PenFed POI question

[Anonymous]

I was conditionally approved for PenFed Power Cash Rewards card for $20,000!! Holy smokes. But I had to send proof of income. I did so last night and today they responded that they received it and it can take 24 to 48 hours to process. Does it normally take so long?? Waaaaa lol

[AverageJoesCredit]

Yeah i think so PF can be super slow when approving you for something and will wait til they receive any documents you have to sign and send in. Thats a massive limit, i would have given them my 1st born if i had one lol

[Anonymous]

Umm, what did you put down for income?

[Anonymous]

@c00mtg -- $1600 per month for my personal income (low) and $16,500 for my husband's monthly income in the "other" column. So if it gets approved it will be because of my husband's income of course. I guess we'll see what happens. I sent them everything they asked for.

[DaveInAZ]

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@Anonymous wrote:
I was conditionally approved for PenFed Power Cash Rewards card for $20,000!! Holy smokes. But I had to send proof of income. I did so last night and today they responded that they received it and it can take 24 to 48 hours to process. Does it normally take ao long?? Waaaaa lol

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Penfed is good for many things, but speed/quickness is not one of them.

If you want to try out your patience app for a Home Equity Loan - I app'd in early May, approved in late August.

[Anonymous]

A lot of bureaucracy in the Pentagon.

[Anonymous]

Holy moly @DaveInAZ! Lol. I guess I will practice patience then!

[Anonymous]

Did you get that time frame from the website? If so, give them a call. Your paperwork is probably sitting there waiting for someone to notice. If you call, they may be able to go get it and get you all set up immediately. That's what happened to me when I got my PCR and had to submit poi. They told me if I ever submit paperwork like that in the future to just give them a call and they'll find the paperwork and take care of it.

[K-in-Boston]

They didn’t ask me for POI on my first card, but did when I applied for an auto refi a few days later. Sent them pay stubs and got the approval email when I woke up the next morning. If it seems like it’s taking a while, just give them a call and ask to speak with a loan officer (PenFed speak for credit analyst) and you should hopefully have an instant approval. They did not ask for POI again when I got a CLI on my Defender Visa later on, or the 2nd card I apped for soon after.

[Anonymous]

Thanks everyone! If I don't hear from them by Wednesday afternoon I will give them a call.