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Established Contributor
Posts: 640
Registered: ‎03-28-2008
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Re: PenFed Denied

[ Edited ]

score_building wrote:

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.


 

 


Hey Score_Building! Smiley Happy
Apologies for the threadjack here, but just wanted to say that I've successfully disputed an inq on EQ before. I was very clueless about all things credit-related at the time, and I think it was the first time I'd pulled my full EQ report. I saw that I had two inqs from US Bank from when I opened my secured card with them - I guess one from when they received my application and another from when I called to check the status and the CSR said 'oh, we've just sent you a letter asking for some more information!' (they needed to check my identity) - she must have pulled another hard on EQ at the time, which ended up being either the same day or the day after (I forget) the first.
I think I actually printed a dispute letter from myFICO - I definitely did it by mail, anyway, just explaining that the two inqs were from one credit card application. I checked again maybe 3 weeks later, and the duplicate inq had been removed. Glad it all worked out so well, as I've since heard/read that disputing inqs can be a very bad idea. I was surprised mine turned out to so easy to remove.

 

Message Edited by fevmlo on 01-01-2009 09:03 AM
EQ: 723 / TU: 760 (August 2009)
Senior Contributor
Posts: 3,702
Registered: ‎01-10-2008
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Re: PenFed Denied

[ Edited ]

Hi There fevmlo!  Thanks for the info!  i had no idea.  i thought any of the 3 would thumb their noses at an inq. removal request (in the past, i tried with ex to no avail. they directed me to address my request to the creditor instead)

 

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Member
Posts: 18
Registered: ‎12-19-2008
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Re: PenFed Denied

That's OK. I won't lose any sleep over it. I joined PenFed mainly for the CD. I am happy with the 4.75% APR that I got. It dropped to 4% today.

 

Who knows, maybe after a few years, they might reconsider and give me a pre-approved CC....

Senior Contributor
Posts: 3,702
Registered: ‎01-10-2008
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Re: PenFed Denied

from the info. you shared it sounds like you'd be a shoe-in for recon.  makes me wonder if nasa, jfcu and some of the other fairly highly touted cu's are a bit easier to get products from than pen fed.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
Posts: 1,185
Registered: ‎03-04-2008
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Re: PenFed Denied


score_building wrote:
from the info. you shared it sounds like you'd be a shoe-in for recon.  makes me wonder if nasa, jfcu and some of the other fairly highly touted cu's are a bit easier to get products from than pen fed.

 

 

NASA = Three hard INQ's I believe.

 

JFCU = A mess! There is nothing easy about dealing with them. I would not app here as it is likely to be a huge waste of time.

 

PenFed never was easy. A rejection from them with five new accounts in the last year is an almost certainty. Like every one of the major national CU's they have a profile they want their applicants to fall into. If you do, great, it's a green light. If you don't you won't get a card. With PenFed there always is a reason - it just might not be the stated reason - or the stated reason might require interpretation. Pyramiding credit in PenFed-land generally means too many new accounts. They do not like any recent new accounts and are sensitve to recent inquiries. PenFed is also sensitve to (total available TL's)/(Income) and PenFed does not consider HHI for non-joint applicants. PenFed has tightened their credit standards recently in ways no one fully understands. They also have stopped reviewing accounts for auto-CLI's at the six month point. As tough as PenFed once was, they are now tougher!

Established Contributor
Posts: 570
Registered: ‎03-29-2008
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Re: PenFed Denied

NASA is definately three hards and does not like new credit in the last year also although there are some exceptions.

JFCU has been pulling all three on occasion lately and in my case asked for tax transcripts for proof of income. They wanted me to release my last two years of tax returns for a 5k card. I told them no, maybe for a 30-50k card but not 5k.

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Valued Contributor
Posts: 1,185
Registered: ‎03-04-2008
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Re: PenFed Denied


jaxstraw wrote:

NASA is definately three hards and does not like new credit in the last year also although there are some exceptions.

JFCU has been pulling all three on occasion lately and in my case asked for tax transcripts for proof of income. They wanted me to release my last two years of tax returns for a 5k card. I told them no, maybe for a 30-50k card but not 5k.


 

They are doing this - then taking many weeks to process the app - and then declining many applicants for real or not so real reasons! They used to be great, but that ended a long time ago.

Senior Contributor
Posts: 3,702
Registered: ‎01-10-2008
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Re: PenFed Denied

thanks Jax and jmbfl for shaing that nitty gritty cu f/b.  i do appreciate the guidance.  hoping to get in to a couple asap, i'll start w/ a pen fed reapp later this year, then go from there.  woulda thought JFCU was still the creme de la creme if you hadn't posted with the skinny on them.  guess nothing good lasts forever :smileyhappy:
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Member
Posts: 33
Registered: ‎10-07-2007
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Re: PenFed Denied

[ Edited ]

Wankel wrote:

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.


 

I was very similar to you (actually a higher score) and I got denied too.  I guess they don't like short histories.

 

Their official reason though was just "Limited credit experience."  (Is that different from saying short history?)

 

Anyway, I'm not too bothered, right afterwards I applied with BoA for their 1.25% cash card and approved no problem.  I'll probably wait a year and try PenFed again.

Message Edited by Jeff321 on 01-06-2009 11:36 PM
TU 790 - 1/2012
Established Member
Posts: 18
Registered: ‎12-19-2008
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Re: PenFed Denied


turtleaben wrote:

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


After exactly 15 months, I finally got a pre-approved offer..Smiley Very Happy

 

 

 

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