topic Re: PENFED Denied in Credit Card Applications

PENFED Denied

Anonymous — Thu, 20 Apr 2017 12:29:55 GMT

I've been reading about all of these fantastic starting limits and CLI's with PenFed so I figured I'd give it a shot and after a 2 day review I was denied due to too many new accounts. I've opened like 5-7 accounts since January. Bummer. Was really hoping to get a $15k+ SL like my Venture card. That's been my first denial in about a year so I guess I'll take it on the chin. They pulled a 739 score as well. Oh well, time to lay low until I apply for a mortgage in 6-12 months.

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 12:33:29 GMT

Thanks for your post. You just answered one of my questions from my recent post this morning. So they don't like a bunch of new accounts I see. Was there anything else that they did not like about your profile that you don't mind sharing..?? Thanks!!

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 12:56:10 GMT

Nope. Thats all they cared about I guess. I have almost $100k in available credit amongst a dozen cards or so and 10-12% utliziation I would guess. I've been racking up mileage bonuses on the Arrival+, Venture, and CSP these past 2 months so utilization will drop in the next month or so as I've reached the bonuses on the Arrival+ and Venture already.and started paying them down and keeping a small balance to help with a CLI next month.

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 12:58:24 GMT

Thanks!!

Re: PENFED Denied

AverageJoesCredit — Thu, 20 Apr 2017 13:11:05 GMT

Yeah, Penfed is not Navy for sure. 5 -7 new accounts in 3 months will do it everytime. Biggest lesson ive learned from my time here concerning Penfed and Navy, is dont expect to get all those big lines everyone is posting about just because they're posting them. I find vast majority have high income which really does get one past those other credit factors like score utilization and inqs. At the end of the day, the only thing you can do is look at your own profile and hope for the best.

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 13:26:19 GMT

Thanks Joe!!

Re: PENFED Denied

K-in-Boston — Thu, 20 Apr 2017 13:31:53 GMT

Joe hit the nail on the head. I opened a ton of accounts the past year and a half and still got an auto loan and two 5-digit cards with them. It's going to be completely dependent upon the individual and certain things will completely make up for others.

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 13:36:57 GMT

Thanks K!

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 13:49:57 GMT

Penfed makes it a practice to deny CC applications from people who have recently opened many new accounts/have a lot of inquiries, and I think income would be only one factor. They refer to it as "pyramiding" debt. When I got my car loan from them in February, I asked about whether it'd be a good idea to try for a Visa with them as well at that time, and I was advised against it because I'd had a couple of other accounts opened/inquiries made recently. Therefore, I'm going to wait until fall to see whether I can get in. Like @AverageJoesCredit says, it's pretty subjective. I do think my decades-long relationship with Penfed, the fact that I've never burned them in a BK nor been late on any debt owed them, and my current loan will help any future CC app to them, but we'll just have to see when the time comes.

Re: PENFED Denied

fltireguy — Thu, 20 Apr 2017 14:51:51 GMT

@Anonymous wrote:
I've been reading about all of these fantastic starting limits and CLI's with PenFed so I figured I'd give it a shot and after a 2 day review I was denied due to too many new accounts. I've opened like 5-7 accounts since January. Bummer. Was really hoping to get a $15k+ SL like my Venture card. That's been my first denial in about a year so I guess I'll take it on the chin. They pulled a 739 score as well. Oh well, time to lay low until I apply for a mortgage in 6-12 months.

BUT..

PenFed is REALLY good with Recons!

when they email you the customer satisfation survey, fill it out. Express your extreme disappointment on your denial... They will call you the same day, or the next day. Speak to a loan officer.... you should be able to get it overturned!!!

Re: PENFED Denied

K-in-Boston — Thu, 20 Apr 2017 15:03:30 GMT

Oh yeah, recons are great. Surprising they never told me that I was walking like an Egyptian (pyramiding debt) - but I think this actually means when they see that you have substantial use on a lot of new cards, and it looks like you just keep opening new cards to spend more without ever actually paying anything off.

So this now reminds me, I never got a survey email about my Power Cash Rewards last month. Is it just me, or did they stop sending them? I have checked spam folders. I was on the fence for complaining about the "horrible" 13.49% or whatever it was APR when compared to my similar card from Navy at 10.49%, and the "small" credit line. Honestly I'm okay with the terms on it for now.

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 15:05:46 GMT

Funny you mention the survey. I received one and filled it out in good faith with the highest marks in hopes of a better chance of approval. I guess I should have held off.

In my profession, my surveys = bonus money, so they are crucial. If somebody hurts me on a survey then the favors stop.

Re: PENFED Denied

Loquat — Thu, 20 Apr 2017 15:44:09 GMT

With a NextGen score of 739 I would definitely call and speak to a representative that can speak with a Loan Officers on your behalf while you're on the line. Just explain to them why you're interested in their product and you may be able to get what you're wanting. I can't believe with a 739 score you'll be flat out denied. Give them a call if you really want the card.

My NextGen score is very similar to yours. I've got lots of new accounts and my BK13 is still alive and well on my report. I've got a $43k limit with them on the Platinum Rewards card and a PLOC.

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 16:49:59 GMT

I agree totally with Loquat, go for the recon FootLoose you have nothing to lose!

Re: PENFED Denied

baller4life — Thu, 20 Apr 2017 22:05:02 GMT

Recon Recon Recon. Your golden opportunity was the survey. So your next step is send an email to the Loan Dept.

info@HQ.PenFed.org

Re: PENFED Denied

CreditCuriosity — Thu, 20 Apr 2017 22:36:28 GMT

I echo the recon thing.. Keep in mind they recently just took over another CU of about 28k members I believe so they might be a bit slower than normal.. I recently got an Auto loan among other things for them and the hold times for call has been 10-20 mins recently when I have had questions to ask them w/regards to auto loan. I asked them why they went from 1 min hold times to 20 mins and the reason was above scenario and they are in the process of hiring many more CSR's among getting the new CU people settled in so their CS is SLOWWWWW now unfortuately, but a great CU none-the-less

Re: PENFED Denied

Anonymous — Thu, 20 Apr 2017 23:57:25 GMT

Which CU was it that Penfed absorbed?

Re: PENFED Denied

fltireguy — Fri, 21 Apr 2017 00:00:34 GMT

@Anonymous wrote:
Which CU was it that Penfed absorbed

You should rephrase that. "HOW MANY CU's has PenFed absorbed? " lol

Re: PENFED Denied

fltireguy — Fri, 21 Apr 2017 00:01:27 GMT

@baller4life wrote:
Recon Recon Recon. Your golden opportunity was the survey. So your next step is send an email to the Loan Dept.

info@HQ.PenFed.org

OR could also call the Nebraska # and just speak to a LO

Re: PENFED Denied

Anonymous — Fri, 21 Apr 2017 00:47:56 GMT

We have very high income. I had to show proof in order to get the 20,000 line of credit.