cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed Denied

Established Member

Re: PenFed Denied

With all of these responses and denials, i dont know why they gave me a card. i applied back in November mainly for the gas rebate. I have 20+ credit cards/store cards, 20 inquires on EQ (10 in the last year), 15 inquiries on Ex and 2 on TU. Eq fako score of 723. They approved my for the cc with a 5k CL. Not sure if i slipped through the cracks or what but i am grateful.

Message 21 of 49
Senior Contributor

Re: PenFed Denied

Congrats Turtlebean. Those are among the highest preapprovals you can get.

Message 22 of 49
Frequent Contributor

Re: PenFed Denied

 


turtleaben wrote:

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

 

 

 


 

Sweet!  Looks like you already have $500 in overdraft protection (thrifty) or a personal line of credit.  Otherwise, that would be $25k.  Those are the max pre-approved offers across the board.   Smiley Happy

 

Edit to add:  Where's the $50k Used Auto Loan I see on mine?  Maybe they ran out of space.  Smiley Tongue

Message 23 of 49
Frequent Contributor

Re: PenFed Denied

Penfed is very unpredictable. Try again and you will get it

Message 24 of 49
Established Member

Re: PenFed Denied

It show up after I accepted the visa offer.Smiley Tongue

 

 

Message 25 of 49
Regular Contributor

Re: PenFed Denied

Where do you find these preapproval notifications?

Message 26 of 49
Senior Contributor

Re: PenFed Denied

 


mekmek86 wrote:

Where do you find these preapproval notifications?


Once you log in look to the right middle of the page. It will be obvious if you have them. 

 

Message 27 of 49
Senior Contributor

Re: PenFed Denied


jmbfl wrote:

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!


Yeah, PenFed doesn't like new accounts and they like to see a long credit history -- 3 years and up.  They also hate INQs.  Really, not much those suckers do like!

 

There is reason to believe that after they merged a while back with a credit union in, I believe, Oregon, and haven't seen the increase in memberships that they hoped for they are becoming anal retentive in their risk department.

IAALBNYL
Message 28 of 49
Valued Member

Re: PenFed Denied

Why does everyone think PenFed is so great?

 

I applied back in June 2009 and was told over the phone I was approved for:

Used Car Loan $10,000

Visa $15,700

Overdraft $5,000

 

I thought it was a done deal, but the next day someone called for me to fax income verification. Upon faxing they emailed me saying they were offering me a Visa CL of like $5,000. I told them I had already accepted the Visa CL originally approved of $15,700. What gives? I said I'd rather reduce the Overdraft credit to $500, which I didn't care about, and increase the total Visa CL. This went back and forth and finally I got ahold of a manager who reviewed everything and apologized profusely saying this never should have happened - agreeing with me that I already accepted their first CL offer, so there was no reason for them to be counter offering. I told her I didn't care about reinstating the overdraft credit so she just put through the Visa and I ended up with car loan of $10K, overdraft of $500 and Visa at $15,700. But gosh, until I reached this lady found they were very difficult and unreasonable to deal with.

 

Now that I'm all set up, I think their online system leaves much to be desired and have found their Visa service very frustrating. Their security measures are so sensitive that my card is regularly flagged and frozen due to suspected fraud and I have had to call in repeatedly to confirm that this or that transaction is legit. Very frustrating! I can't use the card as my primary card because I never know when they will flag it for potential fraud and I don't have time to be calling in repeatedly to verify transactions. And we're talking small transactions no less... $10 etc.

 

Their car loans are great rates but not so much greater that I'd have much cared if I wasn't approved.

 

They also recently reduced the overall cash back percentage on their Visa. I prefer my AmEx Blue Cash for sure!

Message 29 of 49
Senior Contributor

Re: PenFed Denied


OptimalFICO wrote:

Why does everyone think PenFed is so great?

 

I applied back in June 2009 and was told over the phone I was approved for:

Used Car Loan $10,000

Visa $15,700

Overdraft $5,000

 

I thought it was a done deal, but the next day someone called for me to fax income verification. Upon faxing they emailed me saying they were offering me a Visa CL of like $5,000. I told them I had already accepted the Visa CL originally approved of $15,700. What gives? I said I'd rather reduce the Overdraft credit to $500, which I didn't care about, and increase the total Visa CL. This went back and forth and finally I got ahold of a manager who reviewed everything and apologized profusely saying this never should have happened - agreeing with me that I already accepted their first CL offer, so there was no reason for them to be counter offering. I told her I didn't care about reinstating the overdraft credit so she just put through the Visa and I ended up with car loan of $10K, overdraft of $500 and Visa at $15,700. But gosh, until I reached this lady found they were very difficult and unreasonable to deal with.

 

Now that I'm all set up, I think their online system leaves much to be desired and have found their Visa service very frustrating. Their security measures are so sensitive that my card is regularly flagged and frozen due to suspected fraud and I have had to call in repeatedly to confirm that this or that transaction is legit. Very frustrating! I can't use the card as my primary card because I never know when they will flag it for potential fraud and I don't have time to be calling in repeatedly to verify transactions. And we're talking small transactions no less... $10 etc.

 

Their car loans are great rates but not so much greater that I'd have much cared if I wasn't approved.

 

They also recently reduced the overall cash back percentage on their Visa. I prefer my AmEx Blue Cash for sure!


I had a somewhat similar experience that, although ultimately corrected, left a less-than-pleasant taste in my mouth. 

IAALBNYL
Message 30 of 49