I am one of those guys that checks this site and see everybody's applications, app spree, rebuilding or what have you.
I always thought that some of these insane approvals were just a little hype, so I had all my ducks in a row with my CR and decided what did I have to lose with Pen Fed.
I paid the 15 bucks for Voices of America Troops. Opened an account, funded it with 20 dollars from my CSP. I oh la la I am a member.
So, next is lets just see about this Cash Visa Card.... Made the application and all that.
And to my amazment I was instant approved.
Get this, a $ 19,000.00 approval. I am in shock. So I dedcide why not go for the 25k Personal Line of Credit too. Made that application and it is pending.
I guess it is true with Pen Fed. I bet I am going to get that 25k too.
All this in less than 15 minutes. Still Amazed........
Thank you to the members of this forum.
UPDATE.
More information.
Pen Fed Pulled EQ for me, at the time I had the following stats on EQ.
MyFICO EQ was 779, now 774 though 5 point hit for Inq.
Newest account opened 3 months ago
Oldest account 22yr, 2 months
AAoA 4 years
UTL at 7%
Income 104k
Total inq prior to Pen Fed in last 12 month was 4
Highest current credit line is 11,800
No Baddies, ever.
And the best news EVER!!!!!
I called a service rep today as when I checked the LOC had a counter offer.
The counter offer was an amazing 20k.
Of course I took it. I was also told that you need to be a member for at least 6 months to get an approval to 25k.
No request for docs of any kind.
I can not believe that I got 39k worth of credit for one hard hit on EQ.
Amazing what I have learned here.
Thank you FORUM>>>>>>>>
Another Update as of 3-15-2013
Here is the letter I got on the counter offer for those who are interested.
Thank you for your recent application for credit. We are unable to offer you credit on the terms that you requested
for the following reason(s):
Excessive obligations in relation to income (overextended).
We can, however, offer you credit on the following terms:
Open-end credit not to exceed $ 20,000.00 at 9.25% APR. The monthly payment will be either 2.0% (2.5% for
Thrifty Credit) of the outstanding balance or minimum $10.00 ($15.00 for all credit cards).
MAX TO CONSIDER FOR MEMBER LESS THAN 6 MONTHS IS $20,000
If this offer is acceptable to you, please notify us before 06/14/2013. You can notify us by phone at 800-247-
5626, by mail at the address listed on the top of this letter, by visiting a branch or by contacting us at our web site
WWW.PENFED.ORG.
Our credit decision on your application was based in whole or in part on information obtained in a report from the
consumer reporting agency listed below. You also have a right under the Fair Credit Reporting Act to know the
information contained in your credit file at the consumer reporting agency. The reporting agency played no part in
our decision and is unable to supply specific reasons why we have denied credit to you. You also have a right to
a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this
notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete,
you have the right to dispute the matter with the reporting agency.
Equifax
P.O. BOX 740241
ATLANTA, GA 30374
PH: 1-800-685-1111
We also obtained your credit score from this consumer reporting agency and used it in making our credit
decision. Your credit score is a number that reflects the information in your consumer report. Your credit score
can change, depending on how the information in your consumer report changes.
Your credit score: 753
Date: 03/13/2013
Scores range from a low of 150 to a high of 950.
Key factors that adversely affected your credit score:
Amount owed on revolving accounts is too high
Length of time accounts have been established
Proportion of revolving balances to total balances is too high
Too many inquiries last 12 months
If you have any questions regarding your credit score, you should contact the consumer reporting agency at the
address and phone number listed above.
Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit
applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant
has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any
public assistance programs; or because the applicant has in good faith exercised any right under the Consumer
Credit Protection Act. The Federal Agency that administers compliance with this law concerning this credit union
is the Bureau of Consumer Financial Protection, 1700 G Street NW., Washington DC 20006.
For California residents only: If you did not submit an application for credit to the Pentagon Federal Credit Union,
please contact us at 800-247-5626.
Sincerely,
About 600k in Credit Lines
CSP 29.9k, Citi DP 58.5k, Chase Sams MC 20k, Amex Hilton Surpass 35.6k, Hawaii Air 26k, Discover More 56k, Chase SWA 3.5k, WF PLOC 30k, B of A Visa 63.3k, Wells Plat Visa 8.3k, RC Willey 5k, Pen Fed Visa 50k, Pen Fed PLOC 25k, Lowes 25k, CSR 28.8k
PenFed can be like that. Your scores indicate they should like what they see on manual review. If they don't feel it's up to their standards (in line with your score), they'll request docs or close. They do keep a close eye on your CRs for about a year after opening too btw. They're a rather good lender and have rather good CSRs from what I've experienced.
Starting Score: EQ 717 EX 724 TU 736
