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- What did you App for (CC, Auto...) CC
- Approved or Declined? Declined
- Date of app? 10/30/2008
- EQ FICO at app? 742
- # of Inquiries at app? 5
- Any Derogs at app: NO
- Oldest Account Age? 13
- Newest Account Age? 2 Months
- AAoA at app? 2 yrs
- Highest CL at app? 8K
- EQ Utilization Percentage? 15%
- Requested CL? 2,500
- Instant Approval, LO Review or Decline? Review, denied, Pyramiding debt
- Income Verification Required? No
- Any Counter Offer from PenFed? No
- If declined, reason given? Pyramiding debt
- Any comments you think helpful? Worst credit union would never apply for anything from them again
- What did you App for (CC, Auto...)?
Penfed Gas Cash Reward
- Approved or Declined?
Declined
- Date of app?
03/25/2009
- EQ FICO at app?
798
- # of Inquiries at app?
24m - 5, 12m - 0
- Any Derogs at app:
no
- Oldest Account Age?
11 yrs
- Newest Account Age?
1 yr
- AAoA at app?
5 yrs.
- Highest CL at app?
15.8K
- EQ Utilization Percentage?
6%
- Requested CL?
15K
- Instant Approval, LO Review or Decline?
Review
- Income Verification Required?
N/A
- Any Counter Offer from PenFed?
No
- If declined, reason given?
"overextended"
- Any comments you think helpful?
Don't try to apply unless you can afford your joint mortgage by yourself.
@Itsmeagain wrote:
After seeing your results with your credit credentials, I would say; Just Don't Apply PERIOD!!! What they used to be an what they've become is like day and night . . . .
well, not exactly: i think they went from v. conservative to ultra conservative-
- What did you App for (CC, Auto...)? Gas Card
- Approved or Declined? Declined
- Date of app? 3/09
- EQ FICO at app? 762
- # of Inquiries at app? 3
- Any Derogs at app: No
- Oldest Account Age? 15 years
- Newest Account Age? 8 months
- AAoA at app? 8 years
- Highest CL at app? 5400
- EQ Utilization Percentage? 1%
- Requested CL? 10k then 5k
- Instant Approval, LO Review or Decline? Decline
- Income Verification Required? n/a
- Any Counter Offer from PenFed? no
- If declined, reason given? too many inquiries/not enough revolving debt/too many new accounts(2)
- Any comments you think helpful? Dont apply unless you are well established I guess
- What did you App for (CC, Auto...)? CC plat cash rewards visa
- Approved or Declined? Approved
- Date of app? 6/8/09
- EQ FICO at app? 696
- # of Inquiries at app? 1 within last 6 mos, 3 within last 12 mos (Total: 4)
- Any Derogs at app: 1 paid medical collection in 2004 ($200)
- Oldest Account Age? 12 years 11 mos
- Newest Account Age? 1.1 year
- AAoA at app? 5 years
- Highest CL at app? $6,500
- EQ Utilization Percentage? 9.6%
- Requested CL? $5,000
- Instant Approval, LO Review or Decline? LO Review
- Income Verification Required? Yes, last 2 pay stubs
- Any Counter Offer from PenFed? None.
- If declined, reason given? N/A
- Any comments you think helpful? Overall, very pleasant experience with them. I am pretty surprised that I got approved since from what I've read from most boards mentioned that PenFed will not approve anyone with a score lower than 700s. My car lease will expire in 2/2010 and thought this will be a good time to start a relationship with PenFed now, so in Dec, I'll try for a 3.99% Auto Loan. Note that in additional to my 9.6% utilization, my DTI is currently at 22.9% (this includes all debt I have which are $2,300 in credit cards, $14,000 in student loans and $3,000 in car lease / my annual gross salary).
- What did you App for (CC, Auto...)? CC Platinum
- Approved or Declined? Approved
- Date of app? 6/09
- EQ FICO at app? 760
- # of Inquiries at app? 2
- Any Derogs at app: No
- Oldest Account Age? 9 years
- Newest Account Age? 3 months
- AAoA at app? 2 years
- Highest CL at app? 33,000
- EQ Utilization Percentage? 1%
- Requested CL? 10k
- Instant Approval, LO Review or Decline? Instant Approval
- Income Verification Required? No
- Any Counter Offer from PenFed? N/A
- If declined, reason given? N/A
- What did you App for (CC, Auto...) CC
- Approved or Declined? Approved
- Date of app? 6/11/2009
- EQ FICO at app? 741
- # of Inquiries at app? 11
- Any Derogs at app: NO
- Oldest Account Age? 27.5 Years
- Newest Account Age? 2 Months
- AAoA at app? 3 years
- Highest CL at app? 5K
- EQ Utilization Percentage? 17%
- Requested CL? 5K (did chicken out here)
- Instant Approval, LO Review or Decline? Instant Approval
- Income Verification Required? No
- Any Counter Offer from PenFed? No
- If declined, reason given?
- Any comments you think helpful? My new address finally showed on EQ so I joined PenFed. Decided that since they did a pull for the membership I may as well try for the card. Shocked when it went through. I figured I'd be declined for too many inquiries or too many new accounts but apparently all is OK -- application status shows TRANSFERRED as of this morning. Also received an invitation for a $35K auto loan but I decided to only consider that one so far.
- What did you App for (CC, Auto...)? Visa Platinum Rewards
- Approved or Declined? Approved
- Date of app? 6/22/09
- EQ FICO at app? 788
- # of Inquiries at app? 2. Both from October 08'.
- Any Derogs at app: 0
- Oldest Account Age? 15 years
- Newest Account Age? 8 months. Chase Freedom
- AAoA at app? 5yrs
- Highest CL at app? $3,000
- EQ Utilization Percentage? 2%
- Requested CL? $5,000
- Instant Approval, LO Review or Decline? Review
- Income Verification Required? Yes
- Any Counter Offer from PenFed? No
- If declined, reason given?
- Any comments you think helpful? Be prepared for a lengthy approval process when applying. I didn't receive the income verification email until the 29th, one full week since first applying. However, upon faxing my pay stubs I received approval the next day. I applied via their website. I'm sure the process could have been expedited had I spoken with a CSR but I was content to wait. Looking forward to receiving the card.
What did you App for (CC, Auto...)? - Account opening, CC
- Approved or Declined? Approved
- Date of app? 7/23/09
- EQ FICO at app? 703
- # of Inquiries at app? 0
- Any Derogs at app: Yes, very old ones - 4.5 years
- Oldest Account Age? 11 years
- Newest Account Age? Six months
- AAoA at app? 4 years, 11 mo
- Highest CL at app? $10.6K
- EQ Utilization Percentage? 7%
- Requested CL? $10K
- Instant Approval, LO Review or Decline? Instant - BY PHONE APP
- Income Verification Required? No
- Any Counter Offer from PenFed? No
- If declined, reason given?
- Any comments you think helpful?
It appears that PenFed is more amenable to people with long employment histories, low UTIL and conservative CL requests. I own a small business (self-employed as a sole proprietor), and I was not asked for pay stubs upon approval, as I had worked for the state of Az for nearly 14 years before going solo.
I will add as an observation that I think ALL CCC's are becoming more conservative with issuing TL's based on UTIL, even if you have a great credit score.