Not the PenFed I read about...

[Caught750]

As not to hijack someone else's post I figured I'd write about my own PenFed experience thus far...

After reading so much on here about Penfed I decided to apply. My FICO 9 is 725 according to their documents (I show 717 here). EQ is incorrectly reporting an old baddie and refused to change it (they may be getting a fix this or remove it 609 FCRA and Jenkins Et. Al. V Equifax letter and dispute again but that's a different topic).

I got in and immediately applied for the PCR and Platinum Rewards cards. Both went to review and in about an hour the PCR was approved and the Platinum Rewards showed denied. The PCR only approved at 1k...seriously?! Discover gave me 2k right out of the gate with F8 scores.

I called and tried to recon, they didn't bother to listen, got nowhere, sent in survey and they didn't bother to call, emailed asking for a call from a LO got a generic reply. I'm not asking for much just please match Discover and give me room to use the card without micromanaging it every week.

Called today with questions about statement dates, reporting, blah blah, given wrong answers on everything until I spoke with a supervisor.

Does anyone have any suggestions? I don't want a second card with them right now, but this has been a horrible experience.

[Anonymous]

Man that's nuts, I recently applied for membership and the Pathfinder Rewards card in the same call, was approved on the same call for the card with a $9.5k limit. Meanwhile I just got the Citi AA Platinum with $3.5k limit, lol.

[Caught750]

I'm so beyond disappointed with them. I'd love to get advice on how to go forward or who to reach out to. Or if I should just get the SUB and SD pending ARs.

[Anonymous]

 There is something in your credit profile that they don't like so my suggestion would be to find out what it is (although I suspect you already know) and have it corrected.  Personally I have no problems with PenFed but I've only been a member since August 2017.  I opened checking and savings account and routed a portion of my income through their checking account.  Initially the approved me for a $10K Promise Visa and a $500 checking line of credit even though my FICO 8 scores at that time was in the 640s (FICO 9 was 675).  Six months later I in February 2018 I applied for the PCR and the process could not have gone more smoothly.  They approved me for the PCR with a $10K SL but asked that I reallocated some of the limit from my Promise Visa so I ended up with a $10K PCR and $7.5K Promise.  In a few months I hope to have them finance a new car loan.

[Anonymous]

I would try another recon. If that's a no, i would work on getting that baddie removed as well as any other negative information.

[AverageJoesCredit]

Of course everyone is going to have different experiences. Some people can have same scores as someone else but get approved instantly while the other may get rejected. Could be higher income they like. I just look at it now as if they dont want to work with me ill fnd it elsewhere . There are other fish in the sea and i sincerely hope you catch a great one

[Anonymous]

I understand how you're feeling. I joined Penfed with 700+ scores, denied CC, Auto Loan approved with a TERRIBLE APR, denied again a year later for CC. Closed membership. NFCU actually wants my business. 

[Caught750]

It's certainly not Income, DTI, or Utilitization. Income is about 85k, DTI is 17%, and Utilitization is 1% AZEO.
Discover seems to like something about my profile as they opened me at 2k with a score of 634 just shy of 3 months ago. Score is now 669 so I'm hoping that the soon to come CLI is significant. If it is then I feel I'm in with them and they may be the bank that loves me.
I recently opened BoA and Chase bank accounts. So hopefully history with them will open doors. BoA won't see much, maybe some bill pay. Chase will get the direct deposit and card payments. Hopefully seeing the income and 4k in CC payments a month will make them want in on the gravy train since I'm over 5/24 and need a green check mark.
I suppose we'll see what happens but it seems PenFed doesn't like me at all.

[UpperNwGuy]

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@Caught750wrote:
EQ is incorrectly reporting an old baddie and refused to change it (they may be getting a fix this or remove it 609 FCRA and Jenkins Et. Al. V Equifax letter and dispute again but that's a different topic).

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THIS is your problem with PenFed.  Get it fixed, and PenFed will probably help you.

[Anonymous]

About a month ago, I posted my experience.

Application for CLIs for Promise card and PLOC; denied with gibberish reasons.  Fico 9 they gave me was 809, my income is - probably very few, if none except CEO,  at Penfed make more than I do.

During recon, LO counted every new accounts opened within 12 mths, total 7-8.  Asked me why I wanted more credit line when I have enough and not using it.   My total expore with Penfed is mere 15k.

The great Penfed I heard is gone....  there is another even greater rising...in my cae it is Amex.