Penfed Taking forever for decision

[Shan888]

Hi all,

I became member of penfed last week and today marks 8th day. Anyways, after opening saving account to start relationship I applied for their, "Platinum Rewards Visa Signature® Card" and since then there has been no updates to the application. The only thing I see "Under Review" and if I click on application number it says, "Member has a Negative Share Balance" which I clearly do Not. As I did deposit minimum $5 to open savings. I called customer support hundred times since then but I do not get clear answer. It's always something different then whatever previous rep tells me; like 24 to 48 hrs. Next day some different rep would say 1 week and then someone else said your approved for 5k limit. And then someone else told me your under review and there's no further info. My scores are decent in 790s and 4-5 inquiries. 

anyone else had any similar experience?

[Brian_Earl_Spilner]

When they opened my savings, they opened it incorrectly so I had the same negative share message when I applied for the gold. I called in and they fixed it. 

[Shan888]

The savings account does not say negative balance. It's the credit card application that states it. I keep calling them and explaining that their system says negative balance And the only answer I get it your application is Under review

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@Brian_Earl_Spilner wrote:

When they opened my savings, they opened it incorrectly so I had the same negative share message when I applied for the gold. I called in and they fixed it. 

[Anonymous]

I had a similar issue when I first became a member. I was told that the $5 transfer was still processing and that I probably wouldn't be able to get the card until after it finished. It took me 1-2 weeks before my credit card application was approved after saying "Member has a negative share balance" for that entire time.

[Brian_Earl_Spilner]

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@Shan888 wrote:

The savings account does not say negative balance. It's the credit card application that states it. I keep calling them and explaining that their system says negative balance And the only answer I get it your application is Under review

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@Brian_Earl_Spilner wrote:

When they opened my savings, they opened it incorrectly so I had the same negative share message when I applied for the gold. I called in and they fixed it. 

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Neither did mine. They had to move $5 from my balance to the correct type of account for membership. Now I have 2 accounts showing for my savings. $5 in a Regular Share and my balance in Premium Online Savings. That resolved the issue for the card app denial for reason you stated. Had to submit another app.

[Shan888]

Update***** approved last night around 9 PM on a Saturday night. lol. 

[K-in-Boston]

Congratulations on your approval, Shan888.  As you have been approved, this thread is closed to further replies.  Please feel free to begin a new thread in Credit Card Approvals.