"The Sky Is Falling" soapy moment with Penfed

[cmoz]

Alright, finally I see these promo offers upon login. Penfed must have liked me, showing the generous "You're Approved" message (pre-screened, of course)!

 

Select which offer would you like to accept.

Select Offer 	Max Amount

Bill Consolidation Loan	$25,000.00
New Boat Loan			$39,900.00
New Motorcycle Loan	$30,000.00
New Motor Home Loan	$39,900.00
New Travel Trailer Loan	$39,900.00
New Auto Loan			$50,000.00
Personal Loan					$25,000.00
Thrifty Credit Service	$25,000.00
Personal Line Of Credit	$25,000.00
Used Boat Loan			$39,900.00
Used Motorcycle Loan	$30,000.00
Used Motor Home Loan	$39,900.00
Used Travel Trailer Loan	$39,900.00
Used Auto Loan			$50,000.00

When I first app'ed for membership and CC over a year, they tempted me with "You're also approved for ..." message for a 25K (?) auto loan. But I declined their car loan offer. Do you remember the good old days of easy credit? Now, the offerings multiply and diversify. The Personal Line of Credit and Thrifty Credit Service sound pretty good, but I did close my checking account with them, so these will be of no use. Is one of these like a signature/installment loan? No "credit card" preapproval on the list, though.

 

Interested in their new Amex card, thinking will app for one of those credit lines and then "switch" it over to that new CC once approved. No can't do, phone rep said, for my membership is less than 2 years old and currently at their credit card/unsecured debt max exposure for newbies. Therefore getting that new Amex card would require some manual review. Rep encouraged me to put app in "anyway". Though I backed out thinking I'd hate it if they "theft" my current card's limit to feed any new card (Bank of America, I'm talking to you). Current CC has limit of 25K, good usage and acceptable utilization. EQ FICO is above of 780, 9 inquiries, all more than 12 months old; also no new accounts within a year. My last attempt for CLI at one-year anniversary was declined for sufficient credit for income and having dual citizenship (even though I've never seen the Pyramids)!

 

I don't want to miss out some good opportunities, especially when credit restrictions loom around the corner with CARD Act and all that. Might be in the market for a first-time mortgage and a car in the next 6 months. What to do, other than stepping down from my soapbox?

[Guest Joseph C]

Alright, finally I see these promo offers upon login. Penfed must have liked me, showing the generous "You're Approved" message (pre-screened, of course)!

 

Select which offer would you like to accept.

Select Offer 	Max Amount

Bill Consolidation Loan	$25,000.00
New Boat Loan			$39,900.00
New Motorcycle Loan	$30,000.00
New Motor Home Loan	$39,900.00
New Travel Trailer Loan	$39,900.00
New Auto Loan			$50,000.00
Personal Loan					$25,000.00
Thrifty Credit Service	$25,000.00
Personal Line Of Credit	$25,000.00
Used Boat Loan			$39,900.00
Used Motorcycle Loan	$30,000.00
Used Motor Home Loan	$39,900.00
Used Travel Trailer Loan	$39,900.00
Used Auto Loan			$50,000.00

When I first app'ed for membership and CC over a year, they tempted me with "You're also approved for ..." message for a 25K (?) auto loan. But I declined their car loan offer. Do you remember the good old days of easy credit? Now, the offerings multiply and diversify. The Personal Line of Credit and Thrifty Credit Service sound pretty good, but I did close my checking account with them, so these will be of no use. Is one of these like a signature/installment loan? No "credit card" preapproval on the list, though.

 

Interested in their new Amex card, thinking will app for one of those credit lines and then "switch" it over to that new CC once approved. No can't do, phone rep said, for my membership is less than 2 years old and currently at their credit card/unsecured debt max exposure for newbies. Therefore getting that new Amex card would require some manual review. Rep encouraged me to put app in "anyway". Though I backed out thinking I'd hate it if they "theft" my current card's limit to feed any new card (Bank of America, I'm talking to you). Current CC has limit of 25K, good usage and acceptable utilization. EQ FICO is above of 780, 9 inquiries, all more than 12 months old; also no new accounts within a year. My last attempt for CLI at one-year anniversary was declined for sufficient credit for income and having dual citizenship (even though I've never seen the Pyramids)!

 

I don't want to miss out some good opportunities, especially when credit restrictions loom around the corner with CARD Act and all that. Might be in the market for a first-time mortgage and a car in the next 6 months. What to do, other than stepping down from my soapbox?

 

What is that?

[cmoz]

Joseph: I assume they think I have enough credit with them and other creditors to give me more (total credit limit about 3 x verifiable income); plus I only use less than 10% of my credit limit. This denial reason is quite popular for some creditors, especially when they don't want to extend new credit and only want to move one's credit limits around.

[GEORGE]

Alright, finally I see these promo offers upon login. Penfed must have liked me, showing the generous "You're Approved" message (pre-screened, of course)!

 

Select which offer would you like to accept.

Select Offer 	Max Amount

Bill Consolidation Loan	$25,000.00
New Boat Loan			$39,900.00
New Motorcycle Loan	$30,000.00
New Motor Home Loan	$39,900.00
New Travel Trailer Loan	$39,900.00
New Auto Loan			$50,000.00
Personal Loan					$25,000.00
Thrifty Credit Service	$25,000.00
Personal Line Of Credit	$25,000.00
Used Boat Loan			$39,900.00
Used Motorcycle Loan	$30,000.00
Used Motor Home Loan	$39,900.00
Used Travel Trailer Loan	$39,900.00
Used Auto Loan			$50,000.00

When I first app'ed for membership and CC over a year, they tempted me with "You're also approved for ..." message for a 25K (?) auto loan. But I declined their car loan offer. Do you remember the good old days of easy credit? Now, the offerings multiply and diversify. The Personal Line of Credit and Thrifty Credit Service sound pretty good, but I did close my checking account with them, so these will be of no use. Is one of these like a signature/installment loan? No "credit card" preapproval on the list, though.

 

Interested in their new Amex card, thinking will app for one of those credit lines and then "switch" it over to that new CC once approved. No can't do, phone rep said, for my membership is less than 2 years old and currently at their credit card/unsecured debt max exposure for newbies. Therefore getting that new Amex card would require some manual review. Rep encouraged me to put app in "anyway". Though I backed out thinking I'd hate it if they "theft" my current card's limit to feed any new card (Bank of America, I'm talking to you). Current CC has limit of 25K, good usage and acceptable utilization. EQ FICO is above of 780, 9 inquiries, all more than 12 months old; also no new accounts within a year. My last attempt for CLI at one-year anniversary was declined for sufficient credit for income and having dual citizenship (even though I've never seen the Pyramids)!

 

I don't want to miss out some good opportunities, especially when credit restrictions loom around the corner with CARD Act and all that. Might be in the market for a first-time mortgage and a car in the next 6 months. What to do, other than stepping down from my soapbox?

NEVER GOT ONE IN 5+ YEARS (that I remember)

 

Not holding my breath either...

[CreditBoyRoy]

New Boat Loan $39,900.00

 

Man, one day...one day...

[sjca]

Alright, finally I see these promo offers upon login. Penfed must have liked me, showing the generous "You're Approved" message (pre-screened, of course)!

 

Select which offer would you like to accept.

Select Offer 	Max Amount

Bill Consolidation Loan	$25,000.00
New Boat Loan			$39,900.00
New Motorcycle Loan	$30,000.00
New Motor Home Loan	$39,900.00
New Travel Trailer Loan	$39,900.00
New Auto Loan			$50,000.00
Personal Loan					$25,000.00
Thrifty Credit Service	$25,000.00
Personal Line Of Credit	$25,000.00
Used Boat Loan			$39,900.00
Used Motorcycle Loan	$30,000.00
Used Motor Home Loan	$39,900.00
Used Travel Trailer Loan	$39,900.00
Used Auto Loan			$50,000.00

When I first app'ed for membership and CC over a year, they tempted me with "You're also approved for ..." message for a 25K (?) auto loan. But I declined their car loan offer. Do you remember the good old days of easy credit? Now, the offerings multiply and diversify. The Personal Line of Credit and Thrifty Credit Service sound pretty good, but I did close my checking account with them, so these will be of no use. Is one of these like a signature/installment loan? No "credit card" preapproval on the list, though.

 

Interested in their new Amex card, thinking will app for one of those credit lines and then "switch" it over to that new CC once approved. No can't do, phone rep said, for my membership is less than 2 years old and currently at their credit card/unsecured debt max exposure for newbies. Therefore getting that new Amex card would require some manual review. Rep encouraged me to put app in "anyway". Though I backed out thinking I'd hate it if they "theft" my current card's limit to feed any new card (Bank of America, I'm talking to you). Current CC has limit of 25K, good usage and acceptable utilization. EQ FICO is above of 780, 9 inquiries, all more than 12 months old; also no new accounts within a year. My last attempt for CLI at one-year anniversary was declined for sufficient credit for income and having dual citizenship (even though I've never seen the Pyramids)!

 

I don't want to miss out some good opportunities, especially when credit restrictions loom around the corner with CARD Act and all that. Might be in the market for a first-time mortgage and a car in the next 6 months. What to do, other than stepping down from my soapbox?

You do not need a checking accout to access the LOC. I called and theysent me checks to use on the LOC. I do not have a checking account at Penfed. Go for the 25000 LOC.

[cmoz]

sjca: Thanks for the info about the LOC. It's rather tempting. I might hit for app, maybe sometimes this week!

 

Is there an advantage of applying on the LAST or FIRST day of the month in terms of age (inquiries, accounts, reporting, etc...)?

[Lynn37]

I have been with penfed a little over a year, i have NEVER got an offer.

[cmoz]

Lynn37: I've been with quite a few credit unions from 1-3+ years, have never received promo pre-approvals except once for auto loan (Delta Community CU). I guess, patience can help sometimes when it comes to the credit unions' beck and call.

[squirrelgirl]

It was a few years before I got pre-approvals from them.

 

I've had just about every type of product they offer (including mortgage).

[TrevorHere]

sjca: Thanks for the info about the LOC. It's rather tempting. I might hit for app, maybe sometimes this week!

 

Is there an advantage of applying on the LAST or FIRST day of the month in terms of age (inquiries, accounts, reporting, etc...)?

 

I don't believe day of month makes any difference. If you're approved, it's all set...

[cmoz]

OMG, goodies gone!

 

Called up Penfie today to inquire about the much "rumored" no-hard pre-approvals and asked if I go through and indeed get approved with a PLOC app, such app would make my car loan offers disappear soon. Rep said no hard and yes, it is possible for other pre-approved offers to go away once I take up the offer. I took a chance and went ahead (though somewhat hesitant cuz might be the market for a car sooner or later). Phone app took 1-2 minutes.

 

Look, Ma, no hard! 25K PLOC (max amount), easy like the 2-minute membership cum card app I originally had with them. Logged in seconds later, voila. PLOC right there, but rest of online "ur approved" goodies were gone! Should have app'ed for car loan at the same time also!!! Problem was I didn't, cuz I hate car notes. Now, no new ("used") car for wifey... Ooops, sorry!

 

Now, lesson learned a bit too late: I should've been a bit greedier! Penfie is still on my A-1 list, though...

 

Thanks to all encouragers outhere

[CIO]

OMG, goodies gone!

 

Called up Penfie today to inquire about the much "rumored" no-hard pre-approvals and asked if I go through and indeed get approved with a PLOC app, such app would make my car loan offers disappear soon. Rep said no hard and yes, it is possible for other pre-approved offers to go away once I take up the offer. I took a chance and went ahead (though somewhat hesitant cuz might be the market for a car sooner or later). Phone app took 1-2 minutes.

 

Look, Ma, no hard! 25K PLOC (max amount), easy like the 2-minute membership cum card app I originally had with them. Logged in seconds later, voila. PLOC right there, but rest of online "ur approved" goodies were gone! Should have app'ed for car loan at the same time also!!! Problem was I didn't, cuz I hate car notes. Now, no new ("used") car for wifey... Ooops, sorry!

 

Now, lesson learned a bit too late: I should've been a bit greedier! Penfie is still on my A-1 list, though...

 

Thanks to all encouragers outhere

 

Congrats, Cmoz! I believe it's typically a "you can only accept one preapproved offer at a time" scenario....so you probably would have been turned down if you'd selected the second offer, or triggered a manual review and hard inq for the second offer acceptance at the very least. Good news is, the preapproved offers will most likely return right after their next quarterly soft inq on EQ.

[BobWang]

Congrats, cmoz!

[VK]

OMG, goodies gone!

 

Called up Penfie today to inquire about the much "rumored" no-hard pre-approvals and asked if I go through and indeed get approved with a PLOC app, such app would make my car loan offers disappear soon. Rep said no hard and yes, it is possible for other pre-approved offers to go away once I take up the offer. I took a chance and went ahead (though somewhat hesitant cuz might be the market for a car sooner or later). Phone app took 1-2 minutes.

 

Look, Ma, no hard! 25K PLOC (max amount), easy like the 2-minute membership cum card app I originally had with them. Logged in seconds later, voila. PLOC right there, but rest of online "ur approved" goodies were gone! Should have app'ed for car loan at the same time also!!! Problem was I didn't, cuz I hate car notes. Now, no new ("used") car for wifey... Ooops, sorry!

 

Now, lesson learned a bit too late: I should've been a bit greedier! Penfie is still on my A-1 list, though...

 

Thanks to all encouragers outhere

 

 

Congrats cmoz!

 

You took the right offer, don't worry about the autoloan......Autoloan is one of the easiest products to qualify for, since it's secured by the car....It's much harder to get approved for PLOC.....With you rating over 780, you don't actually need a pre-approved car loan - they will approved you almost anytime (so, wife can still get a car ....Plus, they are giving away $100 for a new auto loan (not sure if you would have gotten it if you did pre-approval)

 

congrats,

 

VK

[cmoz]

Thanks, TangMeister and BobWang! I've just put my appy fingers under house arrest. At least for a while until Penfie is generous again with its pre-approvs. I promise I'll be good

[hegemony]

SWEET!

[cmoz]

Thanks, Hegmony.

 

VK: Thanks (you're an encourager, right there, I see)! Only if I can be talked to and have my fear of car notes obliterated, then I'd do fine. All of my credit life, one car note with TRIAD (sub-prime Ford credit financing hand) left me with fears of such arrangement... The days of a beacon score of 512 and countless rejections, then once approved nightmares about car repo kept on haunting me and stirring me up at nights, even years afterwards.

[VK]

Thanks, Hegmony.

 

VK: Thanks (you're an encourager, right there, I see)! Only if I can be talked to and have my fear of car notes obliterated, then I'd do fine. All of my credit life, one car note with TRIAD (sub-prime Ford credit financing hand) left me with fears of such arrangement... The days of a beacon score of 512 and countless rejections, then once approved nightmares about car repo kept on haunting me and stirring me up at nights, even years afterwards.

 

cmoz, you are welcome,

 

I am just fresh of the boat after doing a refi with PenFed about 2 weeks ago - I refied about $22K loan....my FAKOs at that time were around 720....I didn't get any pre-approvals when I joined in January....and I had to beg them 3 times to be approved for their $2K Plat Visa.....So, no problems with $22K autoloan, but begging and recons for $2K credit? So, if they give you $25K LOC, there is little they won't give you

 

See why I posted what I posted

 

VK

[clutchcargo]

Welcome to the brotherhood/sisterhood of the Penny PLOC. I got the same list of offers you did and snatched the PLOC.

 

I think it will come in handy someday.

 

Also, as someone else mentioned, call and they will send you checks so you can access this LOC.

[cocomad]

Congrats to you CMOZ!!!

[cmoz]

I think I somewhat understand, VK. One time they called me a pyramid builder, by outright declining my app for checking ODP for 10K (Gee, do I really need that big of line?). I was childish and shut down my checking account with them. I hope you'll enjoy you Plat Card (I have, between gas at the pump and summer travel when they still had the 5% airfare cashback)! Cheers!

[shaft]

Congrats

 

In my 18 months with them, I've gotten 2 preapproved offers with them. 3ccs and a PLOC later, I'm a happy camper.

 

The only hard inquiry was when I joined.

 

IMO, they have one of the best inquiry ethics (if there's such a thing) EVER!

[GEORGE]

STILL WAITING...

[GEORGE]

Got the renewal card today

 

MEMBERSHIP HAS ITS REWARDS FOR SOME NOT ALL

Edited February 9, 2010 by GEORGE