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I became a member and apped yesterday. After apping I received an email with a conditional approval. Had to send 2 years tax returns. I decided to call in and talk to a customer service person. Just general questions about what exactly was needed. Turns out I made a mistake on application. I am retired, with no income. I always use household income when applying. Never been a problem before. Household income $14000( gross) monthly. Eq 735 no baddies, lots of new credit. But I did get the conditional appoval.
CRS puts me on hold... comes back and says "Sorry can't approve, because of insufficent income". Your spouse has to be on app. I asked why and was told if my husband dies I will not be able to pay. Excuse me? I was very insulted. I mean if he dies while on the account, he can't pay.
I emailed them last night informing them about the 2013 Card Act which says if a spouse has reasonable access to household income (such as joint bank account, joint tax return) it can be included when applying for credit. I asked them to reconsider the application and approve using my household income. They are a federal intitution, but ignore the federal regulations. Oh well, we'll see...
So sorry this happened to you. Fingers crossed for a good outcome on your recon.
@Anonymous wrote:So sorry this happened to you. Fingers crossed for a good outcome on your recon.
Thanks Musiclover. Just got the original denial...reason income does not support amount requested. Still waiting to hear about recon. I probably should have joined the Penfed stats posts in approvals. I would like to let stay at home mom and dad types know the problems they might run into with Penfed. Save someone else a hard pull
First hand data posts are always helpful! Thanks!
Do you file a joint return? If so, providing the requested tax returns should suffice,
Thanks Captool. Filed jointly and just uploaded my tax returns. Now I wait
Good luck with this.
I'm in a similar situation. I am NOT a PenFed fan now. They completely denied me but did eventually add me onto my husband's cards as joint owner (not just AU), but I can't see them from my log-in because of "federal regulations". Um, no. Navy shows both of us the cards we are joint on. PenFed likes to make stuff up.
I've had my problems with Penfed verifying income. If all else fails you can send an email to the President/CEO James Schenck at info@hq.penfed.org. I hope it works out for you.
Thanks everyone. Penfed has been a bit of a pain. I got another Congratulations your approved email, on the condition that I submit tax returns. Which I did this afternoon. I'm reluctant to call after the expierence I had last time. I'll give it a day...