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Can someone please explain how a balance transfer can become cash?
Why would PenFed give me cash. It says its for paying off higher credit card balance.
Am I missing a link here?

g00ber said: Can someone please explain how a balance transfer can become cash?
Why would PenFed give me cash. It says its for paying off higher credit card balance.
Am I missing a link here?


There's plenty of threads on this - but the easiest way is to do a cash advance from a card with good terms (like Navy) - and then BT the credit card.

Now I'm mad at these clowns at PenFed. They rejected my request for a CL increase.

Now to figure out which debt to stick on the card: An auto loan worth $16k @ 3.5%, or another 0% BT deal that expires this summer worth about $13k. My CL is $25k.

Ok any thoughts from someone maybe w/similar numbers, would I get approved, I've been a member for a month or so now, when I joined I had much higher balances (threw this in because some people said they use the pull from when you joined)

1 CC over 80% util
690+/-10 Fako
75k HHI
Total CLs ~47.5k
Utilization ~37%
Debt to income ~33%

Anyone think I'd get approved?

Who gives a crap about if anyone here thinks you'll be accepted. Call 'em up and find out for yourself.

HawkeyeNFO said: Who gives a crap about if anyone here thinks you'll be accepted. Call 'em up and find out for yourself.

you don't have to be a dick because you got turned down... i wouldn't want your opinion anyways... because you are grumpy :-P

jackcrawfish made a good point earlier in this thread: remember you can write off interest paid to a mortgage, but not interest paid to a credit card like this one--even if its acting like a mortgage.

-G

Hi all,
I have a kinda stupid question and will probably be getting red from it. I was stupid two years ago and purchased a car new at a rate of 7.49. The loan is down to 12K now after paying extra.
I would like to decrease this bad rate but should I try to re consolidate with the 2.99 CC or the 3.99 auto loan?
$0 in credit card balances with ~11K available.
Make 60K a year. FICO is around 740 last checked.
Do you guys think I would have a chance at either loan? Thanks for all your help.

jclookey said: HawkeyeNFO said: Who gives a crap about if anyone here thinks you'll be accepted. Call 'em up and find out for yourself.

you don't have to be a dick because you got turned down... i wouldn't want your opinion anyways... because you are grumpy :-P


Sorry if you're thin skinned and easily offended. That was not the intent. My point was that any answer to your question is irrelevant, unless someone who works in the credit card department at PenFed was perusing the threads this evening and gave a reply.

Anybody having an issue with joining the $20 NMFA Membership?

I thought it would have been an easy process!

Any one BT'ed to checking a/c ? Any luck ?

andersonc said: 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


Anyone who's done this yet know if they do a hard pull? I'm at the tail end of an AOR, with my Penfed Gold being opened less than a year ago, so according to the rep, being under a year qualifies as utilizing the "upgrade" form. However, I was denied the 3.9% auto loan last month, due to DTI ratio from the AOR and don't want to take the chance of losing Penfed cc entirely if they think I'm desperate.
ps. you should also note that if you use the "upgrade" function, it will close your existing account.

Archrival said: Anybody having an issue with joining the $20 NMFA Membership?

I thought it would have been an easy process!


Just call PenFed, they'll do it for you as part of the application process. They did for me.

I was told yesterday that I'd have to check back on whether I was approved. I logged onto the website today and there's the Platinum credit card with the credit limit I requested.

Now to move my 2nd mortgage with the BT offer...

Archrival said: Anybody having an issue with joining the $20 NMFA Membership?

I thought it would have been an easy process!



Yep! You gotta select all fields on the app form. I think I used "civilian" and "self employed". They don't give you an option for civilian type jobs in the drop-down menu. I did mangage to get through it and receive membership but had to re-submit the form 3-4 times until it would take it.

Has anybody do a BT yet, how long does it takes to fun the BT.

I just joined penfed and I would like to apply for a platinum rewards, my fico is 690 and I have about 45% utilization, does it increase my chances of getting approved if I request a small credit line like 2000$ or 3000$ ?
Thanks

I applied for the platinum rewards with $20K limit. The application is still in pending status with comment "ADDITIONAL INCOME TO CONSIDER". Seems clear enough, I e-mailed them and explained I would be happy with $15K to transfer a Chase balance. Fingers crossed.

Maybe I'm not seeing something right here, but why would you pay $20 to join when you can join by being a Red Cross volunteer for free (wink wink)?


Also, has anyone confirmed you can do BT to second mortgage. I'm at 6.875% with 11 years left so the tax savings does not outweigh interest paid.

g00ber said: 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


You'll have to transfer it to another card first and then BT to the Penfed card.

Opinions please. Current scores on an average of 725 across all three CB's (used to be 790+ before AOR), no other debt besides mortgage. I would like to take advantage of this offer but do not want to spare/waste an inquiry just to be maybe denied. I'm a current member, no CC with them yet; is my situation good enough to be granted this offer? Thanks for the opinions.

If you don't have any other debt, i don't see why they don't give it to you.

If you have debt on other CC... good luck..

Turtleman said: If you don't have any other debt, i don't see why they don't give it to you.

If you have debt on other CC... good luck..


I have some balances on my credit cards (20k as of last month), yet when I logged into my account at PenFed recently, their system would say that I was appproved for their platinum credit card as well as auto loans with specific amounts. Does that mean I would be approved if I actually apply? Or is the approval process manual and someone would decline my application based on the balances on credit cards?

Turtleman said: If you don't have any other debt, i don't see why they don't give it to you.

If you have debt on other CC... good luck..


AOR and mortgage.

I got denied due to my existing debt being $3500 too high. I offered to pay it down immediately to meet their requirements. "We still cannot guarantee you will get approved". I can't even get them to approve a piddly $2K card for daily spending. I have a high 700's credit score. Bummer.

$3500 too high, or $3500 total? Did they tell you a specific cutoff for outstanding debt?

I've got a few 0% cards with about $8k left to pay so I am wondering if those will cause me to get denied.

$3500 "too high". I have about $16K in balances and they tell me I need to be at $12,500.00. It has to do a lot with your income level, too, so YMMV.

I have a average APR a bit over 4% on Chase and haven't gotten the "dreaded letter" so it's not a huge deal, except that I really wanted to start using their rewards card for daily spending, at minimum. The 2.99% fixed rate was just gravy. Oh well, they have me for life now. Sooner or later they will do business with me.

What is your income and current debts? If you don't mind posting them, I'm trying to see if I fit their model, before applying. Thanks.

Their income to debt criteria is 38% max

SkyFwd said: Their income to debt criteria is 38% max

do you know fico score criteria on this one perhaps :-D ... we really need to get some penfed CSS's to become FW members to answer our questions... and some from the mortgage dept as well lol

I know it can be hard to get a new card or a CLI with PenFed. Has anyone had problem getting the BT on their existing penfed card?

SkyFwd said: Their income to debt criteria is 38% max

How is the debt calculated - with monthly credit card minimum payment, auto and housing payment?

Think it includes housing payment. Rejected DTI too high, regular DTI (per AOR) ~=30%.

xxjt, are you saying your current DTI is 30%, or that is what it would be if you didn't do the AOR? How much outstanding AOR money is reporting on your report right now?

My DTI is right about 30% as well, and I have only about $8k of 0% debt. HHI is $100k+ and I am wondering if I have any shot of a decent CL considering I am a new Penfed customer.

Can BT offer be applied directly to a mortgage, or have to do a detour with another CC?

Unhindered said:
Now to move my 2nd mortgage with the BT offer...

VeryBadENGINEER said: Can BT offer be applied directly to a mortgage, or have to do a detour with another CC?

Unhindered said:
Now to move my 2nd mortgage with the BT offer...


A PENFED mortgage?

ecjjones said: VeryBadENGINEER said: Can BT offer be applied directly to a mortgage, or have to do a detour with another CC?

Unhindered said:
Now to move my 2nd mortgage with the BT offer...


A PENFED mortgage?


No it's with Countrywide (Bank of America now), and they're ready to do the balance transfer for me over the phone, not through another credit card. First I need to ask for the limit to be increased to be able to do the whole 2nd mortgage at once.

I recommended this 2.9% offer to my friend.

He applied, and paid $25 via MasterCard to join the MNFA eligibility. This fee posted as a CASH ADVANCE on his MasterCard, along with a $10 Transaction Fee.

He applied for a $20k credit limit, got denied.

Then he applied for a $15k credit limit, got denied.

Then he finally applied for a $15k auto loan, got denied again.

Mind you, this guy has a FICO of 780, household income of $120k.

It seems as though Penfed is VERY stringent with their credit... they don't want you to apply for more credit if you already have some floating around at 0%.

Well, that's his story that he wanted to share.

What are his ratios?

Archrival said:
He applied, and paid $25 via MasterCard to join the MNFA eligibility. This fee posted as a CASH ADVANCE on his MasterCard, along with a $10 Transaction Fee.


Yes, penfed told me it would show as a cash advance if used on a credit card, the alternative is to use a debit card.

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