@creditwherecreditisdue wrote:
@Anonymous wrote:Against my better judgment I let the PenFed customer service representative convince me to apply for a PenFed Visa platinum and an overdraft line of credit -- neither of which I particularly need, but since they already pulled my CR about two months ago when I joined I figured I had nothing to lose.
Anyhow, the following day I logged in and found the LOC already included in my list of accounts. When I checked application status it shows the LOC as "transferred" and the Visa card as "pending."
My questions are, how long does it take for them to process an application and either approve it or deny it? I wonder why the LOC was approved so quickly and the credit card not -- especially since the requested limit on both was the same.
PenFed is very backed up with CC app's at the moment. Normally the consideration process takes about 24 hours unless they require additional information from you. Your post did not include the date when you app'ed these things so I can't really comment further. Try to remain patient.
So true. If only patience wasn't so hard to come by. 
They're really pushing the Visa platinum so they must be floating in applications to process. The CSR spent a good ten minutes telling me about all the benefits. Normally I don't like "suggestive selling," but the CSR was very nice about it and he was very professional.
If you don't mind the actual opening of a new credit account, with the associated drop in average age, etc., it's hard to imagine walking away from the Plat Visa. Even if you don't drive/ buy gas, there aren't that many rewards cards left that still return 2% for grocs and 1.25% for everything else. And to think that I used to think of those as Mickey Mouse compared to the 5% on gas... 
You'll like how the rewards post every month on your CC statement as a cash credit. Nice and straightforward, no hoarding of points and calling for a check, blah blah blah.
Congrats, eventually!
You'll like how the rewards post every month on your CC statement as a cash credit. Nice and straightforward, no hoarding of points and calling for a check, blah blah blah.
Congrats, eventually!
@haulingthescoreup wrote:
If you don't mind the actual opening of a new credit account, with the associated drop in average age, etc., it's hard to imagine walking away from the Plat Visa. Even if you don't drive/ buy gas, there aren't that many rewards cards left that still return 2% for grocs and 1.25% for everything else. And to think that I used to think of those as Mickey Mouse compared to the 5% on gas...
You'll like how the rewards post every month on your CC statement as a cash credit. Nice and straightforward, no hoarding of points and calling for a check, blah blah blah.
Congrats, eventually!
I know I'm going to catch hell, but I chickened out.
I was approved for the LOC, but the Visa application was going nowhere. After 4 days there was no update and I could feel it in my bones that they were going to decline the application because I have 2 or 3 new accounts within the past 6 months. So I had them withdraw the application rather than get the Dear John letter.
At least the inquiry wasn't wasted as I did get the LOC. I'll wait 6 months or so and let them soft me a few times and then maybe get a pre-approved offer.
I really don't need another credit card, but I could use one with a very low limit like $500 so I can let our housekeeper use it instead of giving her cash to do the shopping. What about NFCU? I understand they pull EQ, right? With 3 accounts opened this past May and about 5 inquiries in the past 6 months, what are the odds? My EQ FICO is the lowest of all at 680. If they'd pull TU or EX it's about 740.