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Fizzle1979

Pentagon Federal Credit Union PenFed Approval

By Fizzle1979, in Obtaining Credit Cards, Auto Loans and Financing

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Hellard

Hellard 85

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So they ONLY pull EQ, always? my EQ and TU are only a point differents- but EQ is totally clean and TU has 4 baddies.. dont really understand that but should i freeze tu and ex? is the score more important that i should worry about baddies or just make sure everyone can only pull EQ since its looking good and i can get inquires easily removed?

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Moneedshelp

Moneedshelp 679

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This was a slow day on CIC....

man I still really need some help on a stategy for income verification. You think they'll work with me on a multitude of capital sources that are not technically income or what is you feeling?... for those who have worked with PFCU in the past. Has anyone else ever been asked to verify income?

Maybe you could use bank stmts to prove the income. If you consistently have XX balance with xx in deposits, maybe they'll accept that. Additionally, if they ask, give them whatever you have that will show something coming in, even if it isn't on a regular basis, if you can show you receive it annually, that may be enough.

Good luck

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Fizzle1979

Fizzle1979 720

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So they ONLY pull EQ, always? my EQ and TU are only a point differents- but EQ is totally clean and TU has 4 baddies.. dont really understand that but should i freeze tu and ex? is the score more important that i should worry about baddies or just make sure everyone can only pull EQ since its looking good and i can get inquires easily removed?

They pulled EQ only in my case. I think I read they require a 660 FICO score or higher.

Not all creditors or collection agencies report to all three cra's. Some may only report to one or two, that may be why your reports are different.

I've never put any report on freeze, so I can't answer that question.

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Hellard

Hellard 85

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Tu show my bk - the other 2 do not. Tu and EX show alot of inq's and 4 collections. EQ shows nothing but good stuff. Thats why im thinking to freeze all but EQ.

If you apply for one card and dont get that one, do they show you which one you can get?

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Hellard

Hellard 85

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I was online doing an app for cash back card phone died!! but this could be a blessing cause only took my income, not the household..and she was asking what cards i had, etc...do you think i should apply online for a diferent card. she said if the phone died(i told her it was beeping) i could call back and the info would be saved. Maybe i should wait a month and try online for a different card?

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MaxedOut

MaxedOut 58

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I was online doing an app for cash back card phone died!! but this could be a blessing cause only took my income, not the household..and she was asking what cards i had, etc...do you think i should apply online for a diferent card. she said if the phone died(i told her it was beeping) i could call back and the info would be saved. Maybe i should wait a month and try online for a different card?

To answer your earlier question, they only pull EQ. I asked if they could pull one of my other reports because my EQ had nothing on it and they told me no, only EQ.

Go ahead and continue your app. If you are not approved for that card, ask if you qualify for any others. They will use the same credit pull for all your apps, so take advantage. Either way, you can get the INQ removed and try again in a few months if all else fails.

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Hellard

Hellard 85

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i emailed them to cancel the application for cash back card..it did save my info and want to list all income , not just mine,,,lady on phone wouldnt do that...and i gave her more info than i want. i had 3 boys asking for lunch in the back ground and i was not in a business mode....more like ommy mode..you know so i want all that i said deleted and start over.

My Eq score is 673 or higher one more baddie fell off since i got the 674 score...what credit limit should i asked

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CleverCynic

CleverCynic 1,029

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Maybe you could use bank stmts to prove the income. If you consistently have XX balance with xx in deposits, maybe they'll accept that. Additionally, if they ask, give them whatever you have that will show something coming in, even if it isn't on a regular basis, if you can show you receive it annually, that may be enough.

Good luck

That was an excellent suggestion.... I am doing that but I'm afraid I may have queered it by calling and explaining the problem I am having. Now they will know there is something up with the deposits. I sent my january Suntrust statement showing 11k in deposits, and my feb Wachovia statement showing about 7k in deposits.

Hopefully they'll just pro-rate!!! But really it's my Spring disbursement and then my tax return in feb.... no more money until August!!!! :evil:

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hank44

hank44 10

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they declined me last november, since I've gotten the 1 baddie off of EQ. I re-applied yesterday, they pulled EQ (my fico is 703), sent them check stubs (annual income is $90k), and they gave me the bogus 'pyramid debts' excuse and declined me again. Screw em

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Moneedshelp

Moneedshelp 679

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they declined me last november, since I've gotten the 1 baddie off of EQ. I re-applied yesterday, they pulled EQ (my fico is 703), sent them check stubs (annual income is $90k), and they gave me the bogus 'pyramid debts' excuse and declined me again. Screw em

what is the pyramid debts excuse?

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Sinuous

Sinuous 10

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Pyramid debts refers to consistently applying for new credit cards so that you can use the stellar balance transfer rates that new cards generally offer to transfer debt from other cards, and then never using the original card again. Basically, pimping the low intro interest rates on all cards, transferring the debt after the rate expires and then just sitting on them with 0 Balance. Financiers frown upon this practice, and doing so will mark you as a pariah.

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Hellard

Hellard 85

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I got this message :

OTHER

TENTATIVE APPROVAL

NEED AUTHENTICATION COMPLETED AND NEED SATISFACTORY VERIFICATION

OF BOTH SOURCES OF INCOME LISTED ON APPLICATION

I included my hubbies money which they might not count. I can prove income but only half of it is mine- didnt put hubby on appl cause his report is a mess with medical bills.

I asked for visa gold 5k.

Clyer- what happens now- will they call us or request in writing? Im slapping my butt now!!

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CleverCynic

CleverCynic 1,029

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Did you send them something that they are now requiring authentication of? Or are they just phrasing it different because you put multiple sources?

I sent PDF files of my Jan and Feb bank statements yesterday. But the day before that I sent an e-mail to Ted Parish in loans who requested the verification explaining my situation. I've not gotten response back on either except one stating they were going to forward my first one to the right place.... dangit... after sending the statements, I'd almost wish he never saw the explanatory e-mail... it's just going to put everything into question.

The CS rep I spoke to on the phone yesterday did say that this was only because we haven't been a member for a month yet. Maybe after a month it's not standard to request income verification... I may try again then, or for something a little lower profile.

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MaxedOut

MaxedOut 58

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Ok, just as I was typing that answer, I got an e-mail from them that they're forwarding my documents on to the right place now.... apparently everything is running a day behind...

Great, I get to wait until at least MONDAY!!!! Whaaaa!!!!!!!!

Nah, you will probably get an answer today or tomorrow. They are pretty quick, and loan officers are there even on the weekends IIRC.

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MaxedOut

MaxedOut 58

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I got this message :

OTHER

TENTATIVE APPROVAL

NEED AUTHENTICATION COMPLETED AND NEED SATISFACTORY VERIFICATION

OF BOTH SOURCES OF INCOME LISTED ON APPLICATION

I included my hubbies money which they might not count. I can prove income but only half of it is mine- didnt put hubby on appl cause his report is a mess with medical bills.

I asked for visa gold 5k.

Clyer- what happens now- will they call us or request in writing? Im slapping my butt now!!

Send in proof of both your incomes and roll the dice. They may take it (household income), and if not they will may just lower the limit or ask that he gets included on the account. In that case, you may or may not get denied with him on it... doesn't hurt at all to try though. Worst thing that could happen is they say no. If you are looking for an answer of what they will accept, give them a call and ask. Just let them know you put both your incomes down but didn't want to add him as you thought it may hurt your chances. They will (or should) give you the best advice on how to get that card or perhaps steer you towards another you are more likely to be approved for.

If anyone needs a reference, TW got approved for the visa gold for 6k with income of 27k or so. A week or 2 after getting the card we requested an increase online to 10k and was approved. No verification needed. Not sure if this is a new thing, but if some of you are embellishing too much for income it may be triggering this response (not a big deal if you can prove it, of course). It is OK, IMO, to perhaps round up a bit... maybe 1k, perhaps 2 (Hey, you can expect a raise and tax return right?), but try not to add too much as it may not even be needed. Usually, 20-25k+ is enough unless your trying for over 10k in credit. You can also bend the truth a bit on how much you pay for rent, etc ;) Just try not to bend it so far it breaks!

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Hellard

Hellard 85

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I only did online appl- see my earlier post where i called , got disconnected...i cancelled that app and started new one for visa gold online. I havent sent them anything. When i was on the phone the rep asked me questions- i guess she was looking at my cr to verify authentication and since i cancelled that and did online they have to do that again. i might call at naptime (2 year old)

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Moneedshelp

Moneedshelp 679

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Send in proof of both your incomes and roll the dice. They may take it (household income), and if not they will may just lower the limit or ask that he gets included on the account. In that case, you may or may not get denied with him on it... doesn't hurt at all to try though. Worst thing that could happen is they say no. If you are looking for an answer of what they will accept, give them a call and ask. Just let them know you put both your incomes down but didn't want to add him as you thought it may hurt your chances. They will (or should) give you the best advice on how to get that card or perhaps steer you towards another you are more likely to be approved for.

If anyone needs a reference, TW got approved for the visa gold for 6k with income of 27k or so. A week or 2 after getting the card we requested an increase online to 10k and was approved. No verification needed. Not sure if this is a new thing, but if some of you are embellishing too much for income it may be triggering this response (not a big deal if you can prove it, of course). It is OK, IMO, to perhaps round up a bit... maybe 1k, perhaps 2 (Hey, you can expect a raise and tax return right?), but try not to add too much as it may not even be needed. Usually, 20-25k+ is enough unless your trying for over 10k in credit. You can also bend the truth a bit on how much you pay for rent, etc ;) Just try not to bend it so far it breaks!

Good advice. Because you never know when it might be necessary to verify income, it is probably best not to fudge too much.

Hey this may be a CU thing. I applied for a auto loan with my CU and they asked for income verification and I have been a member for over a year. The CU's may be a bit more cautious on income.

Hope you all get good news.

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