PenFed Process?

[Anonymous]

I opened an account at PenFed and then broke my own gardening rule. I applied for a Promise Card.  The on-line application said that the applicatioin has been sent to a loan review officer. This morning I get an e-mail from PenFed "Risk Based Pricing Notice". My Equifax score was 707. And, there is a line item that states "

What you should know about credit scores:

Your credit score is a number that reflects the information in your

credit report. We used your credit score to set the terms of credit

   we are offering you.

Your credit score can change, depending on how your credit history

changes.

Now the page shows Application (green check mark), Reviewed (green check mark), and now is sitting at "almost done".

Does anyone have any experience with this process? I wasn't instantly declined, and haven't received any request for additional information. What are my chances of being approved?

Equifax score 707, no lates, no public records, no collections, no derogs, Eq inq's 8, 1 year of history, and $8,550 total credit available with $250 owed on one card.

Can't believe I broke my gardening rule!!

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[CreditCuriosity]

Sounds like an approval to me especially with the score they provided you with.. Something about the cost you pay for credit in the letter.  Guess your account will show up online tomorrow..  I might consider going for another credit product if I were you as it is the  same HP whether it is the rewards card or possibly a PLOC(Although a whole another beast to be approved for).

You can call up membership services and speak with a CSR and ask them if they need anything else or ask them if you were approved and limit etc..  Although it appears to be an approval from everything you stated.

[Anonymous]

Congrats, You've been approved. Just waiting, you might need to provide 2 most recent paystubs, a notice will be showed on Application. 

I've just approved and it took 1 week to process, and at least another week to delivery the card.

For your case, I think your CL will be around $2000.

[Anonymous]

Yep.  I got an email about credit risk in my email and in my online inbox from PenFed.  Later that day, my application status became "Transferred".  Once you get to "Transferred", your card is being printed and will be shipped out shortly.  Congratulations!

[ddemari]

you have been approved! they wouldnt send you that risk based pricing email if that was the case and the green check marks all across the board, approved!!! congrats 

[Anonymous]

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@ddemari wrote:

you have been approved! they wouldnt send you that risk based pricing email if that was the case and the green check marks all across the board, approved!!! congrats 

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Just for clarity, when you say "check marks all across the board" not sure if I read my page right. There is an "application" - "reviewed" - "almost done" - "complete" on the page. The "application" has a green check mark, the "reviewed" has a green check mark, but the "almost done" doesn't have anything. Then, of course there's the complete.

Are the application & review what's important? I just checked and it hasn't changed to "transfered" yet. Hoping by tomorrow there's some movement.

[Anonymous]

Thanks for all the replies and information about the PenFed process. As soon as I know for sure what happens, I will update everyone. Hopefully by the end of this year I can join the 800 club!!

[Anonymous]

Just checked the PenFed site. I hit the "continue" button on the right, and it took me to a screen that showed all the green check marks ie: application, review, income, decision, and finalize. All had green check marks.  I hit "finalize" and it took me to a page I needed to digitally sign. I signed it, and the page said "YOU HAVE BEEN APPROVED!!

Credit Limit $3,000!!!

I knew you people would know the process, and all of you were right in the money. Thanks a bunch!!

[Anonymous]

Congratulations!  Welcome to the Promise $3k club!

[OmarGB9]

Grats