topic Re: Penfed instant approval then told denied in Credit Card Applications

Penfed instant approval then told denied

creditclueless — Fri, 14 Aug 2020 00:03:43 GMT

I applied for a Gold card was instantly approved for $17,500, completed everything even set up balance transfers. Next thing I see my application is being put under review. Today they told me Im denied because of too many open accounts with balances. Im a bit frustrated since I was about to close a few accounts after getting this card. They said my EQ was 727. I also applied to refinance my auto loan. I wonder if they will trun me down for that too.

Re: Penfed instant approval then told denied

AllZero — Fri, 14 Aug 2020 00:05:31 GMT

That is unfortunate on the CC denial. Good luck on your refinance application!

Re: Penfed instant approval then told denied

CreditCuriosity — Fri, 14 Aug 2020 00:06:09 GMT

sorry about the CC.. auto refi should go through as that is partially a secured debt meaning they can repo it if anything goes wrong where-as CC is completely unsecured and a bit more strict on lending

Re: Penfed instant approval then told denied

AverageJoesCredit — Fri, 14 Aug 2020 00:13:39 GMT

Sorry to read that. Now thats the Penfed i know. Good luck on your refi.

Re: Penfed instant approval then told denied

creditclueless — Fri, 14 Aug 2020 00:28:36 GMT

Maybe this will help someone else from wasting an inquiry.

Re: Penfed instant approval then told denied

Hex — Fri, 14 Aug 2020 00:33:57 GMT

@creditclueless

I'm sorry to hear that it seems wrong. They should have said pending if it wasn't a real final approval. Just out of curiosity hiw much did you request to balance transfer?

Re: Penfed instant approval then told denied

creditclueless — Fri, 14 Aug 2020 00:43:08 GMT

I was only doing around $5000 to keep the balance under 30% utilization. I only have about 8k in total credit card debt. Then I was going to close about 5 cards that were from my rebuild that were garbage. I do wish they would have just said under review instead of giving me the credit limit and interest rate. It really stings that I took a hit of two hard inquiries too. I don't know if I ever want to deal with them again. I've thought about just asking them to cancel my auto refinance.

Re: Penfed instant approval then told denied

SouthJamaica — Fri, 14 Aug 2020 01:30:07 GMT

@creditclueless wrote:
I applied for a Gold card was instantly approved for $17,500, completed everything even set up balance transfers. Next thing I see my application is being put under review. Today they told me Im denied because of too many open accounts with balances. Im a bit frustrated since I was about to close a few accounts after getting this card. They said my EQ was 727. I also applied to refinance my auto loan. I wonder if they will trun me down for that too.

Try to recon their decision. PenFed is sometimes receptive to that.

Also, if they send you a feedback email, use that as a recon opportunity as well.

Re: Penfed instant approval then told denied

Harvey26 — Fri, 14 Aug 2020 01:41:47 GMT

@creditclueless wrote:
I was only doing around $5000 to keep the balance under 30% utilization. I only have about 8k in total credit card debt. Then I was going to close about 5 cards that were from my rebuild that were garbage. I do wish they would have just said under review instead of giving me the credit limit and interest rate. It really stings that I took a hit of two hard inquiries too. I don't know if I ever want to deal with them again. I've thought about just asking them to cancel my auto refinance.

Are you able to get in NFCU? if not maybe look into a personal loan.

Re: Penfed instant approval then told denied

creditclueless — Fri, 14 Aug 2020 01:45:56 GMT

I was planning on having most of it paid down by Jan anyways. I was just excited that I thought I finally got a nice card with a big limit and could get rid of some cards I don't need. The zero percent transfer was also a nice feature. I can't get into the NFCU.

Re: Penfed instant approval then told denied

Applepro1990 — Fri, 14 Aug 2020 02:33:02 GMT

That's sucks being denied after getting an approval. I had the same thing happen to me. Hopefully they will approve tour refinance

Re: Penfed instant approval then told denied

SouthJamaica — Fri, 14 Aug 2020 04:13:53 GMT

@creditclueless wrote:
I was planning on having most of it paid down by Jan anyways. I was just excited that I thought I finally got a nice card with a big limit and could get rid of some cards I don't need. The zero percent transfer was also a nice feature. I can't get into the NFCU.

Some other cards even better than the PenFed Gold card:

Chartway FCU platinum Visa

Unify FCU Platinum Visa

Digital FCU Platinum Visa

Vantage West CU Connect Visa

Evansville Teachers FCU Platinum MC

Re: Penfed instant approval then told denied

CashBackQueen — Fri, 14 Aug 2020 08:42:59 GMT

That's horrible! Sorry this happened to you OP, I know I would be crushed and severely disappointed in them. I'm glad I ended my relationship with this bank, never asked for any of their credit products but I just didn't like their online banking setup and how difficult they made it to update basic information. Like others have posted, there are better banks and better cards out there. Good luck with your rebuild!

Re: Penfed instant approval then told denied

jberry — Sat, 15 Aug 2020 01:55:07 GMT

@AverageJoesCredit wrote:
Sorry to read that. Now thats the Penfed i know. Good luck on your refi.

Yeah thats the PenFed I know too, after getting 2 cards with them, which I am happy for all in one week, (PenFed gold and Platinum Rewards each at $5,000 each - wanted a higher limit to do a balance transfer), I did their pre qualify for personal loan so I can consolidate debt, I was pre approved up to $20,000 , did what they told me to do, I even submitted my documents THREE times! and finally almost a month later, they come to their decideion that I'm denied for their personal loan. Keep in mind I been a PenFed member for a long time, over a decade, financed many cars with them too, I'm just not happy with their service anymore, even the wait times are always so long even before COVID-19, and I remember when I was refiancing my student loan with them, it took almost a month, and they even pulled my credit again! after a month, sorry not credit card related just venting, that the OP got approved and denied, really messed up.

Re: Penfed instant approval then told denied

Anonymous — Sat, 15 Aug 2020 06:08:38 GMT

Well that just abosolutely sucks! I agree with the other poster about trying for the RECON first. Then decide what you want to do after that. Good luck!

Re: Penfed instant approval then told denied

creditclueless — Sat, 15 Aug 2020 16:43:10 GMT

I don't think Penfed likes me they also denied me for the auto loan lol I think I am done with them.

Re: Penfed instant approval then told denied

Anonymous — Sun, 16 Aug 2020 05:50:50 GMT

Balance transfer could've triggered something. Just a guess.

Re: Penfed instant approval then told denied

Fated4Credit — Sun, 16 Aug 2020 19:15:50 GMT

@creditclueless wrote:
I applied for a Gold card was instantly approved for $17,500, completed everything even set up balance transfers. Next thing I see my application is being put under review. Today they told me Im denied because of too many open accounts with balances. Im a bit frustrated since I was about to close a few accounts after getting this card. They said my EQ was 727. I also applied to refinance my auto loan. I wonder if they will trun me down for that too.

Sorry for the denial, your post is like a cautionary tale, that's like my worst nightmare as I too have balances on 3 of my four cards, thankfully they're small & UT is still at 8% will be 12% when my PPMC reports next week. I'm planning to apply for membership & the maybe the PCR next month, I pushed out my app date to an extra month to pay down my balances to 2-3% UT Hopefully you can recon their decision, good luck

Re: Penfed instant approval then told denied

newgirlintown — Tue, 25 Aug 2020 20:10:33 GMT

Don't waste another hp on this awful bank. They play too many games.

Re: Penfed instant approval then told denied

newgirlintown — Tue, 25 Aug 2020 20:18:46 GMT

Glad I read this. I was approved then denied too! I almost considered opening a savings account with them just to get my foot in the door but even that's a hard pull with no guarantee of a cc approval. They can go to hell. I'll never ever deal with them again.