Re: Penfed Conditional Approval Question

makrstne · ‎12-23-2020

I applied today and was so Excited as they "approved" me on the spot. But When I checked the portal it says conditionally approved? No explanation sent to me just yet. When should I get the email?

also, since I applied for a credit card - I would like to try for a loan after the official approval, of course. Will they do another hard pull?

UPDATE:

they approved me for 5K starting limit.
sidnt ask for any docs.

Anonymous · ‎12-23-2020

Probably proof of income needed

chiefone4u · ‎12-23-2020

@makrstne wrote:
I applied today and was so Alex voted as they "approved" me on the spot. When I checked the portal it says conditionally approved? Any idea what to expect from here? No explanation sent to me just yet.

also, since I applied for a credit card - should I try for a loan? Will they do another hard pull?

Check your messages in online banking... it is possible that all you need to do is e-sign the contract.

All conditionally approved applications I've had from PenFed had an instant sending of what was needed in my messages.

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AllZero · ‎12-23-2020

Congratulations on your conditional approval!

FalconSteve · ‎12-23-2020

Not sure of the answers to your questions, but congratulations. Check back when you get the answers!.

1/8/17 Discover $18300 CL- $1k SL- AU, wife
1/26/20 AmEx Cash Magnet $35k CL, wife
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $2.9k-->$4.4k-->$8.4k-->$13.4k-->$17.4k-->$19.4k-->$22.4k-->27.4k AU, wife
3/8/20 Wells Fargo Propel AmEx/Autograph VISA $2900-->$3200-->$5000-->$8800-->$13k-->$15.5k CL- AU, wife
3/9/20 Truist Rewards $11k SL --> $13.5k- AU, wife- impulse app
3/21/20 REDcard MasterCard (TD Bank) $2500-->$6000-->$6500 CL
11/24/20 AmEx Cash Magnet $10k SL-->36hr-->$20k-->$35k CL
6/10/21 SoFi World Elite MC $7000 SL
1/19/22 AppleCard/GS $6k-->$10k-->$11k-->$12k AU, wife
8/15/22 Chase freedom flex $10.3k SL-->$12.5k-->$15k-->$19k AU, wife
7/5/23 Lowes/Synchrony $4k-->$10k-->same day-->$35k CL
8/2/23 Chase freedom flex $19k --> $22.8k-->24.3k CL
8/2/23 Discover $8k SL

CreditCuriosity · ‎12-23-2020

?never had a conditional approval from PenFed although do have credit products with them. I am assuming they will request either proof of income or identity question. They will either reach out to you or in-turn you can give them a call tomorrow (assume they are open) and see what they are needing. I know alot of forum members have got conditional approvals although never had a chance to really read up what caused this, but above mentioned things are the obvious that stick out to me.

M_Smart007 · ‎12-23-2020

Congratulations!

FinStar · ‎12-23-2020

@makrstne wrote:
I applied today and was so Excited as they "approved" me on the spot. But When I checked the portal it says conditionally approved? No explanation sent to me just yet. When should I get the email?

also, since I applied for a credit card - I would like to try for a loan after the official approval, of course. Will they do another hard pull?

It will likely be another HP for a loan application @makrstne. The initial HP would not be repurposed as CCs and loans are on two different systems.

pip3man · ‎12-24-2020

Here's my experience. I applied to Penfed 2 days ago, was instantly approved for their CC. Thereafter, I locked my EQ report and added the checking account which was instantly approved. Now here's the twist, 2hrs later I decided to apply for an auto loan. I unlocked my report and somehow ended up with 2 HP. Go figure

gingerflower · ‎12-24-2020

@makrstne Congratulations on your conditionally approved app. In my experience with Penfed a Conditionally approved app means either to supply POI or to sign Application or prove of ID. After receiving all requested documents you will then receive an email of approval.

Penfed Conditional Approval Question - Update: Approved

Penfed Conditional Approval Question - Update: Approved