Fizzle1979

Pentagon Federal Credit Union PenFed Approval

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I was letting others know that I applied for the credit card on 02/26/08 and they started reporting to EX on 03/14/08. Usually people are always wanting the OC to start reporting ASAP, so I was just passing that information along.

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Also, I talked to a PenFed agent last week who said they had a new policy. All FIRST TIME barrowers on auto loans will be required to send in the last two week's pay check stubs before they disburse auto loan checks.

So no lying on income on your application.

I don't know if the applies to Credit Cards, because I already got my cards before this new policy came out.

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They are already on my EX report. Nothing on EQ or TU as of yesterday.

For me lately EX has tended to be the fastest. Then EQ and then TU bringing up the rear. TU has been very slow to update for me lately.

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do you have a lot of new cards that you are doing balance transfers with?

They did the "pyramiding debts" hoo-ha with me on a used car loan (!??!!). Yes, I have new credit cards, but I haven't been transferring balances. When I got that my usage on my new cards was under 20%. EQ 721, no derogatories and they still deny me. I think PenFed is just a big tease.

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Magdalen77:

I applied at PenFed and got turned down today......I blew $25.00 for nothing....They make you join some association first for $20 and then $5 for a Savings account..you're scores are better then mine.....PenFed IS A BIG TEASE!!! Wish I could get my money back!!

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I agree. I'm gonna give them about 6 months to come around. I'll pay down some of my balances and increase my scores. Then I'm going to apply for an auto refi again. If they say no, I'm just going to close with them.

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They did the "pyramiding debts" hoo-ha with me on a used car loan (!??!!). Yes, I have new credit cards, but I haven't been transferring balances. When I got that my usage on my new cards was under 20%. EQ 721, no derogatories and they still deny me. I think PenFed is just a big tease.

Write a recon letter and put honey all in it!

I'm starting to feel bad because it appears I'm the only one that has gotten approved.

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Magdalen77:

I applied at PenFed and got turned down today......I blew $25.00 for nothing....They make you join some association first for $20 and then $5 for a Savings account..you're scores are better then mine.....PenFed IS A BIG TEASE!!! Wish I could get my money back!!

It kind of ticked me off because that 4-something% car loan was enticing since the man's car just crapped out (needs a new transmission). Here I was with them pulling from my best CR with my bright and shiny new score and no dice. When they first pulled it I still had one derogatory on the report. They denied me for current/previous history of late payments. Even though the lates were from 4 years ago on a closed account and all of my current accounts are on time, paid as agreed and have been. EQ was about 650 then.

After I got the one derog off and my score shot up I asked them to do re-consider. Then they denied me for "pyramiding debt". Huh?? Granted I have a bunch of new cards, but their usage was only about 20% and how the heck do you "pyramid" a car loan anyway???

I'm going to wait about another 3-6 months until my cards get a little age and then I'll try again. If nothing, I'm going to ditch them like Deanna says.

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Write a recon letter and put honey all in it!

I'm starting to feel bad because it appears I'm the only one that has gotten approved.

Maybe I'll try to get a recon letter together over the weekend. I really am disappointed in these guys.

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I'm starting to feel bad because it appears I'm the only one that has gotten approved.

Don't feel bad! In my case my denials are probably justified so I will try them again in 6 months. Ravenous Wolf just said in another thread that Pen Fed is pretty prime so I guess any derogs will get a decline. :)

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do you have a lot of new cards that you are doing balance transfers with?

3 new cards in the last 6 months no Balance transfers a few old collection accts.

I'm very disappointed in these guys.

I only asked for a 1500 CL I didn't think that was pushing it or out of line.

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3 new cards in the last 6 months no Balance transfers a few old collection accts.

I'm very disappointed in these guys.

I only asked for a 1500 CL I didn't think that was pushing it or out of line.

I asked for the minimum amount for a used car, or pretty close, like 5K. It's not like I asked for 20 grand. IMHO, they just suck!!!

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All these places just piss me off.

I have over $10,000 in a cap1 money market and have been with them 10 years but they couldn't approve me for a 11,000 refi. WTF??

I got 2 refi offers 1 for 12.59% and another for 10.44%

I was hoping for closer to 9% But I guess I'll take what I can get

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