PenFed Credit Union - APP results and FICO SURVEY

[Anonymous]

Lending Club is good!

I got a loan from them about 6 months ago. Just make sure to write up a good story/profile as to why you need the loan.

thx for reporting on PenFed.

[Anonymous]

Platinum Gas/Cash Rewards

Approved

10/28/10

750

8 in past 2 years

1 Derog (one 30 day 4 years ago.)

10 Years

1 Year

5 Years 7 months

30,000

17%

20k (Said I may be eligble for up to that so I left it)

Instant

No

[score_building]

- What did you App for (CC, Auto...)? 

- Approved or Declined? 

- Date of app? 

- EQ FICO at app? 

- # of Inquiries at app? 

- Any Derogs at app: 

- Oldest Account Age? 

- Newest Account Age? 

- AAoA at app?

- Highest CL at app? 

- EQ Utilization Percentage? 

- Requested CL? 

- Instant Approval, LO Review or Decline? 

- Income Verification Required? 

- Any Counter Offer from PenFed?

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@Anonymous wrote:

Platinum Gas/Cash Rewards

Approved

10/28/10

750

8 in past 2 years

1 Derog (one 30 day 4 years ago.)

10 Years

1 Year

5 Years 7 months

30,000

17%

20k (Said I may be eligble for up to that so I left it)

Instant

No

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Congrats on the sweet approval!!

(For clarity and in an effort to maintain the utility/flow of this thread please stick to the standard Q&A format, instead of just posting responses.)

[Anonymous]

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@lostinlala2 wrote:

Update...denied personal loan app for 16k. I was told by rep that it was because they had extended us the max amt of credit allowable to us on the card. She also said that the reasons listed were pretty "generic" and that it was possible it was simply because we were new members with not enough history. She said we might get a different response in 6 months. still stoked about the card. I think we might be on to lending club...

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Another update...a csr recommended that we apply for an auto loan/ refi when she saw that we owned 3 vehicles. She said we could basically use the car we owned outright as collateral for cash loan. We applied for $7500 and were approved after several days (they said they are kind of backed up). The rate is 2.99% if you app online. I called and asked a csr exactly how to fill out form since "using your own vehicle as collateral" wasn't an option. Just make sure you tell them you want to get the online rate but would appreciate any help they could give you. They'll need fax of lien free title front and back and mileage.

As an aside, I got a sw alert for inq the day after we applied for joint card (2 days after joining cu), but my husband the actual "member" still hasn't had any alerts even though his technically would have been pulled when he joined. weird.

[Anonymous]

- What did you App for (CC, Auto...)? Promise Visa Card

- Approved or Declined? Approved

- Date of app? 10/31/2010

- EQ FICO at app? 772

- # of Inquiries at app? 1 Inq. on EQ

- Any Derogs at app: None

- Oldest Account Age? 9 years

- Newest Account Age? 1 month

- AAoA at app? 4 years

- Highest CL at app? $9,000 (Lowes/GEMB)

- EQ Utilization Percentage? 5%

- Requested CL? $4,500 (auto entered on application)

- Instant Approval, LO Review or Decline? LO Review - Approved 4 hours later

- Income Verification Required? No

- Any Counter Offer from PenFed? No

- If declined, reason given? N/A

- Any comments you think helpful? I've been looking to join PenFed for a while now due to their low rates and finally decided to start building a history with them. I became a member on Saturday and applied for the Promise card over the phone on Sunday. They were very friendly and helpful and initially said that the application would need to be reviewed. They also said that I probably wouldn't receive a decision until Tuesday, so I figured that I would probably need to fax in paystubs and/or tax returns. I received a call about 4 hours later and was informed that my application was approved!

[MS00000000]

- What did you App for (CC, Auto...)? Platinum Rewards CC

- Approved or Declined? Declined

- Date of app? 10/25/10

- EQ FICO at app? 692

- # of Inquiries at app? 7

- Any Derogs at app: 1 paid collection-over 2 yrs old, 1 30-day late over 3 yrs old

- Oldest Account Age? 16.8 yrs

- Newest Account Age? 2 mo.

- AAoA at app? 7.1 yrs

- Highest CL at app? $10K

- EQ Utilization Percentage? 6%

- Requested CL? $7500

- Instant Approval, LO Review or Decline? Decline

- Income Verification Required? No

- Any Counter Offer from PenFed? No

So 91 days ago I was declined for "Limited Credit Experience" and this time it was for "Pyramiding Debt".  I don't really know what that means, but at least it's different reason. Somehow that's slightly comforting in a sad, depressing way. 

[Anonymous]

 What did you App for (CC, Auto...)? Platinum Rewards CC

- Approved or Declined? Approved

- Date of app? 11/2/10

- EQ FICO at app? 800

- # of Inquiries at app? 3 (all for recent car loan that I refi'd with penfed)

- Any Derogs at app: none

- Oldest Account Age?  23 yrs 10 mo

- Newest Account Age? 3 mo.

- AAoA at app? 11 yrs

- Highest CL at app? $42.5 K

- EQ Utilization Percentage? 5%

- Requested CL? didn't see any box to ask for this.... so N/A - approved for $20k

- Instant Approval, LO Review or Decline? Instant

- Income Verification Required? No

- Any Counter Offer from PenFed? No

I just opened an account today for an auto refi loan (approved) and a home equity loan @ 3.99% apr fixed (pending) - I figured while they were going to inq my credit file anyway I would apply for this card.

[RammaCredit]

Good to know they are still giving those 20k limits. i 'll be in the club hopefully by the end of 2011.

[Travis-84]

 What did you App for (CC, Auto...)? Platinum Rewards CC

- Approved or Declined? Approved

- Date of app? 12/10/10

- EQ FICO at app? 755

- # of Inquiries at app? 4

- Any Derogs at app: none

- Oldest Account Age?  6 years

- Newest Account Age? 6 mo.

- AAoA at app? 3 yrs

- Highest CL at app? $800

- EQ Utilization Percentage? 3%

- Requested CL? 3500  (althought it ran my credit first, then gave the me option of requesting up to 3500, which I did

- Instant Approval, LO Review or Decline? Instant

- Income Verification Required? No

- Any Counter Offer from PenFed? Yes  (they also approved me for a 2.99% auto loan)

[score_building]

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 What did you App for (CC, Auto...)? Pen Fed Visa cc

- Approved or Declined? Approved 12k

- Date of app? 2/11

- EQ FICO at app? 745

- # of Inquiries at app? 1

- Any Derogs at app: None

- Oldest Account Age?  21 yrs

- Newest Account Age? 3 mos

- AAoA at app? 4.5 yrs

- Highest CL at app? $24k

- EQ Utilization Percentage? 5%

- Requested CL? 16k auto entered on app

- Instant Approval, LO Review or Decline? LO Review

- Income Verification Required? Yes (2 months paystubs)

- Any Counter Offer from PenFed? Yes-12k

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