PenFed App

[Anonymous]

Wondering about PenFed approval process for their credit cards. Interested in knowing if anyone has been denied due to inquiries or too many new accounts?

[Anonymous]

Data point:  I was approved for 17k @14% interest on one of their cards.  EQ was 754, about 6 total inquires(1 of them in last 6 mos), no recent new accounts.  HOWEVER, my approval was conditional on providing  2 years tax returns.  I did not want to provide them, but I sent them 2 years of bank statements proving my income and cash.  They were rejected.  I asked for lower limit with no POI.  Rejected.  I walked away.

My take:  If you are self employed, they may require POI and are VERY INFLEXIBLE.  If you have a normal job and paystub, they are quite lenient as long as you have a decent score and not full of recent app sprees.  People love Penfed.

[Anonymous]

If you're free for the next few weeks, read through this thread.

[Anonymous]

Thank you for this insight!

[AverageJoesCredit]

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@Anonymous wrote:

@Data point:  I was approved for 17k @Anonymous% interest on one of their cards.  EQ was 754, about 6 total inquires(1 of them in last 6 mos), no recent new accounts.  HOWEVER, my approval was conditional on providing  2 years tax returns.  I did not want to provide them, but I sent them 2 years of bank statements proving my income and cash.  They were rejected.  I asked for lower limit with no POI.  Rejected.  I walked away.

My take:  If you are self employed, they may require POI and are VERY INFLEXIBLE.  If you have a normal job and paystub, they are quite lenient as long as you have a decent score and not full of recent app sprees.  People love Penfed.

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Lol, not all people love Pf,  im not a fan . Im not seld employed, well i do have small part time that can be considered such but PF doesnt like my low income so like you i found myself on the outside looking in and just closed my credit card with them. Go Navy , lol