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Established Contributor
Andy77
Posts: 563
Registered: ‎10-02-2007

Re: Penfed Denied BUT EQ Score MUCH higher then My Fico EQ Score....Why

 

 

I got approved for one card and denied for the other.  In the denial letter they said they wanted to see 12 months of usage on the approved card before they would consider approving me for more credit.

 

In the denial letter is where I saw the EQ 721 and was FLOORED because the myfico.com EQ is 692...large difference

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Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010

Re: Penfed Denied BUT EQ Score MUCH higher then My Fico EQ Score....Why

Another point here is that Penfed may be using other criteria beyond score, and no one seems to know for sure just what the other factors are.

 

There are a variety of stories around where people with excellent credit bite the dust with Penfed, either being denied or getting low limits.

 

Valued Contributor
takeshi74
Posts: 2,320
Registered: ‎06-05-2013

Re: Penfed Denied BUT EQ Score MUCH higher then My Fico EQ Score....Why


notfancy wrote:

721 seems like a good enough score to get approved for pretty much anything?


As always, it's not just about the score.

Established Contributor
toppers555
Posts: 550
Registered: ‎09-28-2012

Re: Penfed Denied BUT EQ Score MUCH higher then My Fico EQ Score....Why

[ Edited ]

Penfed places a huge weight on balances  on accounts. They denied me with a 749 last week due to my loan balances(school loans).



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!



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