topic Re: Penfed Power Cash Rewards-Denied in Credit Card Applications

Penfed Power Cash Rewards-Denied

pgtackle2003 — Fri, 09 Nov 2018 18:15:12 GMT

Hey all, wanted to share a recent frustraing denial. Knowing Penfed uses EQ Fico9, I decided to apply for an account and app for the Power Cash rewards. Was approved for account no problem, then denied for the Power Cash rewards. First denial listed these reasons:

Too many recent inquieries

Age of accounts

So as others on here have posted, I got the survey, let my frustration known in the survey. Never received a call. I then did a recon over the phone, still denied. I then did another recon through email, sat in pending for 4 days, then denied. In my recon email I made my case that I did have 4 inquiries in the past 12 months (5 with the PenFed Inquiry) 2 of those being for an auto loan which I was approved for. Reasons for denial.

Recent Deragatory

My profile is as follows

EQ Fico9- 704

Last lay payment was 18 months ago on a now closed/paid auto loan for 30 days. Granted there are several 30 days on my report but the most recent being 18 months.

I just find it odd as in the same time frame in the past week Amex has approved me for 2 cards (at 1k and 5k SL) and they use standard Fico8 which is a much lower score for me (EX 654). So it seems Penfed is even a bit more strict on their underwriting then Amex.

Anyway sorry for the rant just a bit frustrated. Off to the Garden now

Re: Penfed Power Cash Rewards-Denied

Anonymous — Fri, 09 Nov 2018 20:17:15 GMT

Interesting. I just signed up and thought about applying for a card. My score is not as high as yours. So I guess I will revisit that idea in 6-9 months.

Re: Penfed Power Cash Rewards-Denied

pgtackle2003 — Fri, 09 Nov 2018 20:36:06 GMT

I have found they are very inquiry sensitive. So I would say either none or very low maybe 2 or less. Should probably have all accounts at least 12 months and older. Lastly, no negative for at least 24 months. I don’t know these as facts just kind of what I’ve gathered from conversations with them.

Re: Penfed Power Cash Rewards-Denied

RonM21 — Sat, 10 Nov 2018 00:59:53 GMT

Penfed can be a tough one to figure out ar times. You'll sometimes see many different variations of approvals compared to somewhat similar profiles. It just comes with the YMMV thought process.

Re: Penfed Power Cash Rewards-Denied

Loquat — Sat, 10 Nov 2018 03:13:56 GMT

@pgtackle2003 wrote:
Hey all, wanted to share a recent frustraing denial. Knowing Penfed uses EQ Fico9, I decided to apply for an account and app for the Power Cash rewards. Was approved for account no problem, then denied for the Power Cash rewards. First denial listed these reasons:

Too many recent inquieries
Age of accounts

So as others on here have posted, I got the survey, let my frustration known in the survey. Never received a call. I then did a recon over the phone, still denied. I then did another recon through email, sat in pending for 4 days, then denied. In my recon email I made my case that I did have 4 inquiries in the past 12 months (5 with the PenFed Inquiry) 2 of those being for an auto loan which I was approved for. Reasons for denial.

Recent Deragatory

My profile is as follows
EQ Fico9- 704
Last lay payment was 18 months ago on a now closed/paid auto loan for 30 days. Granted there are several 30 days on my report but the most recent being 18 months.

I just find it odd as in the same time frame in the past week Amex has approved me for 2 cards (at 1k and 5k SL) and they use standard Fico8 which is a much lower score for me (EX 654). So it seems Penfed is even a bit more strict on their underwriting then Amex.

Anyway sorry for the rant just a bit frustrated. Off to the Garden now

OP, as you know, every lender has different underwriting standards. Where one will approve the other won't. Sometimes it doesn't make sense to us but at the end of the day, their money their rules. Don't sweat PenFed too much. I know this is frustrating now but you'll align yourself with similar or better cards and before you know it, this issue won't even be something that matters anymore. Continue to build your profile, let those late payments age off and continue to work in a positive direction.

Re: Penfed Power Cash Rewards-Denied

pgtackle2003 — Sat, 10 Nov 2018 03:25:35 GMT

Thanks for the positive message. It seems like a long time but in reality I’ve only been working on rebuilding my credit for about 10 months. I’ve followed a lot of advice on these forums which as helped me a lot. I’m going to do exactly as you say and garden and let my accounts age up and inquiries/baddies fall off.