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PenFed Denied

New Member

PenFed Denied

For short credit history.

 

I've got a perfect PIF history of 2 Years, 3 Months. 5% Utilization @ time of application. No mortgage or rental contract liabilities. Less than 10K in student loans. FICO score 741. Legit salary as a public accountant.

 

So essentially, I have excellent positive cash flow with few liabilities and expenses. My one and only CC for those two years had a credit line of $500 so obviously I was spending carefully.

 

WTF. Had to vent. Waste of an application and hard inquiry. Talk about conservative.

Equifax FICO 741
Message 1 of 49
48 REPLIES
Senior Contributor

Re: PenFed Denied

Hi Wankel, sorry to hear about the denial.

 

Have you thought about trying to recon?

Here we go again...
Message 2 of 49
Moderator Emerita

Re: PenFed Denied

Sorry to hear about the decline, but did you call to try for a recon?

 

ETA: Oops, I didn't see that FM had already replied by the time I hit enter.

Message Edited by LilMirth on 12-30-2008 12:39 PM

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Message 3 of 49
Senior Contributor

Re: PenFed Denied

if you poke around, many stories of seemingly similarly strong applications being denied outright.  high util, short account history, more than 1 or 2 inqs on eq., recent baddies- any one of which can break the deal on an otherwise solid app.

 

had cc app denied for high uti (twentyish) 713 eq 21 year history 5 year aaoa, sl 60 days from about 5 years ago. may reapp. 10/09.

 

they reportedly consider an account "new" for up to 24 mnths OP app w/ 3 months of mature history and no other revolving credit history to bolster app. except a low limit card. 

 

will likely be a stronger candidate at 3 yrs history but still do have a shot at recon as PP...if recon is a no go perhaps reapp in 6 months to a year...am sensitive to inqs. too but pen fed i think is worth it.  think about it, cap1 for example, places 3 inqs per app., for what they offer. 

 

once approved upon recon or reapp. can reap the benefits of the rigour of their underwriting.  sure, some do get approved frst time around and that's great but there are many with good apps. who report initial denial and reapp (in fact multiple reapps until successful is not uncommon with pen fed) with a more fine tuned submission to an affirmative response.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 4 of 49
Established Member

Re: PenFed Denied

Same thing happened to me today..

 

Penfed VISA Platinum Cash Rewards Amount Requested : $5,000.

Status:  REQUEST DENIED

 

--------------------------------------------------------------------------------------

Equifax FICO : 783

Number of your accounts with a missed payment : 0 accounts

Your oldest account was opened : 21 Years, 6 Months ago

Average age of your accounts : 11 years

Ratio of your revolving balances to your credit limits : 1%

Total owed on revolving accounts : $13000 (Used a $20K 0% for 9months credit card check 3 months ago. Paid back $7,000 so far)

 

3 inquiries in the last 12 months 

1) 12/13 - PenFed - New account

2) 12/02 - AMEX - Costco TrueEarnings Card

3) 07/10 - My local bank, refinance mortgage

 

I even got a few 20k 3years CD with them Smiley Sad

Message 5 of 49
Moderator Emerita

Re: PenFed Denied

Wow, they're tougher than ever! Smiley Sad

You might want to read some of the threads about recon (reconsideration) and try again.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 49
Regular Contributor

Re: PenFed Denied

Penfed reject here also.initial application, recon, car loan

 

eq- 723

util - 15%

Inq- 3

 

reason: pyramiditing "sp" debt

 

I've moved on and will try again in the future but not sweating it a bit


Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

Take the FICO Fitness Challenge
Message 7 of 49
Senior Contributor

Re: PenFed Denied

 can i ask how many accts. you opened in the past 2 years

 


jahmal wrote:

Penfed reject here also.initial application, recon, car loan

 

eq- 723

util - 15%

Inq- 3

 

reason: pyramiditing "sp" debt

 

I've moved on and will try again in the future but not sweating it a bit


 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 8 of 49
Regular Contributor

Re: PenFed Denied

I had 5 new account within 2008. No baddies on EQ and they had the nerve to pull another hard for my recon which I disputed with EQ and they deleted the extra one.


Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

Take the FICO Fitness Challenge
Message 9 of 49
Senior Contributor

Re: PenFed Denied

wtg! on the dupe inq removal, they need to stop with that since it is entirely unecessary and it is apparently not that common...they double inqed me too which really peeved me at the time.  you are the second member that surprised me by saying you disputed an inq with eq., how? 

 

i was under the impression inquiries cannot be disputed with a cra, only with the creditor- in general inqs can be harder to remove than baddies, how did you do it jahmal?

 


jahmal wrote:

I had 5 new account within 2008. No baddies on EQ and they had the nerve to pull another hard for my recon which I disputed with EQ and they deleted the extra one.


 

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 10 of 49