topic Re: Shot Down by PenFed - Datapoints in Credit Card Applications

Shot Down by PenFed - Datapoints

Anonymous — Mon, 09 Mar 2020 15:50:38 GMT

Was declined for the PenFed Power Cash credit card today after withrawing an application for a $25,000, 48 month unsecured installment loan that PenFed priced at 12.99%.

I have been a PenFed member for over two years, had a share secured $18,000, 18 month installment loan with them, since payed off, an auto loan that I payed of in 6 months, 2 savings accounts, a checking account, and 4 cd accounts with them. All of my deposit accounts are still open with them.

My denial letter indicated a FICO credit score of 764 and listed the standard 4 garbage reasons for the denial. My AAoA is 25 months, AoOA is 49 months, and have credit 5 accounts on report, including a Chase Sapphire Preferred with a $25,000 limit and another Chase card with a $16,200 limit. No derogatories on credit report or on public records. My income is $130,000 per year, but I rent my place. I have been with my current employer for over 4 years, but have moved to another state in the last 3 months. My employment relationship is not dependent on which state I currently live in. There have been no new credit accounts in over six months with 2 inquiries in the last year.

After discussing my perceived strong profile with the PenFed rep, she put me on hold so she could confer with a loan officer. The Rep stated I did not have a sufficient history with PenFed. When I pressed her for specifics, she said Penfed likes to see a payment history of at least 36 months on a installment loan as shown on a credit report before approving a credit card. Interesting Penfed does not seem so picky on a unsecured $25,000 installment loan.

Can anyone point me to the PenFed Credit Consolation section of myfico.com?

Re: Shot Down by PenFed - Datapoints

M_Smart007 — Mon, 09 Mar 2020 18:13:51 GMT

Welcome and sorry for your denial ... PF can be weird, they denied Me a 2nd card. (too many Inqs)

"Can anyone point me to the PenFed Credit Consolation section of myfico.com?"

Yes, Absolutely .. @AverageJoesCredit is in charge of that!

Re: Shot Down by PenFed - Datapoints

Anonymous — Mon, 09 Mar 2020 18:20:44 GMT

@Anonymous wrote:
Can anyone point me to the PenFed Credit Consolation section of myfico.com?

Right here, Pal:

Re: Shot Down by PenFed - Datapoints

AllZero — Mon, 09 Mar 2020 19:17:55 GMT

That's unfortunate. I would suggest a reconsideration if they send you a survey email.

Re: Shot Down by PenFed - Datapoints

Remedios — Mon, 09 Mar 2020 19:57:27 GMT

@Anonymous you can try asking your question in this thread

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td-p/4591561

Re: Shot Down by PenFed - Datapoints

Traveler101 — Tue, 10 Mar 2020 00:24:13 GMT

@Anonymous wrote:
@Anonymous wrote:
Can anyone point me to the PenFed Credit Consolation section of myfico.com?

Right here, Pal:

Thats funny!

Re: Shot Down by PenFed - Datapoints

AverageJoesCredit — Tue, 10 Mar 2020 01:31:47 GMT

@Anonymous wrote:
Was declined for the PenFed Power Cash credit card today after withrawing an application for a $25,000, 48 month unsecured installment loan that PenFed priced at 12.99%.

I have been a PenFed member for over two years, had a share secured $18,000, 18 month installment loan with them, since payed off, an auto loan that I payed of in 6 months, 2 savings accounts, a checking account, and 4 cd accounts with them. All of my deposit accounts are still open with them.

My denial letter indicated a FICO credit score of 764 and listed the standard 4 garbage reasons for the denial. My AAoA is 25 months, AoOA is 49 months, and have credit 5 accounts on report, including a Chase Sapphire Preferred with a $25,000 limit and another Chase card with a $16,200 limit. No derogatories on credit report or on public records. My income is $130,000 per year, but I rent my place. I have been with my current employer for over 4 years, but have moved to another state in the last 3 months. My employment relationship is not dependent on which state I currently live in. There have been no new credit accounts in over six months with 2 inquiries in the last year.

After discussing my perceived strong profile with the PenFed rep, she put me on hold so she could confer with a loan officer. The Rep stated I did not have a sufficient history with PenFed. When I pressed her for specifics, she said Penfed likes to see a payment history of at least 36 months on a installment loan as shown on a credit report before approving a credit card. Interesting Penfed does not seem so picky on a unsecured $25,000 installment loan.

Can anyone point me to the PenFed Credit Consolation section of myfico.com?

Lolwut @Anonymous haha. One needs 3 years history on a loan to get a cc from them ?? I dont think so. Youve encountered what i call the Penfed Selective Syndrome, aka their PSS,similar to pms but on a credit level lol. They cherry pick who they want to give credit to then when nobody is looking, pulls out a 🎱 and gives you a reply they think will satisfy your snickers. Ive fsiled so many times trying to reacquire a cc from them im spent. At end of the dsy there are better cards out there with less restriction and come uppance.

Re: Shot Down by PenFed - Datapoints

Medic981 — Wed, 11 Mar 2020 01:57:49 GMT

Wow! Had I known this I probably would not have pulled the trigger on applying for the PenFed Gold Visa CC. I have been with PenFed since September 2018 and have had only a savings account with 3K in the account. I knew that I was throwing the dice when I applied. I did open a checking account the same day prior to applying for the credit card which I was approved for $7.5K SL. I have never had a loan with PenFed so I think AJC is correct that PenFed can be schizophrenic when it comes to CC approvals.

Re: Shot Down by PenFed - Datapoints

AverageJoesCredit — Wed, 11 Mar 2020 13:17:51 GMT

Yeah im on my 2nd loan with them so i know i have history. Having lots of credit hurts but in my mind so what. If they were all maxed ok but most are at 0 anyway. In my case im sure my income is the issue but this is coming from a lender who once gave a person with a 50k income a 50k cc, lolwut. I just got an email to save $20 on Turbo Tax. I used to feel special with PFs Turbo Tax offers. You know, super exclusive and all. Now everyone and their grandma offers Turbo Tax or equivalent at ssme or lower rate. Thanks Penfed for keep8ng it real

Re: Shot Down by PenFed - Datapoints

addicted_to_credit — Wed, 11 Mar 2020 13:44:33 GMT

I dont know about her reasons, I refinanced my truck (@ lowest apr) about 6 months ago -- maybe, I've got a checking account that I've parked few grand in, a savings account that I just left ~10 dollars in went for a cloc (asked for and received a 500 dollar line) so I was thinking they really like me.... I apped for the platinum rewards card because I like the 5 points per dollar for fuel purchases at the pump (I have a company fuel card that I'm supposed to use but I can use my own and get reimbursed IF the company card isn't accepted or working.....hint hint wink wink). I was instantly denied 3 times maybe for too many inquiries and new accounts.... well that hasn't deterred me a bit, I kept adding new accounts and of course inq's -- I'm up to something like 20 accounts under a year....it's insane and I would not recommend my actions to anyone and I blame the fine folks here! Anyways I apped for it again 2 weeks ago maybe and was approved instantly for 15k @ 16.99% so I pressed on feeling good and went for a PLOC -- asked for and received 5k at 14.69% I think. It did go into review so I assume some one took a look? So in saying all that don't give up the gate will open up for you!

Re: Shot Down by PenFed - Datapoints

AverageJoesCredit — Wed, 11 Mar 2020 14:56:51 GMT

Lol @ the wink wink Only us MFers find a way to use our ccs for rewards. Im a glutten so i will probably toss an app one day just to see what sticks. With life being short , when you have tons of hps, whats one more lol. But yeah, PF boggles the mind especially seeing as they are so big. Cant wait to see the waves of Pathfinder apps upcoming

Re: Shot Down by PenFed - Datapoints

addicted_to_credit — Thu, 12 Mar 2020 02:16:46 GMT

@AverageJoesCredit wrote:
Lol @ the wink wink Only us MFers find a way to use our ccs for rewards. Im a glutten so i will probably toss an app one day just to see what sticks. With life being short , when you have tons of hps, whats one more lol. But yeah, PF boggles the mind especially seeing as they are so big. Cant wait to see the waves of Pathfinder apps upcoming

I started my apping shenanigans in May of last year and I've probably made 1500+ off my cards in that time. I think the large part of my success in getting so many cards in so little time is due to the fact I don't normally pull the trigger unless I have a pre qualified/approved offer. I went from 0 in available credit to 185,500 in that time current scores are 767 EX, 780 TU and 795 EQ. Inq's are **bleep**/24

Re: Shot Down by PenFed - Datapoints

Green456 — Thu, 12 Mar 2020 11:38:47 GMT

@Anonymous wrote:
Was declined for the PenFed Power Cash credit card today after withrawing an application for a $25,000, 48 month unsecured installment loan that PenFed priced at 12.99%.

I have been a PenFed member for over two years, had a share secured $18,000, 18 month installment loan with them, since payed off, an auto loan that I payed of in 6 months, 2 savings accounts, a checking account, and 4 cd accounts with them. All of my deposit accounts are still open with them.

My denial letter indicated a FICO credit score of 764 and listed the standard 4 garbage reasons for the denial. My AAoA is 25 months, AoOA is 49 months, and have credit 5 accounts on report, including a Chase Sapphire Preferred with a $25,000 limit and another Chase card with a $16,200 limit. No derogatories on credit report or on public records. My income is $130,000 per year, but I rent my place. I have been with my current employer for over 4 years, but have moved to another state in the last 3 months. My employment relationship is not dependent on which state I currently live in. There have been no new credit accounts in over six months with 2 inquiries in the last year.

After discussing my perceived strong profile with the PenFed rep, she put me on hold so she could confer with a loan officer. The Rep stated I did not have a sufficient history with PenFed. When I pressed her for specifics, she said Penfed likes to see a payment history of at least 36 months on a installment loan as shown on a credit report before approving a credit card. Interesting Penfed does not seem so picky on a unsecured $25,000 installment loan.

Can anyone point me to the PenFed Credit Consolation section of myfico.com?

They just gave you a reason for denial because they needed to provide one.