PenFed Application Process

[Anonymous]

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@Anonymous wrote:

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@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!

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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.

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Should've hung in there. They're very backed up with applications at the moment. It took 7 days for me to get an approval and I see no relationship between how they perceive your credit worthiness and the amount of time it takes to approve or decline your application. I just think they are busy and if you don't get an instant decision it's going to take some time before a human can look at the application.

 It took seven days but they approved a $20K CL without any counter offer. 

[creditwherecreditisdue]

I don't know what to say.

[Anonymous]

Rather than rushing into PenFed, I'd urge all to contact Associated Bank (1 877 577-9485). They're still offering a rewards card which pays 5% on groceries, gas, and drugstores with 1% on everything else. The card is administered by Citibank.

Good Luck,

[Anonymous]

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@creditwherecreditisdue wrote:

I don't know what to say.

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I know.  I think I screwed that one up.

[creditwherecreditisdue]

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@Anonymous wrote:

Rather than rushing into PenFed, I'd urge all to contact Associated Bank (1 877 577-9485). They're still offering a rewards card which pays 5% on groceries, gas, and drugstores with 1% on everything else. The card is administered by Citibank.

Good Luck,

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In September 2009 Associated Bank's credit card portfolio was sold to Elan Financial Services:

     http://www.reuters.com/article/pressRelease/idUS246380+03-Sep-2009+BW20090903

If you click on the CC links at:

     http://www.associatedbank.com/Personal/CreditCards.asp

you'll find they're all broken.

Also, the number you list in your post is not the number listed on the CC webpage.

[score_building]

O6 wrote:

creditwherecreditisdue wrote:

I don't know what to say.

I know.  I think I screwed that one up.

not really, since you could easily reactivate the app.

even if 680 EQ sounds a bit low for pen fed platinum cc, you've already taken the inq so it couldn't hurt to ride out the app and see what happens.  at minimum, the response may give you some further insight into what you need to improve if you don't get it the first time around  YMMV.

[haulingthescoreup]

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O6 wrote:

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@creditwherecreditisdue wrote:

I don't know what to say.

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I know.  I think I screwed that one up.

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Ehh, your EQ inq is good for 60-90 days. You can always re-apply if you like.

If not, since you do have the LOC, you'll probably start seeing the pre-approvals in 6-12 months, if you want to play it safe.

In fact, you could do this for the "housekeeper" card. Get the non-Plat CC from PenFed, and ask specifically for a $500 CL, saying that it's for an employee's use, and you don't want there to be room for a lot of abuse, just in case. Again, you won't waste an inq, since they should be able to use the one you have.

Then when the time comes that you want to app for the gas card, you'll have a nice history with them.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

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@creditwherecreditisdue wrote:

I don't know what to say.

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I know.  I think I screwed that one up.

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Ehh, your EQ inq is good for 60-90 days. You can always re-apply if you like.

If not, since you do have the LOC, you'll probably start seeing the pre-approvals in 6-12 months, if you want to play it safe.

In fact, you could do this for the "housekeeper" card. Get the non-Plat CC from PenFed, and ask specifically for a $500 CL, saying that it's for an employee's use, and you don't want there to be room for a lot of abuse, just in case. Again, you won't waste an inq, since they should be able to use the one you have.

Then when the time comes that you want to app for the gas card, you'll have a nice history with them.

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Do you think the approval criteria is different for applications for platinum vs. non-platinum?  For higher limits vs. $500 limits?

[haulingthescoreup]

Well, I think I've read some posts by those who were denied for the Plat but offered the Gold, or whatever it is. Also, the lower the CL, the lower the risk to the lender.

I'd call them and ask. I've always had great PenFed CSR's, although others have posted differently.

[creditwherecreditisdue]

I would reinstate the app for the PCR card and settle for the gold card if it is counteroffered. You have nothing to lose.