topic Re: unRe: PenFed Power cash rewards card in Credit Card Applications

PenFed Power cash rewards card

Anonymous — Fri, 27 Dec 2019 11:28:29 GMT

Hello,

I'm trying to end the year off strong, after being approved by NFCU for a 15k starting limit I decided to roll the dice with PenFed. I have been a member with them since the beginning of July of this year. I have a checking, savings, and premium savings account with them. I have minimum money in the checking and savings, but I had a $3100 deposit going into the premium savings since I had that account. A week ago I used all of that money in the premium savings to pay off a CO auto loan with NFCU.

When I first applied for the power cash reward it was instantly denied, I then decided to call CSR and he stated to send a recon email. I typed it up and sent it, got a response an hour later saying I will be updated in the next 24-48 hours. This will all monday night, here we are going into friday morning and it still says under review. My EQ score they pulled was 647, my DTI is pretty low, but my gross income is around 125k. I have $9700 in student loans, but I'm still a student. I went ahead and paid off the unsubsidized student loan so it would stop accuring interest which was a little over 5k. Should I give them a call in the morning to update them on that or ask for a status? Or should I just remain patient?

Re: PenFed Power cash rewards card

Jnbmom — Fri, 27 Dec 2019 11:33:32 GMT

@Anonymous wrote:
Hello,
I'm trying to end the year off strong, after being approved by NFCU for a 15k starting limit I decided to roll the dice with PenFed. I have been a member with them since the beginning of July of this year. I have a checking, savings, and premium savings account with them. I have minimum money in the checking and savings, but I had a $3100 deposit going into the premium savings since I had that account. A week ago I used all of that money in the premium savings to pay off a CO auto loan with NFCU.

When I first applied for the power cash reward it was instantly denied, I then decided to call CSR and he stated to send a recon email. I typed it up and sent it, got a response an hour later saying I will be updated in the next 24-48 hours. This will all monday night, here we are going into friday morning and it still says under review. My EQ score they pulled was 647, my DTI is pretty low, but my gross income is around 125k. I have $9700 in student loans, but I'm still a student. I went ahead and paid off the unsubsidized student loan so it would stop accuring interest which was a little over 5k. Should I give them a call in the morning to update them on that or ask for a status? Or should I just remain patient?

What was the reason for the denial? Honestly I don't think your score is high enough for Penfed, they are way more conservative then NFCU, but you never know. Good luck.....................................

Re: PenFed Power cash rewards card

Anonymous — Fri, 27 Dec 2019 11:47:48 GMT

Here's what they said.

• Length of time accounts have been established (AAoA is 4 years 7 months)

• Serious delinquency (Burned USAA back on a CO in 2014)

• Number of accounts with delinquency (USAA CO, and was behind last year with Cap1 but haven't missed a payment in a year)

• Proportion of loan balances to loan amounts is too high (19k CO to NFCU but paid this off a few days ago still won't populate on my CR for a while.12k to USAA and 9.7k in student loans, but paid $5200 to student loans, I'm still a student so I dont have topay them off yet)

Re: PenFed Power cash rewards card

CreditInspired — Fri, 27 Dec 2019 12:31:31 GMT

I think your chances would have been good if you had waited for everything to update on CRs. As it stands now, I think even if you get approved, the SL will be low, unless miraculously, everything will have reported by the time they finish their manual review.

I agree 100% with JnbMom, 647 is pretty low but GL2U.

Re: PenFed Power cash rewards card

Anonymous — Fri, 27 Dec 2019 13:48:14 GMT

@CreditInspired wrote:
I think your chances would have been good if you had waited for everything to update on CRs. As it stands now, I think even if you get approved, the SL will be low, unless miraculously, everything will have reported by the time they finish their manual review.

I agree 100% with JnbMom, 647 is pretty low but GL2U.

I think I jumped the gun, my though process was they would see me pay off that huge debt and I get brownie points. Still haven't heard anything yet so my fingers are still crossed. If not I'll just wait for the stuff to populate and try again in 3-6 months.

Re: PenFed Power cash rewards card

AllZero — Fri, 27 Dec 2019 14:28:51 GMT

Good luck!

Re: PenFed Power cash rewards card

Shooting-For-800 — Fri, 27 Dec 2019 14:37:46 GMT

I would wait and reapply in 90 days if needed.

Re: PenFed Power cash rewards card

randomguy1 — Fri, 27 Dec 2019 16:46:01 GMT

@Shooting-For-800 wrote:
I would wait and reapply in 90 days if needed.

Wonder - why 90 days? From what I have read over and over is PenFed is very conservative. The 647 score is a bit low and I wouldn't apply to PenFed unless more profile was a bit cleaned up and score closer if not over 700s.

OP - since you paid off the CO, are you going to try to ask NFCU for a GW removal? It will be interesting to see how your score moves up once it reports to your credit bureau as paid and with new remarks on the account (if any). What else in your profile is bringing your score down? Would address all that you can prior to have a better chance of approval next time go around. Let everything report for a couple days and consider it then. I would use this forum like you just did to see what other people's experiences are before you apply as many have experience with PenFed around here. Would be a shame to not take some consideration of that knowledge prior to applying.

Re: PenFed Power cash rewards card

Anonymous — Fri, 27 Dec 2019 17:35:09 GMT

@randomguy1 wrote:
@Shooting-For-800 wrote:
I would wait and reapply in 90 days if needed.
Wonder - why 90 days? From what I have read over and over is PenFed is very conservative. The 647 score is a bit low and I wouldn't apply to PenFed unless more profile was a bit cleaned up and score closer if not over 700s.

OP - since you paid off the CO, are you going to try to ask NFCU for a GW removal? It will be interesting to see how your score moves up once it reports to your credit bureau as paid and with new remarks on the account (if any). What else in your profile is bringing your score down? Would address all that you can prior to have a better chance of approval next time go around. Let everything report for a couple days and consider it then. I would use this forum like you just did to see what other people's experiences are before you apply as many have experience with PenFed around here. Would be a shame to not take some consideration of that knowledge prior to applying.

Maybe I'll be that rare instance but thats good sound advice, I was just feeling lucky. Fortunately that was only my 3rd HP in the last two years.

Re: PenFed Power cash rewards card

Anonymous — Fri, 27 Dec 2019 23:04:50 GMT

Just an update, it was denied. I'm ok with the decision, I shouldn't have jumped the gun. I'll clean this stuff up so I can have a better looking profile and try again in 6 months maybe.

Re: PenFed Power cash rewards card

AllZero — Fri, 27 Dec 2019 23:20:16 GMT

That's unfortunate. Well, you know what you need to do. Good luck in the future.

Re: unRe: PenFed Power cash rewards card

Anonymous — Fri, 27 Dec 2019 23:14:14 GMT

@AllZero wrote:
That's unfortunate. Well, you know what you need to do. Good luck in the future.

Yes. Suprisingly I'm not upset, I'm kind of just like blah. I just wanted to test the waters but in a few months I'm sure I'll be able to land that card and another card from NFCU.

Re: PenFed Power cash rewards card

AllZero — Fri, 27 Dec 2019 23:20:37 GMT

@Anonymous wrote:
@AllZero wrote:
That's unfortunate. Well, you know what you need to do. Good luck in the future.
Yes. Suprisingly I'm not upset, I'm kind of just like blah. I just wanted to test the waters but in a few months I'm sure I'll be able to land that card and another card from NFCU.

You have the good income and low DTI in your favor. You just need to dress up your credit report for PenFed.

I'm sure your next card with Navy will yield a 5 digit limit too.

Re: PenFed Power cash rewards card

FinStar — Fri, 27 Dec 2019 23:42:19 GMT

Hey, at least you got have a positive outlook on things OP. Sorry to hear they didn't approve the application.

Just work on any outstanding items and give it time. Eventually, you can try things again with PenFed when your profile is more optimal.

Re: PenFed Power cash rewards card

difringe — Sat, 28 Dec 2019 01:41:47 GMT

@Anonymous wrote:
Here's what they said.

• Length of time accounts have been established (AAoA is 4 years 7 months)
• Serious delinquency (Burned USAA back on a CO in 2014)
• Number of accounts with delinquency (USAA CO, and was behind last year with Cap1 but haven't missed a payment in a year)
• Proportion of loan balances to loan amounts is too high (19k CO to NFCU but paid this off a few days ago still won't populate on my CR for a while.12k to USAA and 9.7k in student loans, but paid $5200 to student loans, I'm still a student so I dont have topay them off yet)

In my experience, PenFed won't even consider you if you've missed a payment in the past 2yrs. Idk if anyone has had better luck with that.