Jump to content

Sign in to follow this  
rabbit23

Penfed -- does this really mean approved?

Recommended Posts

I joined Penfed tonight and did applications for both a used auto loan (refi) and a credit card. Both applications were kind of glitchy -- like I couldn't fill out a field that was required -- so I clicked on "save" rather than "continue". For the auto loan, it was supposed to auto-populate the NADA value field and although the values were listed they didn't make it to that field. For the credit card app, it wanted me to fill in my name as I wanted it to appear on the card, but the field was ghosted out and I couldn't.

 

Now, I check the loan status page and both are listed as approved.

 

Does this really mean both were approved or do you think these are glitches?

 

 

6571716 VISA Platinum Cash Rewards 15,000.00 01/28/2008 01/28/2008 APPROVED

6571706 Used Auto Loan 5,561.00 01/28/2008 01/28/2008 APPROVED

Edited by rabbit23

Share this post


Link to post
Share on other sites

Old post but thought I'd add that the same thing happened to me tonight. Using FF as a browser so maybe thats the problem. However, it happened to me twice. Once for the cash reward card ($15K) and again with the regular gold card($10K). Both are showing approved.

 

Wasn't as lucky with the LOC product though, it's showing pending.

Share this post


Link to post
Share on other sites
Old post but thought I'd add that the same thing happened to me tonight. Using FF as a browser so maybe thats the problem. However, it happened to me twice. Once for the cash reward card ($15K) and again with the regular gold card($10K). Both are showing approved.

 

Wasn't as lucky with the LOC product though, it's showing pending.

 

That is my experience also. Hangs on that one drop down box when using FireFox, works fine with Internet Explorer. The application still goes through with FF but it is disconcerting when it happens. So I always use Internet Explorer whenever I am going to fill out an app on Penfed.

 

Good luck with the LOC.

Edited by Tyra

Share this post


Link to post
Share on other sites

Thanks for the feedback folks. Just logged back on to PenFed and now the two cards are _not_ showing "APPROVED". It's marked as "PENDING". Argh. Anyone else had this happen? Maybe they will ask for paper work to be faxed in?

Share this post


Link to post
Share on other sites
Thanks for the feedback folks. Just logged back on to PenFed and now the two cards are _not_ showing "APPROVED". It's marked as "PENDING". Argh. Anyone else had this happen? Maybe they will ask for paper work to be faxed in?

 

Yep. Most apps do go through a pending status. It's a possibility they will ask for docs. Always be prepared for that with a CU.

Share this post


Link to post
Share on other sites
Thanks for the feedback folks. Just logged back on to PenFed and now the two cards are _not_ showing "APPROVED". It's marked as "PENDING". Argh. Anyone else had this happen? Maybe they will ask for paper work to be faxed in?

 

Yep. Most apps do go through a pending status. It's a possibility they will ask for docs. Always be prepared for that with a CU.

ITA

 

Penfed RARELY does instant approval. (My Visa was, that was 2 years ago - nothing else ever instant).

 

There is a little bubble that you can hilight and then click next. If you need to do anything, it will tell you there.

Share this post


Link to post
Share on other sites
There is a little bubble that you can hilight and then click next. If you need to do anything, it will tell you there.

 

Doh! You were right, thanks. I now see this for all products I applied for and will follow through with the request :rofl:

 

"Comments: Approved, Please Contact Us

 

NEED LAST 2 PAYSTUBS FOR INCOME VERIFICATION. ALSO PLEASE CONTACT

PFCU TO COMPLETE A FORM 530N. ALL PFCU POLICIES APPLY."

Share this post


Link to post
Share on other sites
There is a little bubble that you can hilight and then click next. If you need to do anything, it will tell you there.

 

Doh! You were right, thanks. I now see this for all products I applied for and will follow through with the request ;)

 

"Comments: Approved, Please Contact Us

 

NEED LAST 2 PAYSTUBS FOR INCOME VERIFICATION. ALSO PLEASE CONTACT

PFCU TO COMPLETE A FORM 530N. ALL PFCU POLICIES APPLY."

 

Not sure what the 530N form is. I had to provide paystubs when I requested CLI from 25K to 40K. Good thing is that once you've sent them, they usually don't ask for them again.

Share this post


Link to post
Share on other sites

A-ha. I used Firefox when I did the apps, that must be why the glitches.

 

I did have to provide 2 paystubs -- no 530N though, I don't know what that is.

 

Penfed sent the check for my auto refi within 48 hours and I got the CC within a week of applying. I checked several times (because I couldn't believe that I got a $15K CL) and mine never said pending, always just said approved.

Share this post


Link to post
Share on other sites
I joined Penfed tonight and did applications for both a used auto loan (refi) and a credit card. Both applications were kind of glitchy -- like I couldn't fill out a field that was required -- so I clicked on "save" rather than "continue". For the auto loan, it was supposed to auto-populate the NADA value field and although the values were listed they didn't make it to that field. For the credit card app, it wanted me to fill in my name as I wanted it to appear on the card, but the field was ghosted out and I couldn't.

 

Now, I check the loan status page and both are listed as approved.

 

Does this really mean both were approved or do you think these are glitches?

 

 

6571716 VISA Platinum Cash Rewards 15,000.00 01/28/2008 01/28/2008 APPROVED

6571706 Used Auto Loan 5,561.00 01/28/2008 01/28/2008 APPROVED

 

 

No....I got approved twice but there ere comments I didn't SEE!!! I t was approved pending docs.

Share this post


Link to post
Share on other sites

Wow, just got home and checked my status after doing everything they asked of me today. I got a big fat "REQUEST DENIED

Comments: LIMITED CREDIT EXPERIENCE". This is after the instant approvals occurred online last night. Disappointed I dont even have a counter offer either. Real bummer to say the least...

 

Called this morning asking what the 530N form was and the nice lady kind of chuckled and said it isn't a form...I just need to ask you some questions. Mostly the questions revolved around employment and gross salary, nothing major.

 

Edit- The VISA cash back card I applied for had a $20K CL. Should I drop down and ask for one at $5K?

Edited by MaTTeR

Share this post


Link to post
Share on other sites
Wow, just got home and checked my status after doing everything they asked of me today. I got a big fat "REQUEST DENIED

Comments: LIMITED CREDIT EXPERIENCE". This is after the instant approvals occurred online last night. Disappointed I dont even have a counter offer either. Real bummer to say the least...

 

Called this morning asking what the 530N form was and the nice lady kind of chuckled and said it isn't a form...I just need to ask you some questions. Mostly the questions revolved around employment and gross salary, nothing major.

 

Edit- The VISA cash back card I applied for had a $20K CL. Should I drop down and ask for one at $5K?

 

So after you talked to the lady, what happened - is that when you got the denial? I would try to counter, what are your current cards and CL's? Basically it sounds like you have a young/thin file.

Share this post


Link to post
Share on other sites
Wow, just got home and checked my status after doing everything they asked of me today. I got a big fat "REQUEST DENIED

Comments: LIMITED CREDIT EXPERIENCE". This is after the instant approvals occurred online last night. Disappointed I dont even have a counter offer either. Real bummer to say the least...

 

Called this morning asking what the 530N form was and the nice lady kind of chuckled and said it isn't a form...I just need to ask you some questions. Mostly the questions revolved around employment and gross salary, nothing major.

 

Edit- The VISA cash back card I applied for had a $20K CL. Should I drop down and ask for one at $5K?

 

Interesting. So are they doing like nasa now - i.e. approved is not really approved - only computer approved pending human review? Credit really is tightening up.

Share this post


Link to post
Share on other sites
Wow, just got home and checked my status after doing everything they asked of me today. I got a big fat "REQUEST DENIED

Comments: LIMITED CREDIT EXPERIENCE". This is after the instant approvals occurred online last night. Disappointed I dont even have a counter offer either. Real bummer to say the least...

 

Called this morning asking what the 530N form was and the nice lady kind of chuckled and said it isn't a form...I just need to ask you some questions. Mostly the questions revolved around employment and gross salary, nothing major.

 

Edit- The VISA cash back card I applied for had a $20K CL. Should I drop down and ask for one at $5K?

 

Interesting. So are they doing like nasa now - i.e. approved is not really approved - only computer approved pending human review? Credit really is tightening up.

 

Most CU's are like that. Approved assuming you can prove your income...

Share this post


Link to post
Share on other sites

Well e.g., my local cu visa app clearly says send pay stubs with your app (print copy). I know from reading here that nasa "approval" really mean "thanks for your application, we'll review it and get back to you". I was instantly approved for penfed - and that went into disbursed shortly thereafter. I was just surprised to hear about review go from approved, to pending, to docs, to a denial. That sequence sounds a bit different. I thought if docs were needed it would go straight to "pending".

Share this post


Link to post
Share on other sites
So after you talked to the lady, what happened - is that when you got the denial? I would try to counter, what are your current cards and CL's? Basically it sounds like you have a young/thin file.

 

Not exactly, spoke to the lady after faxing my W2 and 2 last pay stubs. Confirmed they had received everything they needed. Immediately did the '530 interview' with her about previous employment and addresses. She thanked me for my time and efforts and told me to check the site for approval status in the next 24hrs. I did that and found I was denied.

 

Late last night, I took the plunge and ask for the VISA cash card at $3500. Come home just now to find I'm denied for that as well for "LIMITED CREDIT EXPERIENCE-PYRAMIDING DEBTS" LOL

 

My file is certainly thin, clean and a FICO of 761 when they pulled the report. Currently, I have an old 6 year Providian CC with a mere CL of $700 that was closed long ago in good standing. A 2 month old JCPenny @ $200, WalMart Discover @ $2700 and Hooters @ $600. Been an AU on a $10K BOA card for 2 years with perfect history. Thats it, apparently it's not enough for a place like PenFed to even give me a counter offer of a $500 CL. Irritating part was the fact the web site showed instantly approved, still showed it the next day even though they needed my docs for verification. Also note before someone asks, my W2 form showed about 10% more income than I actually put on the CC app for PenFed.

Share this post


Link to post
Share on other sites

They wouldnt counter me either.. Once their computer comes back with pyramiding, I don't think there is any hope (at that time anyways). I applied first for $15, $10k then $2k (the card minimum). All three denied for pyramiding debts. And my util is < 10% and only about $600 when they pulled EQ.

 

Sent recon yesterday explaining that I have no revolving debt to speak of and a few other things (recon letter posted HERE) And of course, "After reconsidering your request for credit, we still think you are Egyptian". Guess I will try again in 6 months.

Edited by trip0r

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines