PenFed Questions

[Anonymous]

I came on MyFICO this morning to look up some information and hours later was down in a rabbit hole reading about PenFed. I've always heard really positive things but assumed I did not qualify (non-military) until I read another post on how to apply if you aren't military, etc. I bit the bullet, applied for the regular share, transferred funds, was approved and then a couple hours later applied for the Platinum Rewards and Promise CC's. Was approved for the Rewards ($9,500) and the Promise was sent to a loan officer for approval. I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal? It's been several hours. Should I call to speak to a loan officer about the Promise or just wait? I'm always scared to get on the phone with recons. I also applied for the PLOC and was denied right off the bat - I'm thinking maybe I jumped the gun on applying too early? I really want to get my foot in the door with PenFed as they have great offers. I wish they offered business products.

[baller4life]

Well welcome aboard. Penfed is awesome. Congratulations on your Platinum Rewards approval. You should hear back about Promise by this evening. Please share your data in the data share thread if you don't mind.

[live-n-learn]

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@Anonymous wrote:

I came on MyFICO this morning to look up some information and hours later was in a rabbit hole reading about PenFed. I've always heard really positive things but assumed I did not qualify (non-military) until I read another post on how to apply if you aren't military, etc. I bit the bullet, applied for the regular share, transferred funds, was approved and then a couple hours later applied for the Platinum Rewards and Promise CC's. Was approved for the Rewards ($9,500) and the Promise was sent to a loan office for approval. I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal? It's been several hours. Should I call to speak to a loan officer about the Promise or just wait? I'm always scared to get on the phone with recons. I also applied for the PLOC and was denied right off the bat - I'm thinking maybe I jumped the gun on applying to early. I really want to get my foot in the door with PenFed as they have great offers. I with they offered business products.

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I haven't received a confirmation email/welcome email, etc for the Rewards but it popped up on the screen that I was approved - is that normal?

Yes, this is normal, sometimes they call before it pops up, sometimes you get a secured message first, or it may just show up.  They may need some digital signatures or verifications from you or something like that.  I think you're good and it doesn't hurt to call just to clarify.  Congrats!!!

[Anonymous]

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@baller4life wrote:
Well welcome aboard. Penfed is awesome. Congratulations on your Platinum Rewards approval. You should hear back about Promise by this evening. Please share your data in the data share thread if you don't mind.

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Thanks, I'll wait to hear back on Promise till I update on that thread. So, you advise NOT to call into about the Promise card and just wait it out?

[Anonymous]

Yes wait it out. They are pretty quick to make a decision. Congraats on the approval. 

[baller4life]

It won't hurt to call and check status if it makes you feel better

[Anonymous]

I had to go and hunt down my decision by logging in and going to Applications.  I did not receive any notifications whatsoever regarding the Promise application that I submitted.

[Anonymous]

They also often tend to send emails that more often than not, end up in your Promotions folder with Google, or Spam.

[Anonymous]

As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Equifax and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards. 

[Loquat]

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@Anonymous wrote:

As an update - just now (almost a day later) am getting notifications from PenFed in regards to my apps. Looks like the Rewards was approved, Promise and PLOC denied. They pulled Experian and the denial letters say my score is 645 BUT when I pulled new reports from all bureaus via Credit Check Total yesterday before apping, my scores were 690-705 across all three. Thats a big difference - most I have ever seen is maybe 10-15 pt difference. I am considering calling to recon the Promise or ask for a higher CL on the Rewards. 

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Interesting...first I've ever read of them pulling anything other than EQ.  Enjoy your new Rewards card!