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sethdallob said: but if you are going to jump in, now is the time.
End of May is what I see mentioned in this thread, right?

Yes I can confirm end of May.... Just called on it yesterday.

if that's the case, can't you just make a check payable to you to your debit card with your home address and call it a day. penfed will write you a check and it'll debit it when you cash it?

obitwocanobe said: if that's the case, can't you just make a check payable to you to your debit card with your home address and call it a day. penfed will write you a check and it'll debit it when you cash it?


Probably will work. Unless they check the address with the bank name before sending.

Where do they usually post the offers within the website?

I'm dying to jump on one of the cards for the rewards but am afraid of a decline due to the debt to ratio right now.

FYI ALL... Called today because I wanted to be reconsidered since they pulled my CR in march and didn't repull now (only went up about 50 pts or so)... they have extended this until the end of june apparently due to popular demand as they are at least 7 days behind per the phone rep.

jclookey said: FYI ALL... Called today because I wanted to be reconsidered since they pulled my CR in march and didn't repull now (only went up about 50 pts or so)... they have extended this until the end of june apparently due to popular demand as they are at least 7 days behind per the phone rep.

Really? I just put in a new request yesterday afternoon, already processed this morning.

I just got off the phone with a CSR and the 2.99% BT offer has been extended through the end of June.

chuzzlewit said: jclookey said: FYI ALL... Called today because I wanted to be reconsidered since they pulled my CR in march and didn't repull now (only went up about 50 pts or so)... they have extended this until the end of june apparently due to popular demand as they are at least 7 days behind per the phone rep.

Really? I just put in a new request yesterday afternoon, already processed this morning.


mine is a request for reconsideration via fax because of them not pulling... so it depends on if you get instant approval, or need further review... but anyways the point was extended thru the end of june like i said Cheers

Really want to thank this board, this is just the offer I needed (really bad) and I am so appreciative to you guys!

I called Wednesday around 7:30pm and got a great CSR. I became a member through NMFA for $25. Was able to put it on my credit card without it being considered a cash advance. The Rep told me they changed this 2 weeks ago.

I was instantly accepted for 25K (the amount I requested). I was surprised since I have debt and high utilization. (HHI: 120K, Score about 735, 10 yr perfect history, 7 open cards with total credit limit a little over 65K, 1 card just under 80% utilization and another at 46%, about 13K left on my Lexus lease and no mortgage (home owner though).

We did the BT right there on the phone so I wouldn't have to wait for a card #. He said it takes 3 days for a card to print.

I just called and my transfers should show up on the Visa Monday or Tuesday. Offer was extended into June.

Thanks again and good luck to everyone else.

chuzzlewit said: jclookey said: FYI ALL... Called today because I wanted to be reconsidered since they pulled my CR in march and didn't repull now (only went up about 50 pts or so)... they have extended this until the end of june apparently due to popular demand as they are at least 7 days behind per the phone rep.

Really? I just put in a new request yesterday afternoon, already processed this morning.



How many cards do you have?? I'd love to apply again, but doubt I would have a chance at another card only a month later (and 39K transfered)

as of right now, 10:36pm CST, deal is still good.

I'm 18 with a 686 credit score and 5 credit cards (balance paid off every month). I also have about $8k in savings and will start attending college next fall. I already have everything paid for (tuition, books, room&board, food). Do you think I can take advantage of this deal and how? How much money would they give me? 2.99% APR is a great deal to take advantage of.

Example) $20,000 balance transfer
Buy a car (or something else: possibly invest it)
Pay off at 2.99% for life.
What would minimum payments be?

linedrivekid123 said: What would minimum payments be?
$0.00 This institution has a problem giving people with 760+ FICOs a card if you have any inquiries in the last year or accounts younger than 2 years

If on the other hand, you have applied for no new credit in the last 2 years, they'd love to have ya. After you send in a copy of your paystubs they'll send you that handy dandy $1000 Card

If you qualify for USAA or Navy Federal, save yourself a wasted inquiry and $25 and go for them instead, they are a much better banking relationship to have unless you absolutely need to save $3 on using a Penfed ATM or lust after that 5% on fuel. Aside from a free credit report from Equifax they won't have much for someone starting out, who has new cards

edit: negs for disrupting the koolaid, geez

Reots said: linedrivekid123 said: What would minimum payments be?
$0.00 This institution has a problem giving people with 760+ FICOs a card if you have any inquiries in the last year or accounts younger than 2 years

If on the other hand, you have applied for no new credit in the last 2 years, they'd love to have ya. After you send in a copy of your paystubs they'll send you that handy dandy $1000 Card

If you qualify for USAA or Navy Federal, save yourself a wasted inquiry and go for them instead, they are a much better banking relationship to have unless you absolutely need to save $3 on using a Penfed ATM or lust after that 5% on fuel. Hope the NFMA appreciates the $20 I sent their way to qualify for my Penfed account


I have applied for credit in the last year. I have two $3k Citi Cards, a $2k discover card ($250 signup bonus), a usbank $1k card (opened at 16), and a Charles Schwab 2% CashBack card which only gave me $700.

linedrivekid123 ,

Better wait a while then. I would try to make the Schwab card happy to try to get a CLI

This card has high acceptance standards, so don't take it personal if you apply anyways

sample rejection:

myFICO Forum said: - What did you App for (CC, Auto...)?

Penfed Gas Cash Reward

- Approved or Declined?

Declined

- Date of app?

03/25/2009

- EQ FICO at app?

798

- # of Inquiries at app?

24m - 5, 12m - 0

- Any Derogs at app:

no

- Oldest Account Age?

11 yrs

- Newest Account Age?

1 yr<----This is what disqualfied him

- AAoA at app?

5 yrs.

- Highest CL at app?

15.8K

- EQ Utilization Percentage?

6%

- Requested CL?

15K

- Instant Approval, LO Review or Decline?

Review

- Income Verification Required?

N/A

- Any Counter Offer from PenFed?

No

- If declined, reason given?

"overextended"

- Any comments you think helpful?

Don't try to apply unless you can afford your joint mortgage by yourself.





Honestly there are better cards out there and you already have one of them

They wouldn't play ball with my wife and her 820 credit score, even after I submitted her tax returns to prove income (self-employed) because she has too many cards open and not used (6 total/80k). Unbelievable.

This institution has a problem giving people with 760+ FICOs a card if you have any inquiries in the last year or accounts younger than 2 yearsRoots, I understand you believe that's true about PenFed, but it isn't. I got my own PenFed card with 6 inquiries showing within 6 months on the report it pulled as well as three new accounts opened in the past year. Others here talk about the documentation/verification PenFed requires for a high limit, but PenFed gave me a $50K limit without any documentation requested--and I'm self-employed. (I was surprised by that myself!)

Credit decisions are complicated these days. We can guess at the reason A gets a card and B does not, but we're not going to know for sure. There are factors that do not involve the standard criteria such as FICO scores. Sometimes your zip code or where you shop or who holds your mortgage plays a role. Sometimes the decisions seem completely random. I once applied for three cards from one bank on the same day and got all three, but one had a $20K limit and the other two a $5K limit.

Personal experiences are great to share, but don't put too much credence in them. We'll never know what's really going on with these decisions unless someone on the inside tells us. And even then I'd be skeptical, since these credit decision criteria change fairly often.

I too got a 50K limit on my penfed Visa but I had to fax in my 1040 for the last year. I had numerous recent inquires on my credit report. This was awhile back about a year ago, so maybe things have changed. But this was the first time that someone asked for a 1040 before giving me a high line of credit.

My own observation from many data points is that the underwriting for this card seems to have grown increasingly stringent in the past year or so. That said, it's worth targeting as one of the very best cards around. This is partly because you can count on them maintaining fair and relatively member-friendly policies.

DaveHanson said: My own observation from many data points is that the underwriting for this card seems to have grown increasingly stringent in the past year or so. That said, it's worth targeting as one of the very best cards around. This is partly because you can count on them maintaining fair and relatively member-friendly policies. I agree.

I would also add, that if you happen to get the magic "preapproved offers" on your online Penfed login, you are much more likely to get the card without hassle by simply accepting their offer.

I dont think any of us has figured out how Penfed determines who gets the magic "preapproved offers list" though


credit card offer
Disclaimer
SUCKISSTAPLES said: DaveHanson said: My own observation from many data points is that the underwriting for this card seems to have grown increasingly stringent in the past year or so. That said, it's worth targeting as one of the very best cards around. This is partly because you can count on them maintaining fair and relatively member-friendly policies. I agree.

I would also add, that if you happen to get the magic "preapproved offers" on your online Penfed login, you are much more likely to get the card without hassle by simply accepting their offer.

I dont think any of us has figured out how Penfed determines who gets the magic "preapproved offers list" though


Do you mean this one?

It's not a bad card, it just needed to be clarified that this is not a conventional credit card application process and it can be tough to get as well as costing $20 just to try to apply

If you don't mind sharing your financial details you can also get a card from Iberia Bank, that offers no fees for balance transfers and fixed low rates down to 6.25%

This may be trivial question for experts here still I am going to ask to know about it. I am in need of some cash around 30k and I don't have any debt except my mortgage. I wanted to apply for penfed credit cards and take the money from there. 2.99% is always for balance transfer and I don't have any balance to transfer from any other credit card. So to take cash from this credit card what is the procedure ? After applying for the credit card do I have to wait for the checks to come and submit that or go to ATM and withdraw the money from there ? How are you all transferring the money ? I could be wrong but some credit cards have less cash limit than the credit limit approved right so how do I overcome that. Any help will be really appreciated. Thanks.

KVA said: So to take cash from this credit card what is the procedure ? General ideas here

Thank you.

For those that have had Penfed pay off a HEL with another bank, did you apply online or by phone? I was going to submit an app online but not sure if that's a smart idea or not. Does it have to be done live to get an HEL paid for?

renaud said: For those that have had Penfed pay off a HEL with another bank, did you apply online or by phone? I was going to submit an app online but not sure if that's a smart idea or not. Does it have to be done live to get an HEL paid for?

I called them and it's better to call so that all your questions are answered. Good luck.

Any one able to take transfer the money from penfed credit card to own account ? I dont have any other credit card balances in any other card and no other debt other than my mortgage. I am in need to take around 30k if possible 50k from penfed 2.99 credit card. I would really appreciate if any one was able to take this money out to own bank account to use it.

Thanks

LOL.. omfg... i just had it with them...
Got denied from them the first time, called and asked why, and was told it's better to add my wife onto the application.

Did that, didn't hear from them, now i was told i need to get my wife to complete a form for non-member
https://www.penfed.org/pdf/accountsforms/3-A.pdf
And get it notarized and fax it for consideration.... WOW W T F Penfed.... it is that hard to get a credit card from you guys...

Is this offer going to continue in July? I called to ask and the rep said she has no information about July yet (I called 2 days ago). But she said "most likely it will NOT be offered in July, but she was not sure".

I was also told by a rep that it will not be avaialable in July...but who knows.

2.99% should be extended until Sept 1st. I just called and asked because I was considering applying but am going to hold off until the CC agencies reflect all the 0% BT money I paid off this week as my utilization will look crap until the changes have been reported. Can anyone else confirm it is extended until Sept 1st?

Turtleman said: WOW W T F Penfed.... it is that hard to get a credit card from you guys...

Yes, PenFed is extremely stingy with their credit lines.

If all banks were run like PenFed, I doubt there would have been the big banking fiasco of 2008.

Seriously, they don't hand out credit loosely.

0073735963 said: 2.99% should be extended until Sept 1st. I just called and asked because I was considering applying but am going to hold off until the CC agencies reflect all the 0% BT money I paid off this week as my utilization will look crap until the changes have been reported. Can anyone else confirm it is extended until Sept 1st?


I was just told by a CSR that the 2.99% offer will be around until the end of September. She said they were just informed via internal memo, today.

RS4Rings said: jackcrawfish said: I am finally jumping into membership (I figured others on the fence might benefit from knowing of the SIS' blessing posted inside Ipecac's thread).
Good decision, I joined a year and half ago to get their 3 year 6% CD Was not even thinking of a card but was told they use the same pull from opening account for a card. Got instant $40k, Few months later they bumped to $50k without asking. Then since I'm a member I had my daughter join to get the 5% card. When she bought a used car a few months ago she got a great rate loan from them and next up she will be using them for a mortgage. Pentagon is by far the best account I have ever opened
I called this morning. Helpful CSR said that after pulling hard for membership, they use the same bureau for 90 days if applying for other credit products.

I applied this morning and was denied.
Amount owed on accounts.
Lack of recently established accounts.
Length of time accounts have been established.
775 FAKO;
42k revolving debt;
297k revolving limit;
14% utilization;
17 cards opened in July 2007;
10 cards opened in September 2008;
12 years = oldest tradeline;

Jack,

Thanks for the data points. If you indeed got denied, I'll steer clear from now.

jackcrawfish said: RS4Rings said: jackcrawfish said: I am finally jumping into membership (I figured others on the fence might benefit from knowing of the SIS' blessing posted inside Ipecac's thread).
Good decision, I joined a year and half ago to get their 3 year 6% CD Was not even thinking of a card but was told they use the same pull from opening account for a card. Got instant $40k, Few months later they bumped to $50k without asking. Then since I'm a member I had my daughter join to get the 5% card. When she bought a used car a few months ago she got a great rate loan from them and next up she will be using them for a mortgage. Pentagon is by far the best account I have ever opened
I called this morning. Helpful CSR said that after pulling hard for membership, they use the same bureau for 90 days if applying for other credit products.

I applied this morning and was denied.
Amount owed on accounts.
Lack of recently established accounts.
Length of time accounts have been established.
775 FAKO;
42k revolving debt;
297k revolving limit;
14% utilization;
17 cards opened in July 2007;
10 cards opened in September 2008;
12 years = oldest tradeline;


I had a similar situation, and figuring I had nothing to lose, escalated to the Sup. committee along with a lovely letter explaining my credit profile, interest rate arbitrage, etc. and they still declined me! They said that I could re-apply for their BT product only after I paid off my revolving debt. So, in essence, they will let me transfer a balance once I've proven that I don't have a balance to transfer. That's good times.

I got denied for a balance transfer of $30K last week at PF. I am done with the credit card BT offers as they keep changing the rules. I decided to apply for a HOL or Heloc from WF (which has my mortgate). After applying and getting things rolling, I looked back at the rates at PF and they are so much better. Can I apply there also and take the best of two offers or just leave it alone so as not to mess up the WF one? Thoughts?

Off-topic...didn't know where to post. It does relate to the PenFed credit card, tho...

I received two phone calls from PenFed on Wednesday, but they didn't leave a message. I called back, but was told everything on my accounts was fine and that it was probably a "marketing call".

Today my phone rings & it's PenFed. The rep on the phone said she was calling to thank me for my business and to let me know that they were increasing my credit limit to 32k (from 25k). I was kinda shocked to be honest, especially with the stories or credit limit decreases/cancellations and of those trying to get a PenFed CC and being denied.

I'm sorry to hear those of you being denied for the credit card. It truly is a great card and worth carrying if you are able to get it.

zaxdude said: Off-topic...didn't know where to post. It does relate to the PenFed credit card, tho...

I received two phone calls from PenFed on Wednesday, but they didn't leave a message. I called back, but was told everything on my accounts was fine and that it was probably a "marketing call".

Today my phone rings & it's PenFed. The rep on the phone said she was calling to thank me for my business and to let me know that they were increasing my credit limit to 32k (from 25k). I was kinda shocked to be honest, especially with the stories or credit limit decreases/cancellations and of those trying to get a PenFed CC and being denied.

I'm sorry to hear those of you being denied for the credit card. It truly is a great card and worth carrying if you are able to get it.


Wow! Congrats on the nice CLI! I love my PenFed CC. Hope to get my CC up to that limit (or $50K, which is their MAX), some day.

SuperG03



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