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g126 said: These folks really are clowns.

I have over $40k in CDs with them, a credit score over 725, own my home outright, but they turned me down when I applied for this card because...at the time...I had a $40k balance from a 0% deal and they said I had too much credit availability.

Calls to customer service didnt help. Emails were not returned.

It would seem like someone would have just a little common sense but apparently not.
I wont try again.


I had a similar experience. I was initially denied when I had a decent amount in 0% BT money out. In fact, this is the only card for which I have ever been denied. I did at least get a free credit report out of it.

I did apply again recently and was approved, but only for $1000. I think it's weird that they ask you for the CL you want, which I've not seen on other applications. I'm guessing I could've been approved for more, but wanted to make sure I was approved at all, so I could get the monthly 5% credit on gas. They made me send them a copy of my most recent pay stub and then mailed me something to sign and return before I could get the card. The pay stub request really shocked me for a $1000 line when I have about 5x that much in a couple of CDs with them. How much risk could I possibly have posed to them? Oh well, I jumped through their silly hoops and did get the card. I don't need to buy anywhere near $1000 worth of gas a month anyway.

I have nothing but good things to say about PenFed... and their Rewards credit card.

My history with PenFed goes back a few years. Car Loan in 2002 (Best rate I could find anywhere), ReFi about 5 Months ago (5.75% fixed 30yr, with PenFed paying most of the closing costs), and now the PenFed Platinum Cash Rewards Visa....

I applied online and the website did initially offer me an extremely low CL (between $1k and $2k). The website had an option to decline the offer and ask for a higher CL, which I selected. The website instantly replied with a CL of $14,400 and I accepted that offer.

I have used the card for a month and I have received my first bill. I appeciate that PenFed does not place my entire CC # on the bill, unlike my other credit cards. The rewards are simple and applied monthly, which is important because other cards seem to change their programs/tiers/points every 9 months or so. Overall, this is my new favorite card.

"A bird in the hand is worth two in the bush"

Penfed CSR (very friendly I might add) told me they won't give a credit card to someone with more than $40K unsecured debt, so if you have AOR balances larger than that, I don't think you'll be able to get this card. I was rejected as well, for that reason...at least it wasn't a totally wasted credit pull, because I had just opened the Penfed account and they used the same CR they pulled for the account open.

Asking those of you who already have this card...

Do they have the option for automatic payment in full?
That is, can you choose to have your monthly statement balance paid in full AUTOMATICALLY via linked OUTSIDE bank checking account?

I have had good experience with Penfed as well.

BUT...their web-site sucks...big time...I have not seen a worst banking website...ever.

Their website isn't the greatest but it does work. I've had no problems doing ACH, transferring between accounts, etc.

They gave me a 25k card with no income verification at all.

No, there's no feature to auto-pay your card.

jimbocobb said: Penfed CSR (very friendly I might add) told me they won't give a credit card to someone with more than $40K unsecured debt, so if you have AOR balances larger than that, I don't think you'll be able to get this card. I was rejected as well, for that reason...at least it wasn't a totally wasted credit pull, because I had just opened the Penfed account and they used the same CR they pulled for the account open.


Damm I was planning on applying for this card... but I owe about 25k on a 0% card. Hopefully they won't reject me because this was going to be my new daily spender. If they reject me... i'll apply for a Citi Driver's Edge instead.

I just tried joining Society of American Military Engineers (SAME) with this link https://www.same.org/i4a/forms/form.cfm?id=72 and it didn't want any contact info for the school, other than name and graduation date. I used the same number and address for both the "school address" and "home address" sections.

I'm technically an inactive distance learning grad student (waiting for benefits at my new employer to kick in before continuing my grad degree), but it didn't ask and I "played stupid" and applied, assuming if I got denied, oh well. It said I'd receive member information, so I'll wait to see if it shows up!

This may be an easy method of joining for free, if they don't verify...

Here is my experience/observations on some things when I applied for the PenFed Visa Platinum Gas Cash Reward card ealier this morning, which wasn't mentioned in the threads posted. This card will be used solely for gas purchases at the pump and to replace my Discover Open Road ("Gas Card") whose 5% CashBack rewards will be capped by changes in their program effective 10/1/07.

- I applied for the card and joined NMFA at the same time (their application on their website does both for you automatically). I noticed it mentioned the $20 membership dues are tax-deductible.

- Joining PenFed to establish a "share account" requires a minimum deposit of at least $5, which is charged to your credit/debit card. It also said that if you use a credit card, it will show up as a cash advance by your card issuer and may be subject to a cash advance fee. I used my Citibank's ATM MC debit card and deposited $5 to open the account.

- I did an individual rather than joint application for the credit, but did put my wife down as an additional card holder at the end of the application. As far as a CL amount requested, since this card is primarily going to be used for gas purchases, I only put down $10K. It was approved immediately. At the completion of the application, it also said that I was pre-approved for a new auto loan for $35k @ 5.29% for 60 months. I declined it.

- The whole process from start to finish probably took less than 30 minutes (including taking time to read all the terms/conditions, etc.).

Regards,
David

so I recently joined penfed. Would it be suggested to fund my regular savings account with maybe $3-4k before applying for the card in order to get a higher limit? Any experience with that?

mase said: so I recently joined penfed. Would it be suggested to fund my regular savings account with maybe $3-4k before applying for the card in order to get a higher limit? Any experience with that?
When I applied for the card I only had $5 in my share account and had not done the CDs yet, got a nice CL

mase said: so I recently joined penfed. Would it be suggested to fund my regular savings account with maybe $3-4k before applying for the card in order to get a higher limit? Any experience with that?

I don't think it matters. I funded my membership requirements (the "share account") with only $5. They do not consider your savings/checking account balances for credit requirements since this isn't a secured card application.

weictay said: - Joining PenFed to establish a "share account" requires a minimum deposit of at least $5, which is charged to your credit/debit card. It also said that if you use a credit card, it will show up as a cash advance by your card issuer and may be subject to a cash advance fee. I used my Citibank's ATM MC debit card and deposited $5 to open the account.

Just a warning: If you use a debit card, your bank may still charge a cash advance fee even though PenFed says that that only applies to credit cards (my Paypal debit card charged me a $3 service fee, so my $5 became $8).

EDIT: I had originally posted that Penfed charged the fee. However, this was a misunderstanding on their part since they do charge a $3 for transfers made over the phone. After going back between Penfed and Paypal, I finally realized that Paypal charged the fee, not Penfed.

ahecht said:

Just a warning: If you use a debit card, Penfed will charge a $3 service fee, so your $5 will become $8

That must be new. Didn't happen to me about 6 months ago when I joined up.

http://www.mercurynews.com/search/ci_6862941?IADID=Search-www.mercurynews.com-www.mercurynews.com

Maybe this was already posted, but penfed was hacked and the guy stole "tens of thousands" of credit card numbers according to a witness. Story was back on 9/11. Were notifications sent?

calmloki said: Per the CSR ( i called twice and another person called and verified): go to the PenFed website, click forms, go to the 6th highlighted item down "Authorization Agreement for Automated Clearing House (ACH) Debit". Print out several copies, including one for your checking ac'ct bank, fill out using your credit card # as the PFCU loan#. Check automatic transfer from another institution. In section A make a new checked box and write something like "credit card monthly bill in full each month. Add a voided check and mail a copy of the form with voided check to PenFed.

Can you just check the "Full Payment Due" box in section A, or do you need to create a new box? Making my own box seems sketchy.

My platinum card has been pending for several days now, and the comment is "additional income to consider". Anyone get this before? They haven't contacted me on doing anything, but they also haven't changed the status for quite a while.. What to do in this situation?

mase said: My platinum card has been pending for several days now, and the comment is "additional income to consider". Anyone get this before? They haven't contacted me on doing anything, but they also haven't changed the status for quite a while.. What to do in this situation?Call them - most likely they need you to fax in a proof of your income (paycheck stubs) before they actually give you the card.

jairocon said: mase said: My platinum card has been pending for several days now, and the comment is "additional income to consider". Anyone get this before? They haven't contacted me on doing anything, but they also haven't changed the status for quite a while.. What to do in this situation?Call them - most likely they need you to fax in a proof of your income (paycheck stubs) before they actually give you the card.
PenFed actually called me in order to ask if I wanted to add any income. I was told that in order to use my wife's income as well as my own, that I had to add her as a co-applicant. I did, since we just started a mortgage application with them and no extra hard inquires would result from the credit card application. I had asked for a 40K line, and they counter-offered with 30K, which I accepted. So it definitely couldn't hurt calling them if you want to have them consider additional income.

I had sent an email to PenFed last night asking if they usually pull a new CR for CL increases (the answer was "Yes") but apparently if your application was within 90 days, they'll just refer to the original CR instead of pulling a new one.

So I called them this morning on the phone (their CSRs are really friendly and pleasant!) and they informed me that the max CL that they will usually give out is $40K. I requested $30K (from the original 10K that I have) and it was approved without pulling a new credit report.

With the increased CL, this will help in overall utilization ratios.

PenFed rocks!

Note: according to their system, the new CL increase isn't immediate, unlike some other banks. Here's what it says on their website:

"Approved credit limit increases are not immediately available. You will be notified in writing once the change in limit has been processed."

weictay said: I had sent an email to PenFed last night asking if they usually pull a new CR for CL increases (the answer was "Yes") but apparently if your application was within 90 days, they'll just refer to the original CR instead of pulling a new one.

So I called them this morning on the phone (their CSRs are really friendly and pleasant!) and they informed me that the max CL that they will usually give out is $40K. I requested $30K (from the original 10K that I have) and it was approved!

With the increased CL, this will help in overall utilization ratios.

PenFed rocks!

Glad it worked out for you! One caution for those in similar situations: I'd heard the 90-day figure as well, but my particular credit card CSR said 30 days for sure, with the increased chance of another credit report being pulled after that 30-day period. I find that more credible than the 90-day period. Just a thought.

After being denied last year they also approved my $1000 gas card recently. Figured I didnt need to ask for more because I would not ever spend it.

Of course, it probbaly helped that I dont have ANY 0% balances out and Im up to over $90k in CDs with them.

bowesb said:

I had a similar experience. I was initially denied when I had a decent amount in 0% BT money out. In fact, this is the only card for which I have ever been denied. I did at least get a free credit report out of it.

I did apply again recently and was approved, but only for $1000. I think it's weird that they ask you for the CL you want, which I've not seen on other applications. I'm guessing I could've been approved for more, but wanted to make sure I was approved at all, so I could get the monthly 5% credit on gas. They made me send them a copy of my most recent pay stub and then mailed me something to sign and return before I could get the card. The pay stub request really shocked me for a $1000 line when I have about 5x that much in a couple of CDs with them. How much risk could I possibly have posed to them? Oh well, I jumped through their silly hoops and did get the card. I don't need to buy anywhere near $1000 worth of gas a month anyway.

Just a quick tip here too; not sure if it's already been said.

If you don't sign up for electronic billing statements, you'll be charged .50 a month. So make sure you get that done.

Even for the credit card?

pueywei said: Even for the credit card?
no

glxpass said: weictay said: I had sent an email to PenFed last night asking if they usually pull a new CR for CL increases (the answer was "Yes") but apparently if your application was within 90 days, they'll just refer to the original CR instead of pulling a new one.

So I called them this morning on the phone (their CSRs are really friendly and pleasant!) and they informed me that the max CL that they will usually give out is $40K. I requested $30K (from the original 10K that I have) and it was approved!

With the increased CL, this will help in overall utilization ratios.

PenFed rocks!

Glad it worked out for you! One caution for those in similar situations: I'd heard the 90-day figure as well, but my particular credit card CSR said 30 days for sure, with the increased chance of another credit report being pulled after that 30-day period. I find that more credible than the 90-day period. Just a thought.


According to the CSR, she claimed that it's very rare they'll pull a new report if it was within 90 days of the original application but she couldn't give a 100% guarantee. Thus it would make sense that the 30 day timeframe would be a safer bet. My CL request came back as "Pending" after the CSR submitted it and she said it would take four hours for them to come to a decision; however, as she was talking, I logged into my account and saw that it was approved within a minute. The CSR was surprised that it was that quick as well.

Aren't the electronic statements applicable only to the credit union accounts (share) and not to the credit card? I believe the credit card side of the CU are required to send printed statements sent to you without any charge.

japaninator said: Just a quick tip here too; not sure if it's already been said.

If you don't sign up for electronic billing statements, you'll be charged .50 a month. So make sure you get that done.

I've never been charged a fee to receive mailed statements from PFCU, and I think I've had all their accounts at one time or another except no CDs.

Yes. You are correct. I signed up for electronic statements in January but still got printed statements for my credit card w/o any charge.
weictay said: Aren't the electronic statements applicable only to the credit union accounts (share) and not to the credit card? I believe the credit card side of the CU are required to send printed statements sent to you without any charge.

mase said: so I recently joined penfed. Would it be suggested to fund my regular savings account with maybe $3-4k before applying for the card in order to get a higher limit? Any experience with that?

I don't think it has anything to do w/ your CL. At the time I applied for the card in Jan 2007, I had only $5 w/ them in share account. I asked for $10K CL & it was instantly approved. I bought CDs onlu after that. A few months later, they offered additional $30K CL. I accepted it & added to my existing card so my card now is $40k CL. They never asked me anything for income verification.

I always have >$5k in debts w/ other cards (0% interest).

Got my 1-month old PenFed Cash Rewards Visa CL increased to $30K (from $10K) without a hard pull.

Thank you, PenFed!

cameron2003 said: http://www.mercurynews.com/search/ci_6862941?IADID=Search-www.mercurynews.com-www.mercurynews.com

Maybe this was already posted, but penfed was hacked and the guy stole "tens of thousands" of credit card numbers according to a witness. Story was back on 9/11. Were notifications sent?


I have had the visa rewards for about a year and have never received any warnings about a security breach. Dare I speculate that my cc number maybe floating around in cyberspace. With all the security breaches going on, they may consider announcements useless. They should still at least send out notifications.

That article was interesting...

Looks like I was mistaken re PenFed not pulling an inquiry when applying for CL increase within 90 days of application.

I just check my CR from myFICO for Equifax:

Date - Company making the inquiry
October 30, 2007 - Pentagon
September 26, 2007 - Pentagon

9/26 was the initial application and 10/30 the date of the CL increase request.

And the CSRs they told me there was no hard pull within 90 days.

Oh well.

Update:

I received a letter from Equifax today informing me that my request for the second inquiry from PenFed (for the CLI) to be deleted from my Equifax CR has completed and they have deleted the inquiry! This was based on the initial response from a PenFed CSR who mentioned that a CLI within 90 days of initial date of application typically shouldn't result in a hard pull (which it did) and when I told PenFed I was going to have Equifax delete it on a follow up phone call, the CSR didn't really seem to mind or care.

So now my Equifax CR only has 1 inquiry for this year, which was a Capital One Auto Finance loan back in July.

Guess it's now time for an AOR?

Change in terms appearing on statement:

"Effective January 1, 2008, the late credit card payment fee will be $33.00. There will be a 1% balance transfer fee with a $10 minimum and $100 maximum charge per transfer. The transfer fee will be assessed on balance transfers from other financial institutions to your credit card when you get a promotional rate less than the standard cash advance rate."

Sooo...if you are thinking of taking the special 5.99% balance transfer...save on the new fees by requesting a BT before 1/1/08. This sucks because Penfed was a dependable no fee, special rate BT card when something like that was needed.

I've got the PenFed Visa with a 25K limit and it's currently at a zero balance. I'd like to get a short-term loan to do the Fidelity bonus thing, so I need $20K (wife and daughter SSN); what are the options to do a balance transfer? Will they send me checks or do transfers into my checking account? I've never done a BT with them before and wanted to be informed before I called.

you can join the National Military Family Association (NMFA) directly from PenFed's site.

LINK

Edit:
Step2 asks for social security #. This looks like info for PenFed, and not NMFA. I think step2 takes you back to PenFed's application page. so Don't put down fake SS# here

What do you do for PenFed? Is there one person that is in charge of the credit card department?

Penfed has now up its maximum unsecured credit allowed per member. Old was $40,000 and now is $50,000. I just successfully up’ed an existing $10,000 limit card to $40,000 for a 5.99% for life BT and then opened a new $10,000 limit card so I could continue to use the card as my day to day spending account.

Discplayer said: Penfed has now up its maximum unsecured credit allowed per member. Old was $40,000 and now is $50,000. I just successfully up’ed an existing $10,000 limit card to $40,000 for a 5.99% for life BT and then opened a new $10,000 limit card so I could continue to use the card as my day to day spending account.

Did you have to supply financials? What's your HHI and how old is your original card? TIA!



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