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PenFed Visa Platinum Cash Rewards - Approved!


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21 replies to this topic

#1 key2bfree

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Posted 02 September 2011 - 06:14 PM

So this past Sunday, I decided to go ahead and join PenFed in hopes of securing the 5% gas rewards card. I joined Voices of America's troops and also deposited $20 in my new Share Savings Account. I then completed the simple online application. I didn't see a field to enter a desired credit line so I figured that they would just determine it for me. I did not receive an instant approval - it immediately went to Under Review and then the same night, the status changed to pending.

The next day, I received an online message through their website requesting that I add a joint owner/guarantor onto the account (as well as a signature card if the guarantor was a member). The comment noted on the application status was "Need additional income to consider." I went ahead and had my fiance apply for membership because if he wasn't a member, we'd have to get the guarantor form notarized and neither of us had the time to do that with our busy schedules. So the easiest way was to add him as a PenFed member and have him complete the guarantor form and sign their signature card (both forms were downloadable). On the guarantor form, it requested how much of a credit line/loan would be guaranteed and he indicated $20K. We scanned that information and I emailed it back to their CSR department.

On Wednesday, the status of the application was updated to Approved status with a credit line of $20K!

This approval was on the heels of two inquiries on EQ within the past six months, with the most recent being in late August. At that time Citi pulled EQ and approved me (by myself) for a credit line of $10,900. In addition, I have an NFCU Cash Rewards card opened in April of this year for $10K; and my fiance and I have a joint AMEX Blue Cash Preferred card with a $9,500 line. I have other major cards with lines about $3-5K and a few store cards as well.

Going in, I wasn't sure that they'd approve me since PenFed is so inquiry sensitive. My new Citi card isn't reporting yet and my overall utilization was at about 10% when PenFed pulled. My EQ FICO was at 710 before Citi pulled but I'm not sure what it was when PenFed took a peek.

Right now, my application status is "Transferred" and the $20K line is showing on my PenFed open accounts page.

The only thing I have left to do is to have my Nordstrom card bumped up to a Visa Signature. They did a soft pull for me back in July, but said that I needed to use my card/make payments for the next 4 months just to show more usage (I hadn't made a purchase since Feb of this year). Needless to say, for the past two months, I've been making purchases and paying in full before the statement cuts.

Overall, I'm excited to have conquered my white whale! I didn't think we'd get $20K right off the bat with PenFed!



#2 TrevorHere

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Posted 02 September 2011 - 06:18 PM

congrats!

#3 FlameOut

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Posted 02 September 2011 - 08:23 PM

Wow, congrats! That's a nice CL. :clapping:I joined PENFED a couple months ago. A couple weeks ago I applied for the same card. I was approved, but only for $1000. Maybe I'll have to try for a CLI in the near future (when my utilization get's around 10%)

#4 lakbum

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Posted 02 September 2011 - 11:06 PM

Congrats...I Just got an instant approval myself for 25k...It was only a couple of years that PenFed wouldn't even give me a 10k auto loan. Maybe PenFed is being more lenient with their credit.

#5 markca

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Posted 02 September 2011 - 11:26 PM

Congrats on the $20k! I got my $20k approval from them last month. LOVE the card.

#6 wanabe

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Posted 02 September 2011 - 11:43 PM

Congrats!

#7 key2bfree

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Posted 03 September 2011 - 12:28 PM

Thanks everyone! Congrats to you guys too! :clapping:

Flameout, with time and good care PenFed will reward you with generous CLI's!

#8 djboy

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Posted 03 September 2011 - 04:13 PM

So this past Sunday, I decided to go ahead and join PenFed in hopes of securing the 5% gas rewards card. I joined Voices of America's troops and also deposited $20 in my new Share Savings Account. I then completed the simple online application. I didn't see a field to enter a desired credit line so I figured that they would just determine it for me. I did not receive an instant approval - it immediately went to Under Review and then the same night, the status changed to pending.

The next day, I received an online message through their website requesting that I add a joint owner/guarantor onto the account (as well as a signature card if the guarantor was a member). The comment noted on the application status was "Need additional income to consider." I went ahead and had my fiance apply for membership because if he wasn't a member, we'd have to get the guarantor form notarized and neither of us had the time to do that with our busy schedules. So the easiest way was to add him as a PenFed member and have him complete the guarantor form and sign their signature card (both forms were downloadable). On the guarantor form, it requested how much of a credit line/loan would be guaranteed and he indicated $20K. We scanned that information and I emailed it back to their CSR department.

On Wednesday, the status of the application was updated to Approved status with a credit line of $20K!

This approval was on the heels of two inquiries on EQ within the past six months, with the most recent being in late August. At that time Citi pulled EQ and approved me (by myself) for a credit line of $10,900. In addition, I have an NFCU Cash Rewards card opened in April of this year for $10K; and my fiance and I have a joint AMEX Blue Cash Preferred card with a $9,500 line. I have other major cards with lines about $3-5K and a few store cards as well.

Going in, I wasn't sure that they'd approve me since PenFed is so inquiry sensitive. My new Citi card isn't reporting yet and my overall utilization was at about 10% when PenFed pulled. My EQ FICO was at 710 before Citi pulled but I'm not sure what it was when PenFed took a peek.

Right now, my application status is "Transferred" and the $20K line is showing on my PenFed open accounts page.

The only thing I have left to do is to have my Nordstrom card bumped up to a Visa Signature. They did a soft pull for me back in July, but said that I needed to use my card/make payments for the next 4 months just to show more usage (I hadn't made a purchase since Feb of this year). Needless to say, for the past two months, I've been making purchases and paying in full before the statement cuts.

Overall, I'm excited to have conquered my white whale! I didn't think we'd get $20K right off the bat with PenFed!


which citi card did you get????

#9 key2bfree

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Posted 03 September 2011 - 04:17 PM

Djboy, I got the Citi Simplicity 0% balance transfer & purchases for 18 months.

#10 framed_one

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Posted 04 September 2011 - 04:34 PM

What kind of Credit Score do you need for approval.

My wife is a Rural USPS carrier and goes thru a ton of gas. They have a card that is 5% off gas purchases, which would be wonderful for her!

#11 FlameOut

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Posted 04 September 2011 - 04:52 PM

What kind of Credit Score do you need for approval.

My wife is a Rural USPS carrier and goes thru a ton of gas. They have a card that is 5% off gas purchases, which would be wonderful for her!


I got their cash rewards Visa with my scores in the 720-740 range. No baddies and at the time about 35% credit utilization

#12 key2bfree

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Posted 04 September 2011 - 04:52 PM

Framed One, that's mainly what I'll be using this card for - the 5% cash back rewards for gas. When I pulled my EQ score about a month ago it was at 710 (this was right before I got Citi) so I'm not sure what it is right now.

You can take a look at the CreditPulls database here on CB and do a search for Penfed to see what scores others had when they were approved or declined.

Good luck!

#13 jforsyth

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Posted 04 September 2011 - 06:30 PM

So this past Sunday, I decided to go ahead and join PenFed in hopes of securing the 5% gas rewards card. I joined Voices of America's troops and also deposited $20 in my new Share Savings Account. I then completed the simple online application. I didn't see a field to enter a desired credit line so I figured that they would just determine it for me. I did not receive an instant approval - it immediately went to Under Review and then the same night, the status changed to pending.

The next day, I received an online message through their website requesting that I add a joint owner/guarantor onto the account (as well as a signature card if the guarantor was a member). The comment noted on the application status was "Need additional income to consider." I went ahead and had my fiance apply for membership because if he wasn't a member, we'd have to get the guarantor form notarized and neither of us had the time to do that with our busy schedules. So the easiest way was to add him as a PenFed member and have him complete the guarantor form and sign their signature card (both forms were downloadable). On the guarantor form, it requested how much of a credit line/loan would be guaranteed and he indicated $20K. We scanned that information and I emailed it back to their CSR department.

On Wednesday, the status of the application was updated to Approved status with a credit line of $20K!

This approval was on the heels of two inquiries on EQ within the past six months, with the most recent being in late August. At that time Citi pulled EQ and approved me (by myself) for a credit line of $10,900. In addition, I have an NFCU Cash Rewards card opened in April of this year for $10K; and my fiance and I have a joint AMEX Blue Cash Preferred card with a $9,500 line. I have other major cards with lines about $3-5K and a few store cards as well.

Going in, I wasn't sure that they'd approve me since PenFed is so inquiry sensitive. My new Citi card isn't reporting yet and my overall utilization was at about 10% when PenFed pulled. My EQ FICO was at 710 before Citi pulled but I'm not sure what it was when PenFed took a peek.

Right now, my application status is "Transferred" and the $20K line is showing on my PenFed open accounts page.

The only thing I have left to do is to have my Nordstrom card bumped up to a Visa Signature. They did a soft pull for me back in July, but said that I needed to use my card/make payments for the next 4 months just to show more usage (I hadn't made a purchase since Feb of this year). Needless to say, for the past two months, I've been making purchases and paying in full before the statement cuts.

Overall, I'm excited to have conquered my white whale! I didn't think we'd get $20K right off the bat with PenFed!


If you don't mind me asking, what did you list as your household income?

#14 key2bfree

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Posted 04 September 2011 - 06:48 PM

If you don't mind me asking, what did you list as your household income?


Originally it was $75K for me, but apparently they wanted to see more! Final income was $125K and that's what the approval was based on. HTH!

#15 ronnieron

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Posted 05 September 2011 - 04:00 AM

what income docs are required, w-2's or recent paystubs?

#16 key2bfree

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Posted 05 September 2011 - 09:03 AM

what income docs are required, w-2's or recent paystubs?


They didn't request any income docs from us at all. For others that have been approved, did they request any income verification from you?

#17 lakbum

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Posted 05 September 2011 - 10:44 AM

No income verification for me. However, I have heard of Penfed (and most credit unions) do ask of it sometimes but depends on the situation. To be on the safe side, I would be ready to show it if they do ask.

#18 key2bfree

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Posted 05 September 2011 - 11:07 AM

Oh, I'm ready just in case! I'll definitely update if they do end up requesting it.

#19 Meltz

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Posted 05 September 2011 - 05:50 PM

Congrats most def! Flameout, what did you list your income as to get you a 1k limit? Id be happy just to get in with penfed plat rewards.

Edited by Meltz, 05 September 2011 - 05:50 PM.


#20 mellon

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Posted 05 September 2011 - 05:56 PM

congrats

#21 FlameOut

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Posted 05 September 2011 - 08:34 PM

Congrats most def! Flameout, what did you list your income as to get you a 1k limit? Id be happy just to get in with penfed plat rewards.


I had it at $84,600

#22 santacruz

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Posted 05 September 2011 - 09:43 PM

The better practice would be to keep accounts as individual




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