There also seems a slight lack of competence at Penfed.
When I switched to EMV, they contacted me at least three times to make sure that I wasn't seeking a new line of credit (as at the time I had only had the Penfed card 2 months). I assured them that I wasn't, I just needed my existing card replaced with one with EMV (Chip&Pin). Because of their (then?) crazy process, a new account is created, showing as a second record on the CR with a new start date. So I then had 2 $20K cards. Apparently, the old one is meant to be inactivated and the credit records merged, but now 10 months have gone and I have the extra $20K line they kept making sure I wasn't applying for. So this has been in my favor, but doesn't give the impression that their internal controls are any good!
Edit: I misread, a line of credit isn't the same as a personal loan. Mea culpa!
I've got some killer success stories to share as well though I plan on making a thread detailing all of my journey from the past few months (went from ~650 FICO and ~$10,500 CL to 777 FICO and ~$85k CL).
I'm going to go ahead and guess this is why you were denied. If you've acquired $75,000 worth of credit in the past few months, you look like a HUGE risk. It looks like you're going to go on a spending spree and take them for all they're worth.
Don't let it get you down, however. PenFed is conservative and doesn't fit the needs of everyone
It was a well orchestrated app spree, and I knew Penfed was the most difficult, so I put them at highest priority and app'd for them first with a clean slate. I literally didn't have a single inquiry other than the one that they themselves pulled when I first became a member with them a couple of months earlier.
Kinda funny, as (though I know NavyFed is about as loose as they come) the next day NavyFed approved me for a card with a $25k limit (and their lowest rate) AND $15k NavCheck LOC, both instant, and not even asking for any financial records.
I'm still in the middle of trying to get approved for Penfed Cash Rewards card with whatever limit, as I want their 5% cash back. It's been in process like 10 days, and they request information I've already sent etc. Not sure if it's incompetence over there, or if they willfully try to make it difficult.
So just got a reply back from Penfed regarding the Cash Rewards app that I have been going back and forth with them on. 'Congratulations, you are conditionally approved! Please submit X X X X documentation.' This would be a good email... if I hadn't received the exact email 9 days ago for the same application. After I initially got the the 'conditional approval,' I have been submitting documentation as they request it (first taxes, then paystubs, then employer verification). This new 'conditional approval' from a different loan processor is in response to my submittal email of my employer verification, and asks that I 'send over' everything that I have already sent over. I'm at my wits end with Penfed after talking to them maybe 8 times over the past week.