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Turtleman said: ha... wow.. this is the first time I am ever turned down for a credit card...

I was turned down for the 3.99% car loan, and now I am turned down for their CC.
It just really amazes me, while my own credit union preapprove me for 50k for the car loan, PenFed tell me to f** off.
I took my business to my local credit union and it was done in 20mins.

Now for a CC, I've never applied for a CC and got turn down, wtf is PenFed thinking. I want to give them business, yet it seem like I am just blacklisted on their system..

I got 750+score, 65k+ income, debt ratio is 29% , it is just ridiculous they would do this.. so I called to find out wtf is going on, and was told by a supervisor, because I already have a revolving credit of 10k, so they are not going to give me a CC at all... wow, so I can't get a CC because I carry 10k balance in my other credit card... fanfkingtastic ...God, I just hate PenFed ! *cry*


How long did it take them to deny you?

for the car loan, it took them forever, like a week.
for the cc, wow, instantly!!!

Turtleman said: for the car loan, it took them forever, like a week.
for the cc, wow, instantly!!!


I applied for the CC about an hour ago. My situation is very similar to yours. So maybe not so good for me.

I just got turned down for 10k. First time ever.

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

If approved, how long does the 2.99% apply? Ie, how long do we have to make the BT transfer?

The 2.99 is for life.

Precept said: If approved, how long does the 2.99% apply? Ie, how long do we have to make the BT transfer?

Assuming you addressing me, new limit approved ($50K), have not try to do BT yet, waiting to see what to do with the money and I have to wait for my refinance to close before making any major move with money.

internetle said: Precept said: If approved, how long does the 2.99% apply? Ie, how long do we have to make the BT transfer?

Assuming you addressing me, new limit approved ($50K), have not try to do BT yet, waiting to see what to do with the money and I have to wait for my refinance to close before making any major move with money.


You were approved for $50k? What kind of score, debt/income ratio did you have?

NDogg said: internetle said: Precept said: If approved, how long does the 2.99% apply? Ie, how long do we have to make the BT transfer?

Assuming you addressing me, new limit approved ($50K), have not try to do BT yet, waiting to see what to do with the money and I have to wait for my refinance to close before making any major move with money.


You were approved for $50k? What kind of score, debt/income ratio did you have?



fico, 790
debt, just mortgage, less than 30%
income +100K

I noticed the offer in my my pre-approved box this morning but did not look at till I saw this thread. So went to back and saw I can transfer up to my $50k line, But I have no debt. Can I transfer to a bank account?

ecjjones said: The 2.99 is for life.

Asumming you have to make a minimum of 2% payment per month. So technically only last for 6 years. Is this correct?

Has anyone got them to send a check?

jruser said: Has anyone got them to send a check?

It just started today. Patience Grasshopper.

internetle said: ecjjones said: The 2.99 is for life.

Asumming you have to make a minimum of 2% payment per month. So technically only last for 6 years. Is this correct?


2% of the current month's balance, so as the balance goes down, the payment goes down, until you hit the minimum payment and there's about $100 left and you just pay it off. It lasts 50 months from whatever time it happens to be

I have applied for CLI 2 days ago and it still is in pending status. I have 725+ FICO with one card showing almost 95% utilization (0% for life offer). My original line is $10000 and has been since May 06 after initial approval.
Anybody in the same situation. I also have one year old car loan with them with $18000 remaining balance.
Do they take that long for a decision?

thanks

internetle said: ecjjones said: The 2.99 is for life.

Asumming you have to make a minimum of 2% payment per month. So technically only last for 6 years. Is this correct?


No. It is 2% of your current balance, not 2% of your initial balance.

If the minimum is computed as 2% of the remaining principal + all accrued finance charges, you'd have 98% of the previous month's principal at the end of each month, or (98% ^ #months), regardless of rate:

After 5 years, you'd have paid off about 70% of the original balance.
After 10 years, you'd have paid off about 91% of the original balance.
After 15 years, you'd still have 2.6% of your original balance left.

If it were computed as 2% of the current balance including the previous month's finance charges, at the 2.99 promo (fudging a little to make calculations easier by taking .25% as the monthly, which would be a 3.04% APY), or (98.25% ^ #months)

After 5 years, you'd have paid off about 65% of the original balance.
After 10 years, you'd have paid off about 88% of the original balance.
After 15 years, you'd still have 4.2% of your original balance left.

If it were computed as 2% of the current balance (including the previous month's finance charges), at 11.99% (again fudging a little to make calculations easier, taking 1% as the monthly), so (99% ^ #months)

After 5 years, you'd have paid off about 45% of the original balance.
After 10 years, you'd have paid off about 70% of the original balance.
After 15 years, you'd still have 16.3% of your original balance left.

Eventually you run into the absolute minimum payment, so you may end off paying a very small balance quickly because the absolute minimum is greater than 2% of the remaining balance.

One other thing to consider is the minimum finance charge. The PenFed card has none, but a minimum finance charge makes long-term low-balance debt astronomically expensive. Take a $10 minimum charge - on a $1000 balance, that's a 12% APR. On a $500 balance, it's 24%. With a 2% minimum, you can easily end up paying a higher than 50% rate toward the end, regardless of what the promo rate is.

I am thinking this is a no-brainer for us. We currently have a 2nd mortgage through penfed with about 33k left at 7.49%. I would need to balance transfer to another card and then have them issue me a credit refund and then I'd pay off our 2nd mortgage. We would be saving about $1400 or so a year on interest. Am I missing something here? I know we'll lose the tax savings, but this would outweigh that wouldn't it?

rdsgonzo13 said: I am thinking this is a no-brainer for us. We currently have a 2nd mortgage through penfed with about 33k left at 7.49%. I would need to balance transfer to another card and then have them issue me a credit refund and then I'd pay off our 2nd mortgage. We would be saving about $1400 or so a year on interest. Am I missing something here? I know we'll lose the tax savings, but this would outweigh that wouldn't it?

We're in a very very similar situation (kinda creepy). You can balance transfer the mortgage (per PenFed). The difference is, 2% of the current balance on the PenFed card is due every month. So if you're paying, say $300/mo now fixed on your 7.49% loan, if you put it all on the PenFed card, the minimum balance (for the first month) would be $660.00

Unhindered said: rdsgonzo13 said: I am thinking this is a no-brainer for us. We currently have a 2nd mortgage through penfed with about 33k left at 7.49%. I would need to balance transfer to another card and then have them issue me a credit refund and then I'd pay off our 2nd mortgage. We would be saving about $1400 or so a year on interest. Am I missing something here? I know we'll lose the tax savings, but this would outweigh that wouldn't it?

We're in a very very similar situation (kinda creepy). You can balance transfer the mortgage (per PenFed). The difference is, 2% of the current balance on the PenFed card is due every month. So if you're paying, say $300/mo now fixed on your 7.49% loan, if you put it all on the PenFed card, the minimum balance (for the first month) would be $660.00


Actually our payment is about $500 right now, so this would be $160 more, but it would pretty much get to that in about a year or so right? Do you just call up PenFed and say you want to balance transfer your equity loan?

rdsgonzo13 said: Actually our payment is about $500 right now, so this would be $160 more, but it would pretty much get to that in about a year or so right? Do you just call up PenFed and say you want to balance transfer your equity loan?

Mine is actually a mortgage payment, not a HELOC. They said there would be no problem doing the BT offer for that. I didn't get instant approval, so we'll see if this deal works. Sure would be nice. We'd pay off a good amount of the loan, then BT the rest, have a declining monthly payment and lower interest rate.

JuNooNi said: I have applied for CLI 2 days ago and it still is in pending status. I have 725+ FICO with one card showing almost 95% utilization (0% for life offer). My original line is $10000 and has been since May 06 after initial approval.
Anybody in the same situation. I also have one year old car loan with them with $18000 remaining balance.
Do they take that long for a decision?


I am in close to the same situation, minus the car loan. I'll let you know what happens

I just called them and they said the offer goes through the end of May. I also asked them if I can BT my equity loan with them and the lady said "nice try, but no!" I'll have to BT to another card first, get a credit balance refund, and then pay it off. Wish me luck!

hrmm so i guess they are kinda hard to get approved through then... go figure... i just paid down a couple cc's to improve my fico and try to get this for my one big one.

I called to raise my CL in preparation of taking in 2 loans, and asked who gets paid. He said the money will go directly to the original lender, not to the person taking out the BT. Also confirmed this offer goes through May with the CSR.

PenFed truly is a great credit union to do business with, with the exception of their relatively limited website.

I currently have Penfed Equity Loan at 7% with 10k left to pay. If I apply for this card (assuming only 100$ fee because that is max), will they let me transfer the 10k to the card with no problem?

Or is this strictly from CC to CC transfer?

Thanks

Still pending since yesterday morning. Wonder what is taking so long.

Apply yesterday and request $40K CL, status show "Counter Offer". Call this morning and counter offer is $30K. So, I accepted and I ask the CSR, is there a requirement that I need to use the card once a month to keep the low rate. She said no. She even said if i do that, it will defeat the whole purpose of transferring high debt if I keep using the card. She is knowledgeable.

Thanks OP.

Based on the ever-funny HawkeyeNFO's comment and SIS' blessing, 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).

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

Question for those familiar with PenFed BTs:

Has anyone tried entering a deposit account number for the BT? If they're going to mail a check, they might as well mail it to my checking account. PMs welcome.

tgif777 said: Apply yesterday and request $40K CL, status show "Counter Offer". Call this morning and counter offer is $30K. So, I accepted and I ask the CSR, is there a requirement that I need to use the card once a month to keep the low rate. She said no. She even said if i do that, it will defeat the whole purpose of transferring high debt if I keep using the card. She is knowledgeable.

Thanks OP.

I called in yesterday to accept my counter-offer ($20k dropped to $10k from applying a month ago). The CSR actually advised me not to make purchases, explained why and said she does the same for all customers.

My first time calling PenFed and the customer service greatly impressed me!

Just called Penfed for more information on this offer. Yes, it's only available to Platinum cardholders; however, I was told you can convert your existing account to Platinum with a simple form.

If you already have a Pentagon Federal credit card with at least a $5000 credit limit and wish to upgrade to either Visa Gold or Platinum, use these forms:

Head over here and look for the Credit Card Upgrade forms text. Download the appropriate form and fax or mail it back to them.

Note: Be sure to click either of the Visa Platinum Rewards links to pull down the pdf. One is for upgrading to Platinum while keeping your current CL, the other is for upgrading to Platinum and also increasing your CL.

Not sure how long it will take to process, but if the offer of 2.99% for life lasts through the end of May, those currently without a Platinum card might still be able to get this rate.

UPDATE: putting in the forms for you to snag:

Upgrade to Platinum with no CL increase: form

Upgrade to Platinum with a CL increase: form

Holy sh!t I love Fatwallet

Signed up for Penfed 45min ago and then called to open a $20k platinum rewards card. Got an approval and had them do a manual balance transfer to my current credit union to pay off the $19k HELOC I have.

The heloc was 3.25% so not a huge savings, BUT it wasnt fixed (its straight prime) and the heloc was giving us refinance issues on our home because it was making our CLTV over 80% and was causing a price adjustment of 1.5% to our rate because its considered a 2nd mortgage.

This deal just saved me over $90k if you factor in my refi savings.

I was just testing out the BT process at penfed website. Apparently, you can BT the cash to your other penfed accounts (such as saving or checking). I'm just waiting for my refinance to finish before I'm doing the BT. Sweet,

internetle said: I was just testing out the BT process at penfed website. Apparently, you can BT the cash to your other penfed accounts (such as saving or checking). I'm just waiting for my refinance to finish before I'm doing the BT. Sweet,

are you sure that's not a cash advance? did you follow the "balance transfer" link or the "transfer money" link? i believe the latter will result in a cash advance.

lhendricks92 said: internetle said: I was just testing out the BT process at penfed website. Apparently, you can BT the cash to your other penfed accounts (such as saving or checking). I'm just waiting for my refinance to finish before I'm doing the BT. Sweet,

are you sure that's not a cash advance? did you follow the "balance transfer" link or the "transfer money" link? i believe the latter will result in a cash advance.


You are probably correct. It might be cash advance, that I don't want to do.

SexualChocolate said: Holy sh!t I love Fatwallet

Signed up for Penfed 45min ago and then called to open a $20k platinum rewards card. Got an approval and had them do a manual balance transfer to my current credit union to pay off the $19k HELOC I have.

The heloc was 3.25% so not a huge savings, BUT it wasnt fixed (its straight prime) and the heloc was giving us refinance issues on our home because it was making our CLTV over 80% and was causing a price adjustment of 1.5% to our rate because its considered a 2nd mortgage.

This deal just saved me over $90k if you factor in my refi savings.

I'm sure your mortgage banker will love the fact that 19k in debt just showed up on a revolving credit cart.

Incarnate said: SexualChocolate said: Holy sh!t I love Fatwallet

Signed up for Penfed 45min ago and then called to open a $20k platinum rewards card. Got an approval and had them do a manual balance transfer to my current credit union to pay off the $19k HELOC I have.

The heloc was 3.25% so not a huge savings, BUT it wasnt fixed (its straight prime) and the heloc was giving us refinance issues on our home because it was making our CLTV over 80% and was causing a price adjustment of 1.5% to our rate because its considered a 2nd mortgage.

This deal just saved me over $90k if you factor in my refi savings.

I'm sure your mortgage banker will love the fact that 19k in debt just showed up on a revolving credit cart.


Unfortunately the Heloc already shows up as revolving debt.

Close out 19k, add on 19k. Same utilization.



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