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Minimum payment is 2%.

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.


My experience with them is that they mail you a check with a maximum amount printed on it that you use at the dealer. The check is good for 90 days, then it expires.

I received comments saying "maximum to consider is $10K." Am I right to assume that this is a counter offer on what CL they will give me?

I checked status today and my status says "declined." Has anybody else been declined?

Count26 said: I checked status today and my status says "declined." Has anybody else been declined?

Yes. I had to really fight to finally get a card from them. They expect a stellar credit history and standing.

Has anyone been able to get a reconsideration on a denied CC app?

Speeder2000 said: Has anyone been able to get a reconsideration on a denied CC app?

Yes. It took a lot of phone calls and documentation.

I emailed them for reconsideration. Told them im willing to take a lower limit plus I am willing to fax in bank statements and w-2. I'll let you know what happens.

erinm said: 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


Update - found out they won't raise my limit because my card is less than 12 months old. I am having my husband apply for an account and card to see if he can get the deal.

Hi,

I call Penfed to apply this Visa Credit Care. Now they are asking me to provide W-2, 2008 Tax Return and Copy of my driver licenses. When I called them asking why I have to provider those information since this is just a normal credit card. They told me they process it like a loan.

Can any of you confirm you have been the same process like me in order to get this Visa Card?

Thanks in advance.

I had to provide last 2 paystubs. This was in May '09. Asked & got $25K limit

feiz said: Hi,

I call Penfed to apply this Visa Credit Care. Now they are asking me to provide W-2, 2008 Tax Return and Copy of my driver licenses. When I called them asking why I have to provider those information since this is just a normal credit card. They told me they process it like a loan.

Can any of you confirm you have been the same process like me in order to get this Visa Card?

Thanks in advance.



Yes. All of the above to get my card from them (Plus pay stubs).

Thanks.

Just received my PenFed cc on Monday and activated it today. I only received 2/5 of the credit line I asked for in my application...and that was AFTER supplying my 2008 and 2009 tax returns AND copies of my last two pay stubs. (Honestly, it was easier to be approved by BoA for the 2% Schwab card than by PenFed. I received the credit line I requested without submitting any documentation.)
Note: PenFed will not change one's Bill Due date due to the recent change in credit card laws (a lie since the request for a date change was derived from the consumer and not the whim of a bank big-wig). Now I'm stuck with a due date on the fourteenth of every month instead of the 31st (for all my other cc's). Pooey!

As a follow-up, I just spoke with PenFed rep "Tiana" on the phone today (8/6/09 10:30 am EDT). Though a patient lady, she was not able to change my cycle due date as the result of a company memo that reads as follows:

Memo Date: 7/17/09

"Effective immediately, to keep us in compliance with the coming credit card and open-end regulations, employees are prohibited from changing the due dates on open-end credit products. The system generated due date is the only due date permitted. Due dates may be skipped a month following normal skip-date procedures but otherwise cannot be changed."

Is there a governmental agency in which I can submit a claim against PenFed with in support of my simple, routine, reasonable, and LEGAL request for a cycle due date change?

How about gold->platinum upgrade experience? Do they do a hard pull? Same DTI requirements?

How much credit are you guys asking for? My wife applied for an account and was approved in 3 days automatically. She didn't need to provide anything additional. Credit score around 780-800, but she only asked for $6k. We also just finished refinancing our house, so there are new loans on her record too.

Incarnate said: How much credit are you guys asking for? My wife applied for an account and was approved in 3 days automatically. She didn't need to provide anything additional. Credit score around 780-800, but she only asked for $6k. We also just finished refinancing our house, so there are new loans on her record too.

I have asked for $50K. My credit score is 780-790. They came back with $5K counter offer and asked for income verification. I have faxed the income verification and also wrote a letter asking for a larger credit line. Got approved for $30K. Took 4 days, 5 phone calls, and 1 fax

It looks like the 2.9% offer is dead now. I see 4.9% for life now with the standard max $100.00 BT fee.

I'm seeing 5.9

What is the next best thing out there?

MattT said: I'm seeing 5.9

What is the next best thing out there?

I think it is 4.9 for the platinum card and 5.9 for the regular card? I think this is as good as it gets for lifetime of balance offers right now.

I see 5.9 for the platinum card... no 4.9 -- I'm trying for the Barclay's 0% for 12 months @ $75 max out of pocket... We'll see...

Penfed finally raised my limit.... now the deal is dead though.

I did find out the reason they wouldn't raise my limit before was because my account was less than 1 year old. It just turned 1 today.

erinm said: Penfed finally raised my limit.... now the deal is dead though.

I did find out the reason they wouldn't raise my limit before was because my account was less than 1 year old. It just turned 1 today.


Nice, congrats on the limit raise. How much did you go from and to? Did you call and ask, or do it online? Thanks.

SuperG03

Gotta love Penfed. Great service. Was a major PITA to get approved for a CC but well worth it.

Just received an email with a link to this news notice that Penfed is changing from a fixed rate on their CC's to a variable one. This shouldn't affect the lifetime BT's should it? Thinking they are just changing their regular rate and not the "special" one for BTs...

https://www.penfed.org/news/extra/extra.asp

0073735963 said: This shouldn't affect the lifetime BT's should it? Nope. Don't default, you'll keep your fixed rate on the promotional balance. Only new purchases (which you shouldn't be making if you're carrying a BT) will carry the variable rate.

man, i had everything approved for the 2.99 but never ended up doing the BT. sad puppy now.



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