topic Re: Penfed denied in Credit Card Applications

Penfed denied

Anonymous — Sat, 12 Oct 2019 23:59:15 GMT

Applied today for their Promise Visa Card. Instantly denied for too many new accounts.
I am still waiting for that survey email and hopefully I will be able to recon.

Re: Penfed denied

Meanmchine — Sun, 13 Oct 2019 00:15:41 GMT

How many new accounts?

Re: Penfed denied

Anonymous — Sun, 13 Oct 2019 01:08:51 GMT

Since January of this year I opened
Syn Care credit
Barclay Uber visa
Bofa
Discover
Ashleys (account has been closed because I never activated it)
Last one was in June. Since then I haven’t applied for anything.

Re: Penfed denied

Meanmchine — Sun, 13 Oct 2019 02:05:34 GMT

5 in less then a year.

Good luck but I dont think youre gonna have any success

Sit it out in the garden for at least 3-6 months then try again

As for Ashleys, if its on your report, it counts

Re: Penfed denied

tpdtopcop — Sun, 13 Oct 2019 01:46:29 GMT

I was also denied for to many new accounts with two. Lol

Re: Penfed denied

Anonymous — Sun, 13 Oct 2019 01:53:13 GMT

@tpdtopcop wrote:
I was also denied for to many new accounts with two. Lol

Yep same for me back in 9/2018.

PenDread is a joke.

Re: Penfed denied

Anonymous — Sun, 13 Oct 2019 02:43:26 GMT

Sounds like they don't like your profile & "too many new credit cards" is just a blow-off excuse.

Re: Penfed denied

tpdtopcop — Sun, 13 Oct 2019 21:41:00 GMT

Well called for reconsideration and they said send email with explanation so I did. Mine was declined for recently opened accounts of which I have really only one. They responded with I have to send documentation for reconsideration. **bleep**. Just manually look at my report. Duh. Eff PenFed. How stupid are they?

Re: Penfed denied

CreditCuriosity — Mon, 14 Oct 2019 17:02:20 GMT

Strange I am like 30/24 and got a new penfed card a month or two ago.. Tons of new accounts and inquiries granted score is around 790 and use PenFed as my primary FI and already have had a card with them for 4 years or so and auto loans and paid off personal loans etc.. Appears if one has a long standing relationship with them they will look over new credit and inquiries and all that fun stuff. They have treated me very well. They don't want to just be used for CC's like most CU's and want a relationship first. Years are they were near impossible to get in or a card with as had to have super prime credit then they loosened up for a few years and now they are going back to being more conservative. Certainly a new account/inquiry YMMV scenario as mentioned above. They are a very good FI if you are in with them. They certainly are no NFCU where they will hand out 10-25k limits to anyone with a pulse that is eligible though either.

Not all CU's like the same things in members as I have been shot down be other CU's that others have had no issues with what-so-ever with alot lower scores and incomes than myself. One can never compare two profiles although they seem similiar as scores alone along with income, DTI, etc doesn't tell the whole story of why someone will be approved/denied.

Re: Penfed denied

KJinNC — Mon, 14 Oct 2019 17:36:42 GMT

I think this is an example of something that happens quite a bit, in which the reasons they print on the letter were not really important in the decision. Your credit report will generate positive and negative "reasons" when someone calculates a score. It's just a standard way of stating the things that raised or lowered your score. You may have dozens of "reasons" and the letter may simply show the first one listed or the one with the highest point impact, but, the decision may not have even been based on FICO score points.

I think people often end up focusing on or worrying about whatever reason(s) they print when those aren't genuinely the reasons you were denied. But I could be wrong ...

Re: Penfed denied

Anonymous — Mon, 14 Oct 2019 18:22:36 GMT

@KJinNC wrote:
I think this is an example of something that happens quite a bit, in which the reasons they print on the letter were not really important in the decision. Your credit report will generate positive and negative "reasons" when someone calculates a score. It's just a standard way of stating the things that raised or lowered your score. You may have dozens of "reasons" and the letter may simply show the first one listed or the one with the highest point impact, but, the decision may not have even been based on FICO score points.

I think people often end up focusing on or worrying about whatever reason(s) they print when those aren't genuinely the reasons you were denied. But I could be wrong ...

PenFed is really strict about new accounts at times. I did my app over the phone back in 2018 and she actually called right over to UW and they flat out said that two new accounts was too many and they wanted to see history on them. This was 6 months after adding three new accounts, one of which was closed, and I was only at 4/24.

I would love to see UW's faces when they saw my 22/24 now. 🤷‍♂️

Re: Penfed denied

randomguy1 — Mon, 14 Oct 2019 19:41:03 GMT

As far as history, what are they looking for?

Time account has been opened? Do they care about usage? I have a PenFed savings but it rarely gets touched or money moved into it since I have a better HYS account.

Re: Penfed denied

KJinNC — Mon, 14 Oct 2019 20:03:55 GMT

@Anonymous wrote:
PenFed is really strict about new accounts at times. I did my app over the phone back in 2018 and she actually called right over to UW and they flat out said that two new accounts was too many and they wanted to see history on them. This was 6 months after adding three new accounts, one of which was closed, and I was only at 4/24.

I would love to see UW's faces when they saw my 22/24 now. 🤷‍♂️

Yeah, I can believe that, I am just generally suspicious of "reasons" listed on these letters being put there by a human who considered you and turned you down for that reason. I think a human considers you, and if they deny you, a computer spits out reasons from FICO that may or may not be the reasons the human focused on. It's hard to prove, though.

And as far as 22/24, I think I am 11/24 depending what counts, none older than six months ... oops! But I somehow weaseled my way into everything I want for now with two or three exceptions that I'll have to wait for.

Re: Penfed denied

tpdtopcop — Mon, 14 Oct 2019 20:16:43 GMT

Interesting information. I have had a PenFed savings and checking with them for 12 years. So ymmv

Re: Penfed denied

Anonymous — Wed, 16 Oct 2019 00:06:02 GMT

After filling out survey I got a call back from them. Basically she asked me why I wasn’t happy and proceeded to tell me that PenFed is really strict about new accounts. Basically they want you not to have any accounts opened in 6-12 months period.
Also they basically don’t care about you having money in their savings account when applying for credit card. It will not help

Re: Penfed denied

tpdtopcop — Wed, 16 Oct 2019 13:21:23 GMT

How long after you applied and denied did you get survey?

Re: Penfed denied

SifiUSa — Sat, 28 Dec 2019 02:25:34 GMT

I have been approved for 1 Auto Refi 23k and Visa Reward for 2.5k. I did open 12 new accounts in 12 months. Been lucky maybe with them.

Re: Penfed denied

SifiUSa — Sat, 28 Dec 2019 02:37:54 GMT

No history with them, like many reviews in this forum and decided to apply to refi my car ( Less than six mths) they approved me for 23k @3.49% ( from 8% with HF). I applied a couple of days later for one cc and received 2.5k CL. Never bank with them before just open a $5 saving account. Apparently there are looking at your score and no badies.

Re: Penfed denied

gen_zod — Sun, 05 Jan 2020 22:58:32 GMT

@SifiUsa curious, if you don't mind sharing, what were your scores,uti, dti at time of app?

Re: Penfed denied

randomguy1 — Sun, 05 Jan 2020 23:46:21 GMT

@SifiUSa wrote:
No history with them, like many reviews in this forum and decided to apply to refi my car ( Less than six mths) they approved me for 23k @3.49% ( from 8% with HF). I applied a couple of days later for one cc and received 2.5k CL. Never bank with them before just open a $5 saving account. Apparently there are looking at your score and no badies.

What was your EQ score at?