topic Re: Not happy with Penfed in Credit Card Applications

Update NOW happy with Penfed :)

Anonymous — Sat, 02 Jul 2016 20:00:46 GMT

Applied for the Promise card last night and was instantly denied. Reasons stated were previous derogs and too many inquiries. I realized it had been less than 90 days since my last application so they probably used an old pull.I have heard over and over about how "recon friendly" they are so I sent an email last night requesting a loan officer review my application. In the email, I mentioned that I have been working on rebuilding and would appreciate any consideration regarding my application. I also told them I would be willing to have another pull done as my scores have increased since the last one. I received an email this afternoon that they referred my application to a loan officer and to check the status online. I was cautiously optimistic. I just got home from work and logged in to my account to check the status. This is what it says:

TURNED DOWN 05/16/2016

CC RECONSIDERED; ORG DEC UNCHANGED

Ugh. I'm not mad that they rejected the application. That is their right. I'm just upset at the coldness of the process. I thought I would have an opportunity to speak with a loan officer and make my case. I have no idea if they ran my credit again or not. Just not what I expected with what I hear on this forum. Oh well...Thanks for listening.

Re: Not happy with Penfed

Anonymous — Mon, 16 May 2016 22:11:06 GMT

Sorry about the recon denial

Re: Not happy with Penfed

Anonymous — Mon, 16 May 2016 22:52:38 GMT

bman98,

Penfed approved my DH in Jan 2016 for the Promise and Defender cards. His bk d/c was in July 2014. His fico 08 scores are very decent now, with two reporting in the low 700's and the other 683.

I understand why you're feeling bad. When someone's rebuilding, they're going to have lots of inquiries, and there is no way getting around that. You'd like Penfed to recognize your efforts and understand about your recent inquiries, and not punish you for them. Although DH got their cards, he can't get any cli's. It seems everybody else gets them but him. So right now, he just has to roll with it.

The way they do recons can seem somewhat cold. It's hard to see org dec unchanged, Egyptian, too many new accts, etc. staring you back in the face. It's a sick feeling in the pit of your stomach sometimes.

You're scores have really come up in your rebuild, and congrats to you on that. I think when you EQ score gets up to the 660's, you'll be in a better position to get approved for Penfed cards. They really are worth doing business with.

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 00:35:36 GMT

Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 03:40:56 GMT

I had to reccon my Promise app with Penfed. If I remember I was told to write a letter and fax it to Underwriting or mail it snail mail. I did both and they approved it. Maybe try faxing the letter or snail mail it. Don't know what difference it would make but it specifically said how to send it when I reconned. They gave me a low limt and a higher APR after the recon. I don't carry a balance with them so I don't care. Give it a try before you give up.

Good luck to you.

Re: Not happy with Penfed

creditguy — Tue, 17 May 2016 03:49:12 GMT

Sorry to hear about the denial and the recon, yes the process can be cold, but they are a bank and that's what banks do. Don't let it bother you though because it's not personal, although I have no doubt it feels that way. One thing to keep in mind with PenFed is they use some type of nextgen equifax scoring system and it could be that yours was too low. It always seems to be lower than your Fico 8 equifax. I'm sure with a little time patience and score increase you'll get the card you want, they'll always be there waiting for you.

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 03:59:57 GMT

Take a look at the "Penfed Approval Guide Please Post Your Data" by baller4life in the Credit Card Approval section.

This might be helpful as others list their specific data points for approvals.

Also it talks about recons, and I am sure they would collectively be willing to help you based upon your individual specifics.

The thread is only Four Days old, and a wealth of specific information and circumstances.

Take care,

Ch 13 Paid in Full.: 03/29/16
Ch 13 Discharged: 05/03/16

* waiting on Trustee's Final Report in the "mail"

03/17/16 Fico 8 Scores: EQ 546, TU 501, EX 548
05/14/16 Fico 8 Scores: EQ 563, TU 523, EX 548

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 06:09:15 GMT

@Anonymous wrote:
Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence

Not to hijack your thread, but Amex is getting pretty desperate. They need to increase subscribership to offset the massive losses (card holders) from recent breakups. Right about now is the best time for anyone wanting an Amex to apply as they're most likely to approve people while they seek to grow their member base.

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 06:26:00 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence
Not to hijack your thread, but Amex is getting pretty desperate. They need to increase subscribership to offset the massive losses (card holders) from recent breakups. Right about now is the best time for anyone wanting an Amex to apply as they're most likely to approve people while they seek to grow their member base.

Stop trying to temp us from the garden!

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 13:05:12 GMT

bman what was your exact NextGen EQ Score with PENFED ?? Check your email on their website or call in to ask

Re: Not happy with Penfed

Anonymous — Tue, 17 May 2016 14:14:32 GMT

They ignored my request for a fresh pull and used one from March. Again, no personal response. Just a generic form letter in the message center:

Your Credit score: 608 Date: 03/12/2016

Re: Not happy with Penfed

AverageJoesCredit — Wed, 18 May 2016 00:10:30 GMT

I wish that Amex was desparate . Those of us who included them in BK , most of us who are blacklisted anyway, are on the outside looking in. Im almost 10 years since my BK7 so i probably have another 10 to 15 years before they even look in my direction if im lucky. Never knew too much about credit or scores when i was younger no one ever taught me or i would have tried my darndest to not include Amex in BK . If they are desperate please let me back in id do it right this time

Re: Not happy with Penfed

Anonymous — Wed, 18 May 2016 00:30:52 GMT

Ahhhhh -- 608 is a tad low for them i think, i saw your score was 635....forgot that was FICO 8, even though 635 may be low for them too.

Personally Id app for the GOLD, as it can start as low as 500$ CL ... Recon if denied on that, because it may go better for you

Re: Not happy with Penfed

Anonymous — Wed, 18 May 2016 00:31:49 GMT

My apoligies -- I see you apped for Promise, which is pretty much the same in terms of SLs .... Maybe try giving a call and stating your case directly to a Supervisor LO

Re: Not happy with Penfed

Anonymous — Wed, 18 May 2016 02:43:41 GMT

I know it's low Joey...this is why I asked them to do a fresh pull. Either way...I've moved on. I refuse to let one lender get me down. Thanks for your input.

Re: Not happy with Penfed

bk510 — Wed, 18 May 2016 17:15:10 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence
Not to hijack your thread, but Amex is getting pretty desperate. They need to increase subscribership to offset the massive losses (card holders) from recent breakups. Right about now is the best time for anyone wanting an Amex to apply as they're most likely to approve people while they seek to grow their member base.
Stop trying to temp us from the garden!

What breakups? I've been getting email offers from AE recently, but I've burned them in my BK, Do u think I'll be able slip through the crack? lol

Re: Not happy with Penfed

bk510 — Wed, 18 May 2016 17:17:51 GMT

@AverageJoesCredit wrote:
I wish that Amex was desparate . Those of us who included them in BK , most of us who are blacklisted anyway, are on the outside looking in. Im almost 10 years since my BK7 so i probably have another 10 to 15 years before they even look in my direction if im lucky. Never knew too much about credit or scores when i was younger no one ever taught me or i would have tried my darndest to not include Amex in BK . If they are desperate please let me back in id do it right this time

+1, you took the word right out of my mouth,

Re: Not happy with Penfed

bk510 — Wed, 18 May 2016 17:23:23 GMT

@Anonymous wrote:
Ahhhhh -- 608 is a tad low for them i think, i saw your score was 635....forgot that was FICO 8, even though 635 may be low for them too.

Personally Id app for the GOLD, as it can start as low as 500$ CL ... Recon if denied on that, because it may go better for you

I got my promise SL 1.5k with 645(next gen), but my fico 8 at the time of approval was 675......... a week later apped for GOLD and got denied for egyptian, lol

This was back in 1st of the year,

Re: Not happy with Penfed

Anonymous — Wed, 18 May 2016 17:26:18 GMT

My NextGen was 687, still got denied for the rewards Visa for the same reasons as OP.

Re: Not happy with Penfed

Anonymous — Wed, 18 May 2016 19:28:56 GMT

Im not sure about letter writing, but I was able to recon with a loan officer over the phone. Not a big deal at all. They also agreed to repull my credit if I emailed in written verification.

topic Re: Not happy with Penfed in Credit Card Applications

***Update*** NOW happy with Penfed :)

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Update NOW happy with Penfed :)