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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.


Nice. I got $38k CL on this card about a year ago which has really facilitated this offer, obviously. Sucks its so hard to get one now.

marathonnh said: 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?

Based on my personal experience, I'd say go ahead. I applied for a HELOC at my local bank, wasn't crazy about some of the terms, so then applied for PenFed. After I got approved there I canceled my other app w/ no problems. Just my experience.

MiNombre said: 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.


*sigh* We got turned down. Credit score = 820. Perfect credit. No car payments. Said our debt/income ratio was too high. First time I've ever heard that in our situation. Guess I'll wait for the CDs to mature, pay the debt, then reapply. Was only asking for $12k.

AllAboutTheMusic said: MiNombre said: 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.


*sigh* We got turned down. Credit score = 820. Perfect credit. No car payments. Said our debt/income ratio was too high. First time I've ever heard that in our situation. Guess I'll wait for the CDs to mature, pay the debt, then reapply. Was only asking for $12k.


WOW! 820? Seriously. Is that your TRUE Equifax FICO? Could you give a little more details about your revolving usage? What is you debt / credit ratio? Just trying to figure that out. It is EXTREMELY RARE to see a 800+ get denied for anything other than "sufficient revolving credit".

SuperG03

Yeah. I can't remember being turned down before. Funny thing is, I was only asking for 12k. Chase Marriott is going to give me 5.99%. Not as good, but acceptable.

AllAboutTheMusic said: Yeah. I can't remember being turned down before. Funny thing is, I was only asking for 12k. Chase Marriott is going to give me 5.99%. Not as good, but acceptable.

5.99% is OK, but I don't know if you should do it, especially if your score is that good. Have you called PenFed and talked to an underwriter?

Once again, if it is OK with you, could you post some more details about your circumstances. What is your HHI and what is you debt / credit ratio? Also, was that 820 your TRUE Equifax FICO, or is it a FAKO score provided by one of the outside credit monitoring/reporting companies? Again, if you don't mind, please post. Thanks.

SuperG03

Hi,

Does anyone know if I can do balance transfer from my Penfed card to my wife's credit card?

Thanks in advance.

feiz said: Hi,

Does anyone know if I can do balance transfer from my Penfed card to my wife's credit card?

Thanks in advance.
I did. But I was also an authorized user on that account, so not sure if that counts

Thanks. But is this going to work if I am not an authorized user on that account?

feiz said: Thanks. But is this going to work if I am not an authorized user on that account?

I have done it. I wasn't an auth user or anything else with that CC. The only thing is I had the same last name. Should work just fine. Hope it helps. Let us know how it goes.

SuperG03

feiz said: Thanks. But is this going to work if I am not an authorized user on that account?
It has to be done on phone with a rep (not online) and it takes a bit longer

americano said: feiz said: Thanks. But is this going to work if I am not an authorized user on that account?
It has to be done on phone with a rep (not online) and it takes a bit longer


Not sure about that. Mine was done on the website.

SuperG03

Update: Finally got approved! It took paying down some of my Chase balance and providing proof via fax, closing one Chase line, then faxing pay stubs, then faxing my 2008 tax return, then faxing my 2008 W-2.. Phew! This process took almost 2 weeks. At least I can now move my balance away from Chase and their dreaded 5% of balance min payment. I have a 780 credit score. To those who got turned down with 800+ credit, you can probably get it approved by calling and faxing records.

depreshun said: Update: Finally got approved! It took paying down some of my Chase balance and providing proof via fax, closing one Chase line, then faxing pay stubs, then faxing my 2008 tax return, then faxing my 2008 W-2.. Phew! This process took almost 2 weeks. At least I can now move my balance away from Chase and their dreaded 5% of balance min payment. I have a 780 credit score. To those who got turned down with 800+ credit, you can probably get it approved by calling and faxing records.Once upon a time, I got my mortgage wayyyy easier than that. Congratulations!

deyab said: Once upon a time, I got my mortgage wayyyy easier than that. Congratulations!


Thanks!

Hello - I have been considering this offer, and I read this entire thread to find out what I could. I am hoping someone can answer a couple questions I have. I recently got married, and my wife has student loan debt of about $50K at almost 7%. I really want to use this offer and transfer over as much of this debt as possible. I know the minimum payment will be higher than it is currently, and I am fine with that. My questions are:

1) Can this BT offer of 2.99% be used to pay off a student loan?

2) Can it be applied to my wife's student loan easily?

3) When I apply for the loan, is it better to apply by myself or with her? Or should we each apply individually and get two cards?
Some relevant info: I make about $80K/year, she makes about $35K, and we actually do split rent ($700/each per month). We both have good credit, but she has that huge student loan balance, and I have a better credit score than her last time we checked (I am about 740 if I remember). I have a car loan (0% interest, $21K balance), my own student loan debt($10K), and one 0% credit card balance of $3K that I am paying off over the next couple months, though I could pay it now if it's better.

4) Any thoughts on how much of a credit line I should ask for?

Any thoughts or answers are much appreciated. I do intend to call PenFed and talk this all throughwith them, but I want to go into the discussion as prepared as possible!

AlanT293 said: Hello - I have been considering this offer, and I read this entire thread to find out what I could. I am hoping someone can answer a couple questions I have. I recently got married, and my wife has student loan debt of about $50K at almost 7%. I really want to use this offer and transfer over as much of this debt as possible. I know the minimum payment will be higher than it is currently, and I am fine with that. My questions are:

1) Can this BT offer of 2.99% be used to pay off a student loan?

2) Can it be applied to my wife's student loan easily?

3) When I apply for the loan, is it better to apply by myself or with her? Or should we each apply individually and get two cards?
Some relevant info: I make about $80K/year, she makes about $5K, and we actually do split rent ($700/each per month). We both have good credit, but she has that huge student loan balance, and I have a better credit score than her last time we checked (I am about 740 if I remember). I have a car loan (0% interest, $21K balance), my own student loan debt($10K), and one 0% credit card balance of $3K that I am paying off over the next couple months, though I could pay it now if it's better.

4) Any thoughts on how much of a credit line I should ask for?

Any thoughts or answers are much appreciated. I do intend to call PenFed and talk this all throughwith them, but I want to go into the discussion as prepared as possible!


1) YES

2) YES

3) PenFed is one of the few places that ask for INDIVIDUAL INCOME only, rather than Household Income. Therefore, since you have the higher income and you have the better score, I would only apply in your name. I am not actually sure you could apply for one each, because her income probably wouldn't cut it. As for your auto loan, that is no big deal. As for the $3K CC, what is the limit on that card? Is that your ONLY CC carrying a balance?

4) What is currently the highest credit limit you have?

Let me know. Thanks.

SuperG03

AlanT293 said:
1) Can this BT offer of 2.99% be used to pay off a student loan?

Yes.
AlanT293 said:
2) Can it be applied to my wife's student loan easily?

Yes. It may take longer since your name is not on the student loan.
AlanT293 said:
3) When I apply for the loan, is it better to apply by myself or with her? Or should we each apply individually and get two cards?
Some relevant info: I make about $80K/year, she makes about $5K, and we actually do split rent ($700/each per month). We both have good credit, but she has that huge student loan balance, and I have a better credit score than her last time we checked (I am about 740 if I remember). I have a car loan (0% interest, $21K balance), my own student loan debt($10K), and one 0% credit card balance of $3K that I am paying off over the next couple months, though I could pay it now if it's better.

If two of you apply separately, you might get a higher LOC combined.
AlanT293 said:
4) Any thoughts on how much of a credit line I should ask for?

50K is their limit. I would not be shy and ask for 50k.

Thanks for you response. I did notice I an error in my original post. I meant to say my wife's income was $35K, not $5K....probably didn't make sense when I said we split the rent! Anyway, in response to your follow up questions:

My credit card with the $3K balance has a $7K limit.

My highest credit limit card right now is an AMEX I pay off monthly. The limit is $17.5K. I have another card I don't use that I never closed, but I made them lower the limit to $500. I have had a mortgage in the past ($130K, paid off when sold), and a $40K car loan (Paid off when sold), though that may not be relevant.

Thank you for your responses. I plan on calling PenFed in the next few days. I am just trying to make sure I look into everything else first (should I pay off my one card, raise or lower credit limits on that and others, check my current credit score with Equifax, etc.) Any advice on those steps or others is definitely appreciated.

AlanT293 said: Thanks for you response. I did notice I an error in my original post. I meant to say my wife's income was $35K, not $5K....probably didn't make sense when I said we split the rent! Anyway, in response to your follow up questions:

My credit card with the $3K balance has a $7K limit.

My highest credit limit card right now is an AMEX I pay off monthly. The limit is $17.5K. I have another card I don't use that I never closed, but I made them lower the limit to $500. I have had a mortgage in the past ($130K, paid off when sold), and a $40K car loan (Paid off when sold), though that may not be relevant.


If that is the case (about the income), then definitely apply separately, you have a good chance of getting 2 decent limit CCs. Now, for how much to apply for. There are 2 schools of thought. The first is, since their max is $50K, and they usually counter, apply for the full $50K and let them counter. The other is, since we are in a bit of a credit crunch, don't go too crazy and risk a denial (w/ no counter) and ask for something more reasonable. IMHO reasonable is to apply for something nearing your highest limit. Be prepared to fax in pay stubs to prove income. With $80K, you might be able to push for a $40K limit (1/2 the income), and cross your fingers.

For your wife, similar questions, what is her highest limit CC? Apply for something reasonable. With her income, maybe $15K-$20K.

Finally, a word to the wise about CCs. NEVER intentionally ask for a credit limit to be lowered! You are hurting your own utilization ratio by doing that, which will directly impact your FICO score.

Hope that helps. Let us know how it turns out. Thanks.

SuperG03

This deal is driving me crazy. We own our home (owe less than 80%), and have a PenFed 15 year fixed mortgage with perfect payment history. Lived here 6 1/2 years. Both employed.

We have no student loan debt, no car loans. Some CC debt, all 0% and with excellent repayment history. We make over six figures. Own a rental property that cash flows and has equity. Max out 401(k), Roth, 529s, etc... not wealthy by any means, but we have enough disposable income to save quite some of it.

Yet PenFed will NOT raise my credit card limit above $5,000 (which it has been for a long time).

I would love to use this to payoff a second mortgage on our rental property that is an ARM scheduled to reset in a few years. The balance on the mortgage is about $20,000, so I don't NEED this deal, but it would be nice just to not have to worry about it. I've applied myself, jointly, high limits, low limits. They won't even counter.

/rant

Went on penfed and applied for an auto loan. Got instant approval, and afterwards it said I was preapproved for a Visa card. I accepted the preapproval and got approved for $32,000 in addition to my other penfed card which has a $12,000 limit.

brettdoyle said: Went on penfed and applied for an auto loan. Got instant approval, and afterwards it said I was preapproved for a Visa card. I accepted the preapproval and got approved for $32,000 in addition to my other penfed card which has a $12,000 limit.

So not fair. Got instant approval for a $40,000 auto loan (didn't take it), but denied on anything over $5k for the credit card.

I think they are out to get me.

brettdoyle said: Went on penfed and applied for an auto loan. Got instant approval, and afterwards it said I was preapproved for a Visa card. I accepted the preapproval and got approved for $32,000 in addition to my other penfed card which has a $12,000 limit.

Could you post data point in reference to you financial posture, FICO, debts, etc?

Not sure what my real credit score is. Credit Karma says 728 and Quizzle says 771. No mortgage. Approximately $150,000 to $200,000 in credit card limits, and quite a few inquries... as many as 10... but some are almost 2 years old.

Credit Cards and Other Revolving Accounts:
Open: Closed: Negative: Balance:
26 28 0 $1,821

Installment Accounts, Including Car, Boat and Student Loans:
Open: Closed: Negative: Balance:
1 3 0 $9,360

brettdoyle said: Not sure what my real credit score is. Credit Karma says 728 and Quizzle says 771. No mortgage. Approximately $150,000 to $200,000 in credit card limits, and quite a few inquries... as many as 10... but some are almost 2 years old.

Credit Cards and Other Revolving Accounts:
Open: Closed: Negative: Balance:
26 28 0 $1,821

Installment Accounts, Including Car, Boat and Student Loans:
Open: Closed: Negative: Balance:
1 3 0 $9,360


Thanks for the info. If you don't mind sharing, what income did you report. Thanks. Oh and congrats on the nice limit!

SuperG03

HHI is 8,000 \ month gross and I rent an apartment

synnyster said: Been almost 2 hours and I am still pending. Maybe a good sign.

Did you end up being approved? I applied on Friday at 12PM and it still says "pending."

brettdoyle said: Not sure what my real credit score is. Credit Karma says 728 and Quizzle says 771. No mortgage. Approximately $150,000 to $200,000 in credit card limits, and quite a few inquries... as many as 10... but some are almost 2 years old.

Credit Cards and Other Revolving Accounts:
Open: Closed: Negative: Balance:
26 28 0 $1,821

Installment Accounts, Including Car, Boat and Student Loans:
Open: Closed: Negative: Balance:
1 3 0 $9,360


Thanks for the info. Now I see how/why you got approved. Excellent background, if you ask me. Congrat's on the approval!

Requested PFED for a credit limit increase on the platinum credit card to BT from my HEL. Informed CSR about BT from HEL, and she noted it on the application for loan officer to see. Not sure if that is a good thing to say that I would be BT the money from my HEL, and wondering if they would deny it.

Any ideas?? I will know what happend in a couple of days and will let you guys know.

Currently has a CL of 15,000 and requested to increase it to 50,000. Credit score is more than 800 in Experian, and not sure about Equifax.
Normally, would the scores in the 3 credit agencies be in the same range?

erinm said:
So not fair. Got instant approval for a $40,000 auto loan (didn't take it), but denied on anything over $5k for the credit card.


When you apply for an auto loan do you need to 'take it' immediately?

I plan on shopping around for a car (paying less than $15k) but I don't know the final price or anything yet.

deals2912 said: Requested PFED for a credit limit increase on the platinum credit card to BT from my HEL. Informed CSR about BT from HEL, and she noted it on the application for loan officer to see. Not sure if that is a good thing to say that I would be BT the money from my HEL, and wondering if they would deny it.

Any ideas?? I will know what happend in a couple of days and will let you guys know.

Currently has a CL of 15,000 and requested to increase it to 50,000. Credit score is more than 800 in Experian, and not sure about Equifax.
Normally, would the scores in the 3 credit agencies be in the same range?


Not necessarily. Each cra can have different things on it, and the FICO model is slightly different on each. Therefore, the scores on each report will vary slightly. Also, is your Experian 800+ a FICO or a FAKO (i.e. given by one of those daily pull / free credit report places). Unfortunately FAKO are useless, and can bet +- 100 points from your TRUE FICO score.

SuperG03

NewToFatWalletUser said: erinm said:
So not fair. Got instant approval for a $40,000 auto loan (didn't take it), but denied on anything over $5k for the credit card.


When you apply for an auto loan do you need to 'take it' immediately?

I plan on shopping around for a car (paying less than $15k) but I don't know the final price or anything yet.


If it is a pre-approval, then not right away. If YOU apply for it, and it is approved, they will send you a blank check, which is valid up to the amount you applied and got approved for. You then have (I think 90 days) some time to go shopping, and when you purchase the vehicle, you fill out the check to the dealership. Hope that helps.

SuperG03

It's a FICO score of 800+ (not FAKO) with 10+ years of excellent credit history.
I hope they approve me for $50K credit card limit.

If they approve me for 50k or 40k I'll transfer my HEL to this card, and only issue would be that I cannot use this card for purchases (gas purchases) as it defeats the purpose to pay 13.99% interest on the purchases. Anybody know if I can get a second platinum card and use it for purchases? Unfortunately I had added my wife on my first card, otherwise she would have applied for second card.

If you added her as an AU, taking her off should be a relatively simple matter.

SuperG03 said:
If it is a pre-approval, then not right away. If YOU apply for it, and it is approved, they will send you a blank check, which is valid up to the amount you applied and got approved for. You then have (I think 90 days) some time to go shopping, and when you purchase the vehicle, you fill out the check to the dealership. Hope that helps.


So - if I apply for 20k and get it - but I only need 10k, am i still able to do that once i agree on the negotiated price with the dealer? thanks again (never bought a car or car loan).

I have 2 Platinum Cash Rebate cards. One is used for gas, the other's used for BT.

NewToFatWalletUser said: SuperG03 said:
If it is a pre-approval, then not right away. If YOU apply for it, and it is approved, they will send you a blank check, which is valid up to the amount you applied and got approved for. You then have (I think 90 days) some time to go shopping, and when you purchase the vehicle, you fill out the check to the dealership. Hope that helps.


So - if I apply for 20k and get it - but I only need 10k, am i still able to do that once i agree on the negotiated price with the dealer? thanks again (never bought a car or car loan).


Exactly. If they approve you for $20K, they will send you a blank check valid UP TO $20K. If you then go to the dealer and agree on $12K, then you would write the check for $12K payable to the dealer. The loan with PenFed will then be for $12K. Keep in mind, you can include TT&L in the loan, as long as it doesn't go over your approved amount. So, if you get $20K approval, then go shopping and find a car that is $12K + TT&L, you can then write the check for the $15K or whatever, so that you don't have to come out of pocket with anything. Hope that makes sense. Let me know if you have any other questions. Good Luck.

SuperG03

are the minimum payments on these BT for life loans?



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