld be fine.

Hey WIzz,

 

Just this morning I applied for a crredit limit increase as the card appeared on my online account. It went to pending review with a loan officer...

 

So we shall see

Message 8 of 16
Anonymous
Not applicable

Re: PenFed APPROVAL! NEED HELP THOUGH


@Anonymous wrote:

@Blackswizz750 wrote:

Congrats, you cleaned up here. You can always do a survey and lay it out there, especially with your scores and as long as the income is in line, you shuld be fine.

Hey WIzz,

 

Just this morning I applied for a crredit limit increase as the card appeared on my online account. It went to pending review with a loan officer...

 

So we shall see


What timeframe did they give? 7-10 days is usually a no, but shorter (3-5 days) or longer (2 weeks to a month) is generally yes.

Message 9 of 16
K-in-Boston
Credit Mentor

Re: PenFed APPROVAL! NEED HELP THOUGH

Congrats on these approvals and thanks for keeping us updated!

 

I'm not sure if the CLI will go through without a phone recon; really could go either way.  If you have any balances you'd be willing to transfer, the loan officers will really work to make it happen if you need a larger line.  Was there a sign-up bonus for the card?  Make sure to do that before any BTs.  Your scores are fantasic.  Good to see that as we hoped, your NG would also be a bit higher than your 08, although in April we had very similar scores - what did you do in that very short amount of time?!  My guess is that either income or debt-to-income may be playing a role in that initial decision?

 

ETA: It may be worth it to try again just before the 90 days hits to give them a chance to see some payment history.  I started with a $7500 Defender and a $10k 1.99%/36 mo auto refi a year ago.  After showing them payments and usage, I got the CLI on recon to $20k (sounds like I could have pushed harder).  Then just before that 90 days ended, I apped and was approved after Pending With Loan Officer overnight for $10k on the PCR back in March.  Room to grow with them, but unless you have a BT to do, it may just take a little relationship building.

Message 10 of 16
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