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Gudziel

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  1. You're right it was very confusing. I never expected to get a loan offer/approval in the form of a check like that. I get checks for balance transfer promotions occasionally from my CC banks... but nothing ever like this. That's why I was skeptical. But so far it looks to be good. Now that rate with Discover, that looks very good. I also tried a loan through them with the same outcome as the others unfortunately. I was dumb to try for the loans so closely to the time everything was going on. I should have waited until the dust settled and regular payments (higher then the minimum) were being made prior to even thinking about applying for personal loans through my CU's... stupid stupid stupid
  2. I went to a branch of a different bank I have a checking account with last night after work and deposited that check. Checked this morning and the funds are available. I am obviously not going to touch any of it until the docs are received, signed and sent back in. But it is in my account now. So we'll see the time it takes from now until finalized with PenFed. Tileguy, you're right the payment is large. To be honest my current payments are on cards with higher APR and the utilization on those cards is in the 80-90% range. So my scores are taking a smacking from it. With these facts, as well as the minimum amount per month, just on three cards the monthly payment for this loan is less. It is crappy that the rate is high on this loan, but so far my attempts at PSECU, DCU, First Tech and Alliant (have checking and CC's with them as well) all come back with denials due to my high utilization, INQ's, and increasing balances on the cards at the time. Now while the increasing balances were months ago, I am honestly too afraid to put more INQ's on my reports. It's been quite some time since I've been a part of the bump brigade to get back into it now. I'll use this opportunity to get them cleared, put the money I was putting into the cards into the loan and pay it off faster, and get my utilization back down. Thanks and great feedback.
  3. I haven't heard any from other threads/sites. I'll have to see if and when I get the docs after they receive the check.
  4. ahhh darn it... just realized $5k max for mobile deposits. Got to go into an actual branch. Crap
  5. Just called them and spoke to a representative about this. 1) Can I fill out and deposit this into any bank account? Answer: Yes. Fill it out as I would do in writing a check out to myself and deposit it into my bank. Just ensure that all areas are signed, back is signed, and the loan term is selected that I want at the top-left area of the check. 2) If I enter an amount within the $25k range, and I am not approved, is there a chance for a counter offer of any kind? Answer: You've been preapproved for any amount up to the $25k. Any amount that I enter into the check and deposit will be good up to the $25k amount at the APR on the pre-approval. $1 or $25k doesn't matter since I currently meet the requirements for the loan. 3) Is there going to be a hard inquiry placed on my reports when I submit this for final approval? Answer: No. A soft has already been done and I meet the requirements. They may do another soft to make sure nothing has changed but that is all. So there you go. I'm going to do this as a mobile deposit and will update this thread based on: a ) How long it takes to get a response or docs to sign b ) Whether I'm actually approved for the loan (although I haven't read anyone getting this and being denied so I'm keeping my hopes up) c ) How long it takes from the time I submit the mobile deposit to the time it takes have the actual funds in hand. Since I'm not actually using my PenFed account to deposit the check, it will be good to know how long for this process to hit an outside bank with a mobile deposit. My main bank can take a mobile deposit and I usually have the funds in the account next day, and that is personal and business checks. Weekends are obviously the only catch with the funds being placed on the following Monday. (ETA: I know that this is COMPLETELY different than an actual real check deposit, just providing useless information for no reason at all..... sorry ) Here goes nothing!........... And thanks everyone for your input.
  6. Thanks! Here's to hoping I get it. I do like PenFed and their products.
  7. So just to clarify your comment, you simply deposited that "check" into a completely different account with a completely different bank? If that's true, I wonder if I could use mobile deposit..... I'm not worried about the length of time it takes to get the actual funds in hand. I can wait. Just want to know how to proceed with this application. I'll give PenFed a call regarding it also.
  8. Sorry all. On my phone responding and doing a horrible job with spellcheck.... well it looks like it is the opposite of spellcheck. Those weren't words at all.
  9. You ate exactly righthe about the taxes. We got married in September and with everything else we didn't even think of changing the with holdings until the new year to be very honest. We do did it for this year but are getting back a decent amount since it is our first time filing together with the extra tax breaks. So the $4k is very nice. Believe me, next year will be a different story! And we aren't happy we got the cards up as we have. Just checking to see members experiences with this preapproval.
  10. How does one go into credit card debt working on one's marriage? Good Question!!! I'm trying to return her but I didn't keep the receipt!!! [shake fist into sky cursing at the Gods] It wasn't "working on one's marriage". It was buying things for the marriage ceremony. Events before, during and after one's marriage that placed a hit onto our savings as well as our credit cards. We didn't accrue our CC debt on a yellow-brick road to the vows. We were almost debt free (except car and SL's) until she decided to make the mistake to accept my proposal. That, along with the house, was a kick in the finances! Does this explanation suffice or help in answer my question regarding the subject of this thread? lol I was picturing a marriage counselor swiping your Amex on a Square reader attached to his iPad. I just looked back and we spent less than $1,000 on wedding expenses, including both rings (after Ebates cash back, a coupon code and an Amex offer on each ring from Blue Nile). Haha.... And I wish we had that. But for 10 years I heard her tell me something she wanted and she hung in there for 10 years with me.....she deserves it. Nothing remotely big when compared to our friends' day, but was enough to do is damage. That coupled with two unforeseen issues remodeling have placed its toll. So I'm just looking for an easier way to remedy the problem. Hoping this preapproval is the key.
  11. How does one go into credit card debt working on one's marriage? Good Question!!! I'm trying to return her but I didn't keep the receipt!!! [shake fist into sky cursing at the Gods] It wasn't "working on one's marriage". It was buying things for the marriage ceremony. Events before, during and after one's marriage that placed a hit onto our savings as well as our credit cards. We didn't accrue our CC debt on a yellow-brick road to the vows. We were almost debt free (except car and SL's) until she decided to make the mistake to accept my proposal. That, along with the house, was a kick in the finances! Does this explanation suffice or help in answer my question regarding the subject of this thread? lol
  12. So I should apply? I really..... really...... really want to. Been almost 6months since my loan apps...... much longer since my last CC app. I just wanted to hear other CB members experiences with this pre-approval, time spent waiting for response.... oh.... AND WHERE THE HECK DO YOU SEND THIS SELF-MADE CHECK TO?!?!?! Unless I can fill it out and take it to a bank who has one of my accounts????? Not sure since it has all this jargon about loan terms and codes and such.....
  13. Damn Tampa! Can I even tap 'Post' before you respond??? Um.. I select the loan term in months. Rate is 14.99%. Cards are more than that.
  14. I got home today and saw in the mail a pre-approval for a personal loan up to $25k. I am instructed to mail a check that I fill in like I'm writing it out to myself and then sign the back. This was odd timing since my wife and I were talking about consolidating a bunch of our current debt from our credit cards, mostly incurred from working on our home and marriage. Right now our utilization is roughly 30 - 35%. Putting our savings and tax refund into it would take it down to about 15 - 20%. Of course, doing anything with our savings at this point with a new home is out of the question. So I'm looking into ways consolidate the cards onto one bill. When we first moved into the home (sept 16), we took out a $10k loan from PSECU to remodel our kitchen. So I have that going against us. I also applied during our remodel (scary stuff came up) and was denied. Threads I've read on other sites stated that everyone who had received one and responded got the amount they wanted. I have no negatives on my reports other than utilization and INQs. And I have two cards with PenFed (AMEX and Platinum Rewards) with them for well over a year which I use regularly. Also I have a checking and "thrift" account, one I add to every month, the other I haven't touched. Anyone have experience with this pre-approval? Going for the full $25k would clear everything up nicely, and leave us to put our tax refund into our savings to beef it up more. All while paying less per month than I am now. Another odd thing... if I were to sign this and send it in, there is no pre-addressed envelope to return this to. And there is no branch near me, so even if I wanted to, I would not know to which branch to send it to. lol Thanks everyone for your input.
  15. So I applied for a personal loan and placed my fiancee as a co-applicant. The purpose of this personal loan application was to consolidate our credit card debt that has accumulated over a few cards for improvements done to our new house. All of the cards are in my name, along with the new house and other obligations, my DTI is on a high side. I didn't apply for a debt consolidation loan because I know that some require closing of the accounts when paid, which I do not want to do. Other than the mortgage we both share, she has no debt but makes a little less than half as I do. Both our scores are in the mid to low-700's. I called in last Friday for a status of the loan and they told me I was denied because of my current credit obligations. In hindsight, I believe it was because I applied for a personal loan instead of the debt consolidation loan. Is it worth my time to attempt to call them and see if I can use the same pull but for a debt consolidation loan instead? Because I'm not trying to increase my DTI, but consolidate it. So I'm thinking that their reason for initial denial was based on the purpose of the loan I applied for. I'm not sure if it is worth the attempt to call since it has been a week since they denied us. I also wanted to use this loan as a means for my fiancee to get in with DCU. Let me know what you guys think please.

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