PenFed put me through so much hassle with my loan application. I have good credit (711 when I checked, lower than usual due to me moving and having to open a couple new accounts for utilities, etc), but they denied me saying I had 1 or more delinquent accounts (which I don't) and that I'm "over-extended". I explained to them that the only bad thing on my report was 1 single late payment that my dad made on a joint Best Buy card, which I didn't even know I was on. I wrote them a 2-page letter (like the suggested) explaining the invalidity of their reasons, and even offered to have my mom co-sign with me. Their response? Send in the co-signer application. So, I faxed it. Waited... waited... waited... they said it would take 24-48 hours... it took 7 days, and still no response. Finally, after calling for the 4th time, the lady came back on the phone saying it was denied, still for the same reasons. WTF??? Even with a co-signer??? So frustrating!!!
I will say that their customer service reps are top-notch though. They were always very friendly and helpful. But the rest... ugh!!!
Anyway, then I went to Chase, where I have my checking account, savings account, and credit cards. I do everything through them. I explained my situation to the guy, and he sent in my information, saying he would know in the morning. He called me 30 mins later saying I was pre-approved... by myself... no co-signer. Uhhh.. what gives??
I dunno what the deal is with PenFed, but I'm happy sticking with Chase. My interest rate should end up around 5.5% or so I think.