PenFed POI question

[Anonymous]

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@Anonymous wrote:
@Anonymous -- $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.

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Let us know the outcome!

It is my understanding that income should be only yours, and ONLY other true income available to you, not household income. 

In my case, when i apply for credit, i include my income and ONLY part of my wife's income that it is truly available to me, meaning: she direct deposits money into my bank twice a month for her share of the monthly bills and mortgage.  This way, i can justify with my bank stement how much $$ is truly coming in to my account.

[Anonymous]

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@DaveInAZ wrote:

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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.

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Odd that you should have had to wait so long for a loan to be approved, because both of my applications to Penfed this year, for a used-car loan in February and a Power Cash Rewards in July, were processed and approved on the spot.

[DaveInAZ]

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@Anonymous wrote:

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@DaveInAZ wrote:

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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.

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Odd that you should have had to wait so long for a loan to be approved, because both of my applications to Penfed this year, for a used-car loan in February and a Power Cash Rewards in July, were processed and approved on the spot.

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Yeah, my Power Cash Rewards only took a day a so, and my used car loan with DCU only took a day or so and I assume Penfed would be about the same. Real Estate loan always take much longer as your income has to be well documented and the property has to be appraised, but Penfed was excruciatingly slow on this. But it was worth it - a 15 year $25k line of credit at Prime +0%, currently 4.25%. And my home is hard to finance, a 10 acre rural property with manufactured home, but Penfed was willing to do it so I give them credit for that. 

BTW, DCU (Digital Credit Union) is the place to go for car loans. I got 2.99% for 65 months on a 2016 car bought in Sept., Penfed quoted me 3.49% for 60 months.

[Anonymous]

@c00mtg --  it looks like you are absolutely right. They were looking at my income and not household income. Here is a cross post I made:  (Oh well

Update: I was "turned down" for the credit card for insufficient income. I actually proved I made more income than I put on the application, but even still my personal income IS low--so I guess I do understand. I put my husband's income in the "other" column and proved that as well, but I guess they are more interested in my income. (Our HOUSEHOLD income is $17,500 per month.) They also said we have excessive obligations, which isn't true--about $1500 a month--, and cannot approve the amount "I" requested (of course I didn't request a certain amount at all). I may try to ask on the survey that they consider giving me a lower amount to let me get my foot in the door. We'll see Smiley Happy I was pretty shocked when they originally offered $20,000, but even $1000 would make me happy.

[Anonymous]

How strange that they didn't use household income for the credit card. I used household income when I joined PF and got my PCR. I even applied directly to a person on the phone since I transposed a number on my online app. LO knew it was not my income.(I'm a stay-at-home mom.) I submitted my husband's POI with his permission. My husband isn't even on my PF accounts. 

[Anonymous]

Hey op ask them for any approval on a card you have already taken an inquery . They can check for all approvals in there side . The best way to get your foot in the door 🚪 . The whole goal I have with them is a build a relationship , I would inform them that you want to make a lasting relationship to spend your money with them . You can do this op !! I believe in you .It was was an adventure since my pay structure is unique to get in the door with them . Please make notes of who you talked to and try to get the same lo if possible. Over 40 emails and 37 calls I was approved with an adventure of recon .

[Anonymous]

Hi OP and sorry for the outcome!

You can try to recon for a least $500 just to get in the door with them. Some banks will try to confirm income months/years after approval, if they see that the income was exaggerated, they will take action.  When applying, you should see a little bubble to the right of the box where you enter your income, if you hover over it, it will indicate what is consider income.  Some banks let you add household some don't.

At the end of the day, banks will VERIFY that.  That is why is always important to be honest with income :-)  let us know if you get the card.  Good luck!!

[Anonymous]

Hi c00mtg -- maybe I misunderstood your post, but I assure you I did not lie. I actually ended up saying I earn a little bit less than I actually earn. (I even guessed wrong on hubby's pay and said he earned $16,500 when it is actually $17,500 per month). Believe me, if I had lied I wouldn't have submitted proof of income lol.

[Anonymous]

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@Anonymous wrote:
Hi c00mtg -- maybe I misunderstood your post, but I assure you I did not lie. I actually ended up saying I earn a little bit less than I actually earn. (I even guessed wrong on hubby's pay and said he earned $16,500 when it is actually $17,500 per month). Believe me, if I had lied I wouldn't have submitted proof of income lol.

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No no no, sorry, i didnt call you a liar.  I was just talking in general for people not to exaggerate their income.

Sorry

[Anonymous]

I spoke with a loan officer about an hour ago. He said the board of directors voted a month or so ago to only use your own personal income when apply for an individual account. He said we could apply jointly and the household income would be included. We may do that, but I have to give it some thought as my hubby is a new US Permanent resident and already has a lot of inquiries as we are trying to establish his credit. If we decide to go for it, I'll update this thread.