@musiclover
Don't worry so was Batman. 
@Anonymous wrote:@Anonymous
Don't worry so was Batman.
Exactly! lol
@Anonymous wrote:
@Anonymous wrote:When you got the PLOC's you Magnificent Seven did you have to verify income at all with PenFed? Last 2-3 month bank statements and/or a W2/1099?
@Jace8602
@Anonymous
@MissRemaa
@nycplayboy78
@Anonymous
@Anonymous
@Anonymous
Did you only have to show your last two job paystubs and not any tax return information?
One of the most important data points to add to this thread IMHO is to ask the question did you have to verify income in any way for either the CC or on a PLOC (this data point is mostly for the PLOC) and the other important question to ask is are you a W2 employee or are you self-employed. P.S I had to Google to see what the POI acronym stood for since it is also used as Point of Interest usually. You might want to spell out POI and explain in better detail on your original post because very few people are posting that important data when they post information about their PenFed experience and approvals.
Question for the group.
Do you have to ask for a certain CC/PLOC credit limit with PenFed like you're required to do with RBFCU? Or is it like normal a credit card application where the company will give you whatever credit limit you qualify for at the time of the application?
P.S. Congrats Baller on the Community Leader title
For the PLOC I did not have to verify my income, although I was prepared to do so. I didn't get my PLOC on my initial approval. (I was an Egyptian, they thought.
) When I asked for CLI's in April I was denied. (Still an Egyptian.
) After recon I was able to get the PLOC and the CLI's. I really did my happy dance.
@Anonymous --> Thank you for the question as for my experience I didn't have to provide any POI for any of my PenFed loan products (credit card, PLOC, and auto loan). I went to my local PenFed branch and I had 30 days worth of paystubs as well as my W-2 and when I told my banker that I had the forms she said that they where not needed. I surmised that since my credit score is so high and my income is so high that it wasn't needed. BUT YMMV I have seen some instances on here where POI was needed and once again like I said earlier YMMV. My thinking as a rule of thumb is whenever you are applying for any sort of consumer loan products ALWAYS have electronic copies of paystubs and W-2 readily available......I hope my experience(s) with PenFed shed some light on your question(s)...
@LDS90 wrote:Product approved: Refi Car Loan $9000 7/2015
CC: PenFed Promise $1,500 7/2015
Instant: Instant
Recon: CC to $39,500 (Unbelievable) 7/2015
They identified limit(I did not ask for 39.5K)
EQ Fico: 8 686
PenFed Nextgen: 714
Proof of Income: None
AAOA: 9yrs
Derogs: Bk Ch 7 (2/2011) Discharge date
Util: 0%
Total EQ Inq: 2
Last 12 Mo: 2
Last 6 Mo: 2
New Accounts Last 12 Mo: 2
Last 6 Mo: 2
WOW!! This is AWESOME data for those with a bk. Thank you for sharing!
@NYFan63 wrote:Product(s) approved and Limit(If approved for multiple products please include date if not immediate)
Penfed Platinum Signature VISA $33,000
EQ 08 Fico: 666
Penfed Nextgen: 651
Instant or Review?: review by LO
POI?(If yes, what type of proof of income) No
AAOA: 5.2 years
Derogs?: (If you have a BK please list type and discharge date!) BK7 DC'd Jan 2010, State tax lien paid/released Mar 2016
Util: 25%
Total EQ Inquiries: 8
Last 12 months: 4
Last 6 months:
New Accounts in last 12 months: 3
Last 6 months: 3
Another great bk post!! Those with bk reporting do not be afraid to app.
@dapps06 wrote:So I figured what the hell and applied for the Platinum Rewards and received a message that my application needs to be reviewed by a loan officer. Oh well, at least it wasn't an extra HP.
I was denied due to "excessive obligations in relation to income".
It must be my student loans, although those are in deferment and most likely will be for another 2 years or so. I have no other payments. At this point I doubt I'll get approved for the Cash Rewards card or a PLOC so I'm really hoping my recon attempt results in a higher limit for the Promise.
