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Penfed credit card denied because of short history?

Established Member

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

15 REPLIES
Valued Contributor

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, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Established Member

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

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 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Established Member

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...

Frequent Contributor

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: 4/2016 - TU 841 | EQ 840 | EX 837

FNBO 23,600 | Amex SPG 13,900 | Amex BCP 13,400 | Barclays/Sallie Mae13,000 | Discover IT 12,500 | Lowes 10,000 | PLOC 9,300 | NASA FCU 8,700 | Citi Simplicity 6,200 | BOA Platinum+ 6,000 | Achieva CU 5,500 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Established Member

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

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

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

Re: Penfed credit card denied because of short history?

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 |