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in4maous

Penfed Approval???

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I have been on a roll lately with my app spree and today I decided to take on Goliath Penfed. My EQ is clean with 4 recent inquires and FICO of 701. I applied for the rewards card and got a weird Platinum Rewards referred to loan officer for $30,000. At the end I was asked to sign my loan papers via mail or e-signature and delivery of my monthly statement. Does this mean I was approved or in line to send income verification next week?

Edited by in4maous

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It means you were close to an auto approval and that a person has to look at your application.

 

My DW and I applied both at the same time (we each have our own membership). She got an auto approval for $20K. I was referred to a loan officer for $19.5K (go figure). My approval was confirmed the next business day.

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Infamous, sounds pretty positive like a manual review. I hope you get it. MRD, they asked me also for income verification (last 2 pay stubs) for my initial app and I apped for their used auto refi right after I received the Plat rewards card. Their gas rewards are unbeatable at 5 points per dollar the points really add up fast.

CT Sox Thanks, I was wondering if they would ask for IV again for a CLI or another cc app. Do they ever do auto CLI with a soft or is it always a new app form and a hard? :grin:

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Infamous, sounds pretty positive like a manual review. I hope you get it. MRD, they asked me also for income verification (last 2 pay stubs) for my initial app and I apped for their used auto refi right after I received the Plat rewards card. Their gas rewards are unbeatable at 5 points per dollar the points really add up fast.

CT Sox Thanks, I was wondering if they would ask for IV again for a CLI or another cc app. Do they ever do auto CLI with a soft or is it always a new app form and a hard? :grin:

PenFed does quarterly reviews of each account. It is possible to receive an auto CLI without a hard pull provided you meet their criteria.

 

Do keep in mind that some people have never received pre-approved offers.

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Infamous, sounds pretty positive like a manual review. I hope you get it. MRD, they asked me also for income verification (last 2 pay stubs) for my initial app and I apped for their used auto refi right after I received the Plat rewards card. Their gas rewards are unbeatable at 5 points per dollar the points really add up fast.

CT Sox Thanks, I was wondering if they would ask for IV again for a CLI or another cc app. Do they ever do auto CLI with a soft or is it always a new app form and a hard? :grin:

PenFed does quarterly reviews of each account. It is possible to receive an auto CLI without a hard pull provided you meet their criteria.

 

Do keep in mind that some people have never received pre-approved offers.

 

 

I am one of the unlucky ones...never got a CLI without an app and a hard, and have never gotten the pre-approved offers... :(

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Good news, I was approved today without income verification. I was thinking about trying my luck at the Personal LOC, does anyone think thats a good idea or should I wait until I have the card in hand?

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infamous, Congrats! You will love the card and Penfed . I personally would wait until you have the card before apping for the LOC or at least until it says transfered then your good to go. But sounds like they are so unpredictable when it comes to sending preapprovals and soft CLI's. With my luck I will be with CTSOX on this one. Ive only seen some crappy coupons in the my offers tab so far and I got their used car refi too. :wave:

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Does Penfed normally ask for income verification??

That seems to vary wildly. I applied for membership a couple weeks ago and was approved, then decided what the heck and applied for a Platinum Rewards card and got an instant 5k credit line. I then decided to apply for a checking account and got that (along with the $500 overdraft LOC). Then on Saturday night I did the biggie and applied for a $26K auto loan and was approved for that on Monday afternoon. No income or employment verification needed to be sent in.

 

It's a far cry from four years ago when I could barely get a $300 CL at JC Penney.....

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