Re: PenFed Power Cash Rewards Card approved for $4... - Page 2 - myFICO® Forums

Anonymous · ‎12-15-2018

Yeah I'm on their app right now. Says nothing of the sort. OP is spot on!

CreditCuriosity · ‎12-15-2018

Congrats on a very nice approval also suprised they allowed you to use spouses income this must have changed very recently.. Just curious you mentioned you took out a 25k personal loan how much of that is paid off of still owe most of that 25k since only 6 months into it? Just trying to figure out their unsecured debt they are giving you at 240k between you two

08 Scores - TU: 839 - EXP:839 - EQ:838

Fire6546 · ‎12-15-2018

Credit card act 2013 requires financial institutions to allow spousal income on cc applications, so if PenFed just recently changed to allow it, they’ve been breaking the law for a bit.

MartyWrite75 · ‎12-15-2018

WOW! Congratulations!!!

December 2024: Experian 779; Equifax 779; Transunion 781

Cards I Have:
Cap One QS: $600 (Sock drawer) || Cap One QS (#2): $6,800 (Sock drawer) || Discover It: $13,400 || Cap One Savor One: $600 (Sock drawer) || AMEX BCP: $8,900 || Amazon Prime Store Card: $10,000 || FNBO Rewards Visa: $2,600 || Discover Cash Back: $7,500 || Citi Custom Cash: $12,500 || Verizon VS Visa: $15,000 || Amex Hilton Honors: $10,000 || Amazon (Chase) Prime Rewards (VS): $9,500

Wishlist Cards:
Paypal Mastercard || Bread Mastercard

Gardening to 10/2024(ideally)
Total Utilization: 10%
Inquiries: Exp: (1) Trans: (0) Equif: (0)

Jnbmom · ‎12-15-2018

@Fire6546 wrote:
Credit card act 2013 requires financial institutions to allow spousal income on cc applications, so if PenFed just recently changed to allow it, they’ve been breaking the law for a bit.

That's interesting and I had forgotten that .

Penfed has always told me I could not include my spouse's income unless he was a joint applicant, that's one of the reasons I prefer Navy over Penfed, actually there are a few reasons lol.

EXP 780 EQ 796 TU 810

Gmood1 · ‎12-16-2018

Congrats Chic on the mega SL!
You're nearly at max exposure with them from the start. lol..good job!

Anonymous · ‎12-16-2018

Congrats on your approval and monster SL !!!

Penfed and Navy been giving monster SL lately i guess its xmas hehe

been seeing $40-$50k SL approval lately .. its making me get out of garden hehe

Cred4All · ‎12-16-2018

it took my breath away just reading it, congrats!!

Anonymous · ‎12-16-2018

@Fire6546 wrote:
Credit card act 2013 requires financial institutions to allow spousal income on cc applications, so if PenFed just recently changed to allow it, they’ve been breaking the law for a bit.

The CARD Act does not required what you claimed, and even if it did, it would not be applicable to credit unions.

Credit unions are membership-based and consequently they are only allowed to use combined income if both spouses are members of the credit union. If only one spouse is a member, then only that individual's income is considered.