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Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Penfed credit card denied because of short history?

Okay this one baffles me.  I just recently paid down almost all of my debt and my credit score is now up to 785 with TU and 798 with EQ and I have the cards below.  I bring in 65k per year and my credit history is just over 8 years old on average.  I was hoping to close my accounts at my current credit union and move over to Pen Fed and had applied for their Pen Fed Promise card to replace my current credit union card.  They turned me down because my credit history is too short, really?  Everything else is solid and that was the only reason that I got from them.  Has anyone else had this happen to them?  They told me they like to see 10+ years on average for account history to extend credit.

 

My cards:

 

United Federal Credit Union Visa Platinum Limit $1,000 / Bal $0

 

Best Buy Limit $3,400 / Bal $0

 

Citi Finiancial Visa Limit $6,500 / Bal $1,630

 

Chase Visa Limit $3,500 / Bal $450

 

Summit Racing Limit $2,200 / Bal $0

Established Contributor
emptypockets
Posts: 976
Registered: ‎02-03-2009
0

Re: Penfed credit card denied because of short history?

When you say your history is over 8 years old, do you mean that is the age of your oldest account, or that is your AAOA? Do you have an installment or mortgage? Pen Fed can be quirky. The seem to like well-established (long) histories.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Nordstrom Visa,US Bank Cash+, Chase (5), Huntington Voice, UMB Visa, Dillard's AMEX, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Macy's AMEX; Several store cards.

Current Scores: EQ (6/14): 800; TU MyFico (6/14): 814; Walmart TU Fico 08 (8/7/2014): 816; EX (6/14): 775
Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Re: Penfed credit card denied because of short history?

I've current got an installment loan on my 2012 Elantra but other than that nothing on there.  The AAOA is right at 8 1/2 years and my oldest account is 12 years old.

Community Leader
Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011
0

Re: Penfed credit card denied because of short history?

WOW!!  According to FICO, 10 years is the avg AAOA for those typically with excellent credit but I'm very surprised that with an AAoA of 8.5 years you were denied for having too short a credit history.  Bonkers!  With your scores, I'd think you'd be able to pretty much get any cards you want.  I'm very surprised.  


Starting Score: 642
Current Score: EQ 798, EX 780, TU 787 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, QuickSilver 20K, TotalRewards 18K

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Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Re: Penfed credit card denied because of short history?

Yeah I don't get it.  8 years for an average is pretty darn good or at least I thought it was...

Contributor
SpiceIslander
Posts: 328
Registered: ‎02-01-2010
0

Re: Penfed credit card denied because of short history?

That's weird! I was planning to apply but I guess I'd better avoid them.

Meg.

FICO: 04/2014 - TU 765 | EQ ??? | EX 768

Amex BCP 12900 | Lowes 10,000 | LOC 9300 | Sallie Mae/Barclays World MC 9000 | FNBO 8900 | BOA Platinum+ 6000 | Citi Simplicity 5200 | Chase CSP 5000 | Achieva CU 4000 | Discover 4000 | Sam's Club 3000 | Sears 900
Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Re: Penfed credit card denied because of short history?

I'm submitting a reconsideration letter so we'll see what happens.  I was told reconsiderations take 48-72 hours so I should check back on Tuesday for an update.  We'll see what they say......

Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Penfed credit card denied because of short history?

What are you putting in the letter?  Need any advice?

               LIMITS IN CARD DESCRIPTIONS
Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Re: Penfed credit card denied because of short history?

Absolutely!  I'm open to advice or thoughts, I was just going to let them know that I am simply trying to sever the relationship with my current Credit Union and move everything over to Penfed.  The person that took my application at first put me down as requesting the credit card as debt consolidation........

Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
0

Re: Penfed credit card denied because of short history?

[ Edited ]

Wow! So I better forget all my ilusions and made like they never existed.

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |

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