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Sorry this will be long but it may be worth the read to some! Thanks to this forum I found out about the amazing products and services offered by PenFed a few weeks back and immediately I was intrigued. I caught the bug after reading Baller's thread and decided to give it a shot. I had zero inquires in the last 6 months on EQ although I was up to about 19 new accounts in the last year (of which only 1 was recent). Based on the approvals I was seeing plus my EQ increase noted on MyFico and CCT I thought I had a fair chance of getting in with them on a CC.
On 5/21/2016, I submitted my app and was immediately approved for membership after making my donation to one of their associated charities. I made my initial deposit to the share account and decided to double down for a Platinum Rewards VISA Signature. My application immediately showed "Referred to LO" and the wait began. Immediately after the CC application I began to enter information for an auto re-finance although I stopped myself from continuing until I knew the outcome of the CC application. The next day (mind you it was a Sunday) I checked the application status late in the afternoon and sadly I found out that I was denied due to too many recent inquiries and too many new accounts. I knew it was true although I saw folks with many more getting approved and with lower FICOs. By reading through the threads I found out they went based on NG FICO and I still had no clue where that had landed. Baller and creditluv convinced me to send in a recon e-mail and so I did.
The following day I again reviewed the app status and it was changed to again "Referred to LO". After lunch I came back and found it was again denied this time only citing too many new accounts and no longer referencing the too many inquiries verbiage. I decided to call in and ask for a Supervisor (LO) although the agent assisting me stated they were all too busy and based on what he saw there was no way of overturning their decision. I pleaded with the agent to transfer me and he asked me to hold only to come back and say there were all too busy. I was flustered and decided to give up thinking it was not worth trying to again plead my case... their decision was already made. At this same time I received a new message which showed my application request with denial and my NG FICO of 697 which is 17 points higher than my EQ FICO8. I was surprised that my NG was higher than my FICO8.
On Friday I decided to again send a message to Corporate about my frustrations with not being able to speak with an LO. Yesterday morning (Sunday) I received a call from a 541 (OR) number and there was a very pleasant lady on the other side calling from PenFed. She explained that my concern had been received and she was happy to review my applications with me. She stated I do see you have several new accounts although most of them are about to hit 1 year pretty soon. She offered to personally review my applications (CC and Auto Refinances) again and see what she could offer me. I thanked her for calling and told her to call me back once she had a decision. She called me back in about 15 minutes and told me "Congratulations... You have been approved for all 3 products"! I was in shock as she was able to overturn my CC denial plus approve me for the re-financing of both of my auto loans. I am still in disbelief and shock that by simply allowing a loan officer to review my apps she was able to see things the system saw as negatives and reasons for denial.
PenFed Visa Rewards Signature = $6,500 CL @ 16.74%
Auto Refinance #1 = $37,800 @ 2.74% FROM 5.65%
Auto Refinance #2 = $34,500 @ 2.74% FROM 4.99%
I will now be saving over $175 a month on auto payments!!! Woo Hoo Thank You, Thank You, Thank You MyFICO Forums and PenFed!!!
Nice Congrats!!!!!!
Congrats!
Good job on not giving up.
Congrats on not giving up and ending in success!!
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
I traditionaly don't do RECONS
Only because I believe "things happen for a reason"
but for years, PenFed always says no to me - I always been said yes to by other lenders..
SO I emailed and faxed a recond letter to them
Hopefully it gets approved.
Hopefully they match my NFCU limit which is at 25k
Congrats!