Penfed app frustration

TrialByFire · ‎12-18-2016

I joined Penfed yesterday morning (12/17) and applied for the cash rewards card and 5k PLOC. A couple hours later I got an email asking for POI. Ok no biggie. I submit it online then follow up with a call several hours later to make sure it was received, since it wasn't reflecting in my online account.

The CSR said it doesn't look like we received it, can you email? Ok no problem, done deal. I let it ride and decided to call today just to verify they received my pay stubs, which they did. However, I was informed that now they need notarized copies of DL, SSN and utility bill. I found a notary, at the cost of $20. Got it sent in and followed up with another call to make sure it was received.

Well here's the hiccup: since I just obtained a mortgage the address on my license didn't match the address I listed on my app. This process has turned into a huge PITA that I'm not sure if it's worth jacking with anymore. Im sure they'll want the full blown license with updated address and pic now, rather than the temp version. Granted, I probably shot myself in the foot with the license and address issue; I've never been asked before when apping for a card. But somehow you can open a checking account no problem. Working out of town makes it difficult to get to the DMV when they're open.

So if i don't get my updated license to them within 30 days or whatever the time frame is, will it just get scrapped? Any chance they'll just push it through?

austinguy907 · ‎12-18-2016

Moving / buying a place tends to lead to this if you're not prepped for it. If you don't get it to them in a timely manner they'll just cancel it and move onto the next person. You'll need to update your address on your DL anyway if you want the homestead deduction on your property taxes and it simplifes things when apping for new credit as well. But that property tax thing can save you 20-30% off your appraised value. Since you've taken the HP already just check into changing your DL online and when it gets mailed to your house just snap a pic and e-mail it over. Here in TX you can't even get an actual card unless they mail it so, going to the DMV or whatever doesn't make anything happen quicker around here. Other states though you can casually walk in with relatively little ID and walk out with a DL.

TrialByFire · ‎12-18-2016

Yeah online would be really nice except my license is a CDL even though I no longer use it. In TX you can't change your address online if you have a CDL.

On the homestead, i will be doing that pretty soon. Just had so much going on I haven't had the time to get up to the DMV. Honestly didn't expect to get hit with this notarized proof of ID stuff from Penfed. I've even had MF alerts notifying me a change of address has been detected, so I figured a lending institution would have the capability to see that also. The bill I sent in was my howeowners policy reflecting my name and the new address.

I guess I'm just venting for lacking the foresight to take care of the license thing while pawing some of the blame off on the lender.

austinguy907 · ‎12-18-2016

Yeah, CDL has some quirks about them that regular ones don't. I can see how that might become a PITA when updating it since you have to go in person to update it. When you update it with other lenders they submit it when the statement cuts to the CRAs which helps. Some lenders are just overly cautious when it comes to things sometimes. The whole process of moving is just time consuming and I get that part of it too. Just figure out if it's a priority or if it can wait. CC's come and go and time sometimes just doesn't make them a priority if you have to jump through a bunch of hoops. I see these stories of 10 types of ID and just wonder why both a lender and someone applying for the product would put up with it. It's not like you're applying for a security clearance or anything.

TrialByFire · ‎12-19-2016

Welp took off work early today to stand in line at the DMV. Got my license address updated, sent it in to Penfed and NOPE that STILL isn't enough. Even sent the receipt from the DMV with the TX seal. It's gotta be a photocopy of the card. #??!@#&$&$!? is all i got left to say about that.

Moral of the story: have your ducks in a row before apping, especially with them with regard to ID.

TrialByFire · ‎12-21-2016

A LO called from Penfed today, went over some security verifications and approved the card for $5k @16.24%. Denied the PLOC due to too many new accts this year, which is certainly true. Anyways there's an update with a good ending.

Anonymous · ‎12-21-2016

@TrialByFire wrote:
@A LO called from Penfed today, went over some security verifications and approved the card for $5k @Anonymous.24%. Denied the PLOC due to too many new accts this year, which is certainly true. Anyways there's an update with a good ending.

Congratulations! Glad it worked out for you with a decent SL.

Anonymous · ‎12-22-2016

@TrialByFire wrote:
@A LO called from Penfed today, went over some security verifications and approved the card for $5k @Anonymous.24%. Denied the PLOC due to too many new accts this year, which is certainly true. Anyways there's an update with a good ending.

Congrats on your approval!

mitchblue · ‎12-24-2016

I love happy Endings. Merry Christmas.

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