Well, after reading all the posts, I decided that I would go for PenFed. I just completed my app and it is now pending.
So, let's take some guesses at what my chances are:
App'ed for Platinum Visa Travel Reward, $25K
EQ: 808 (No Inquiries past 2 years)
TU: 803 (1 Inquiry past year)
Currently Highest Limit Card: BofA $10K
So, let's take some bets!
FINAL RESULTS: PenFed Counter Offered $10K. I think the fact that an inquiry from Alliant CU hit the day before PenFed pulled CR probably reduced my limit some. Maybe they would have gone more if I had zero Inquiries with my app.
HAS ANYONE been approved on app for more than $10k initially with PenFed? If so, what was your specs on CR and FICO?
sound like shoe in if age is ok and not 'egyptian'
may've been an auto if under 25k was requested is my guess
What did they want for verification? Paystubs, statements, tax returns?
Well they said last two pay stubs or last tax return or if self employed last two years or financial statement (which didn't make sense to me, I am assuming they meant payroll). I just sent them last two pay stubs for my wife which later I was told since she is not on the card and we don't take household income, just yours, it was not used, my last year tax return which even though included my wife, has my own income on there, so that counted. That was sufficient, although I felt was a bit overkill. Do you want me to past the exact message they sent asking for the information?
Sure, if you have it, please post it.
Did you have to mail the items or did they allow faxing? How long did the whole process take?
From: Loan Response [mailto:LOANRESP@Eugene.PenFed.org]They told me that you can fax it, send it as TIFF or PDF, or even mail it if you wanted. I just made a PDF and attached it and they said it would be forwarded to the "loan officer" for processing and 2 days later, it was done.
Sent: Saturday, February 28, 2009 9:35 AM
Subject: Loan Response Application #######
Application Number: #######
Congratulations! We are pleased to inform you that your request has been approved. However, before the loan proceeds can be sent to you, Pentagon Federal must receive the following:
WITH SATISFACTORY VERIFICATION OF INCOME
You may fax the information requested to us at 1-800-278-2212 or mail it to us at PO Box 70046 Eugene, OR 97401. To help us serve you better, please include your application number on any documents you fax. If you have any questions regarding your application for credit or the necessary information needed to receive our loan proceeds, please reply to this email message or contact us at 1-800-247-5626. If you have already provided this information please disregard this message.
Your loan approval is good for 90 days from date of approval.
Please note: The rate on the loan will be the rate that is effective at the time the loan is disbursed and this may be different from the rate in effect at the time of application submission.
Thank you for choosing Pentagon Federal. We hope that we can help you with all your financial needs.
Pentagon Federal Credit Union
Eugene Loan Processing