PenFed Premium Travel Rewards AMEX success with less than three years credit history

[gnarlycow]

I was finally approved today for 5K, my highest credit line to date.

After reading so much about PenFed, I decided to make a $15 donation and join them on July 3rd. I immediately went for the Rewards Visa Signature. My app was referred to a loan officer for consideration of 14K (I wonder where that 14K came from, as my other cards were mostly 3K or 4K). The next day (yes, they did work on July 4th), they turned me down.

...against my better judgement, I immediately submitted another app for the travel rewards AMEX... also referred to loan officer for consideration of 14K.  I was like WTH, 14K again??? no way they are going to approve me for that number.  So I called customer service, and the very nice lady told me that my previous application for the visa was denied due to pyramiding debts (yes, they are still using that to deny people). I explained my recent hard pulls were mostly for opening checking/savings account, and twice by AT&T for setting up cell phone services. She told me to fax in my explanations, so I did. I also stated in my fax that I don't care about credit limit, and that I really wanted to start building a relationship with them, and how great their service is blah blah blah

The next day (5th), they conditionally approved me, asking for my two most recent paystubs. I just got the chance to do that yesterday, and I was approved today around noon

By comparision, capital one still won't grant me cli on my oldest card ($750 limit, opened 9/2010). The online luv button gave me the 10 business day message, and the letter they sent me states the reason for denial was they need to review my activities at my current limit... It's been almost 3 years, how much more time do they want??

[ilovelisa]

CoNgRaTs!!!!!!!!

[MsLadyRover]

Nice! Congrats!

[CS800]

Congrats on the approval.

Can you PM me your score and the fax number you used to 'escalate' your reconsideration? Thanks

[09Lexie]

Congrats! Still can't believe they are using that reason.

Shaking my head!

[gnarlycow]

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@CS800 wrote:

Congrats on the approval.

Can you PM me your score and the fax number you used to 'escalate' your reconsideration? Thanks

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My visa signature app denial letter says my Equifax score on 7/3/2013 was 725 (150 low to 950 high). Sorry I don't have the fax number at hand, but I sent my "appeal" letter to the same number for paystubs. I'm sure you can find it on this forum

[emptypockets]

Congrats on the approval!

[CS800]

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@09Lexie wrote:
Congrats! Still can't believe they are using that reason.

Shaking my head!

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I got that from them last year. I cant get into Penfed for some reason.