Great News from PenFed

[Anonymous]

I set up a savings account online with Pen Fed today.  Do I have to wait for the paperwprk before I can apply for their card?

WBLAKE

[Anonymous]

Is PenFed instant approval.  If not, how long does it take to know that you were approved?

WBLAKE

[Anonymous]

No. call the customer service number on their website. They will give you your membership number and assist you in setting up your online account. At that point you can apply for credit cards and loans. I did this about three weeks ago on a sunday, so you should be good to call today.

And yes...once I applied for a cc..it was an instant.

Message Edited by ObsessedwithmyFico on 09-02-2007 10:17 AM

[Anonymous]

Did you know immediately that you were denied or did you get a 30 day notice.

[Anonymous]

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jenna4now2 wrote:

I did... for the life of me, I can't figure out how to maneuver around that place!  lol

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Got to Search by Score.

http://whogavemecredit.com/index.php?page=search.php&srch=score

Check the Equifax box, enter a score, enter a +/- range, click Search.

From there, as you see a creditor listed a lot, do search on that creditor and see if the overall consensus is they pull EQ or whether they pull EQ only some of the time.

Some OCs pull regionally. East of the Mississippi they pull X and west of the Mississippi they pull Y.

[Anonymous]

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WBLAKE wrote:

Did you know immediately that you were denied or did you get a 30 day notice.

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I knew right away I was approved.

[Anonymous]

Thanks Noah!

[Anonymous]

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jenna4now2 wrote:

PenFed's reasons for denying me credit were:  limited credit history and pyramiding debt.  However, there is nothing on my equifax credit report except a car loan with a perfect 2 1/2 year payment history and an old Wells Fargo account (9 years old) with a zero balance and perfect payment history.  Nothing I've recently been approved for or gotten is even showing up yet.  There IS limited credit history, that's true, but I was clear with them when I applied why I was applying... to establish credit in my own name.  They agreed that was a really good idea... no mention of "hey, no bother in applying with us if you are trying to establish some new credit history for yourself".  LOL  Clearly there is NO pyramiding debt on my CR... there is nothing on there!  GRRR

I called them tonight, and they said to fax a letter to the loan department appealing the decision and explaining why I wanted to open this account.  I think I'll just do that!

Jennifer Z

1

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The pyramiding debt response is from the multiples applications and new accounts.  This is one way it bites you.

Message Edited by Brammy on 09-03-2007 05:03 PM

[Anonymous]

But here's the thing... NONE of my new accounts are showing up on Equifax yet, and only 1 or 2 are showing up on the other 2 CRs... so I still don't understand the Pyramiding Debt thing...

Jennifer Z

[Anonymous]

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jenna4now2 wrote:

But here's the thing... NONE of my new accounts are showing up on Equifax yet, and only 1 or 2 are showing up on the other 2 CRs... so I still don't understand the Pyramiding Debt thing...

Jennifer Z

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But the inquiries are correct?  How many new accounts have you opened in the past six months?