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Penfed POI

mooshi123
Frequent Contributor

Penfed POI

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...

 

 

Message 1 of 10
9 REPLIES 9
Musiclover
Super Contributor

Re: Penfed POI

So sorry this happened to you. Fingers crossed for a good outcome on your recon.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 2 of 10
mooshi123
Frequent Contributor

Re: Penfed POI


@Musiclover 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 pullSmiley Sad

Message 3 of 10
Musiclover
Super Contributor

Re: Penfed POI

First hand data posts are always helpful! Thanks!Smiley Happy


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 4 of 10
CAPTOOL
Senior Contributor

Re: Penfed POI

Do you file a joint return? If so, providing the requested tax returns should suffice,

Message 5 of 10
mooshi123
Frequent Contributor

Re: Penfed POI

Thanks Captool. Filed jointly and  just uploaded my tax returns.  Now I wait Smiley Happy

Message 6 of 10
River123
Established Contributor

Re: Penfed POI

Good luck with this.

Message 7 of 10
DaisyFly
Frequent Contributor

Re: Penfed POI

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.

Message 8 of 10
edulover
New Contributor

Re: Penfed POI

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. 



Gardening goal April 2017 to allow new accounts to age and INQ to fall off. Current scores FICO 8 EQ 696, TU 702, EX 724 Goal 800
Message 9 of 10
mooshi123
Frequent Contributor

Re: Penfed POI

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...

Message 10 of 10
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