topic Re: Penfed Denial/Other Recommendations in Credit Card Applications

Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 05:33:27 GMT

So I got denied today for a Penfed Cash Rewards card. According to my EQ monitoring service (which recommended the card according to my score btw) my fico score is a 697. My EX monitoring service has my EX fico at a 722. TU is a 735 according to Credit Karma.

I have an auto loan which is about 65% paid off & a self lender loan that im halfway done paying as well. For revolving credit I have the My Jewelers card with the $5000 limit & i owe nothing on thats fairly recent plus a Cap One card with a $3500 limit thats about 3.5 years old with an outstanding balance of $50 that Im an AU on. No late payments or collections. Only inquiry I had on any of my reports was the My Jewelers on EX. Im assuming ill have one now on EQ for Penfed.

Any recommendations on if I should try & just get Penfeds regular gold visa instead or any other CCs i would have a good possibility of getting accepted by?? I originally wanted to keep it to one inquiry per bureau when applying for new cards but there went that idea. Any help or input would be greatly appreciated.

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 05:21:12 GMT

That is unfortunate about the denial. Perhaps, wait for the letter and see if you can address those reasons to improve your odds at future approval?

Besides the My Jewelers, do you have any revolving accounts of your own?

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 05:27:19 GMT

@AllZero wrote:
That is unfortunate about the denial. Perhaps, wait for the letter and see if you can address those reasons to improve your odds at future approval?

Besides the My Jewelers, do you have any revolving accounts of your own?

@AllZero unfortunately I do not which is why I had decided to get added as an AU with a family member to try & add another revolving tradeline

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 05:32:39 GMT

I do not know how your credit profile looks like.

Are you eligible for Navy Federal Credit Union membership?

Have you considered going to the secured card route?

If you have any derogatory or delinquency, you may want to address those before seeking credit.

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 05:39:21 GMT

I knew that was coming thats why I edited my original post just as you replied. Lol I have 100% payment history & no collections what so ever.

I suppose I could try Navy Federal. Im tempted to try Discover since the EX monitoring service recommends it according to my score but that didnt turn out so well with my EQ recommendation lol

I had not thought about a secured card either as I felt my scores were good enough to get something unsecured.

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 05:39:32 GMT

BTW, Credit Karma provides VantageScores. That is not a FICO score.

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 05:45:36 GMT

I pay both Experian & Equifax for their respective credit monitoring services, reports & scores. I have noticed though that they each have a different fico for the other & vice versa which is why i go based off their own fico only (EX for EX fico only & EQ for EQ fico only)

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 05:47:21 GMT

@Anonymous wrote:
I knew that was coming thats why I edited my original post just as you replied. Lol I have 100% payment history & no collections what so ever.

I suppose I could try Navy Federal. Im tempted to try Discover since the EX monitoring service recommends it according to my score but that didnt turn out so well with my EQ recommendation lol

I had not thought about a secured card either as I felt my scores were good enough to get something unsecured.

Wait for the PenFed letter before you go credit seeking. It's recommended you do some research first or ask questions here so members can provide some feedback in regards to your situation. Thus, improving your odds at approval.

Scores are not the sole factor for approval. It's based on your overall credit profile.

I would not pay any attention to those credit monitoring recommendations. It's a marketing tool. They do not have your best interest.

NFCU has one of the best secured cards out there that is known to graduate around 7 months.

Discover has a good secured card too. Have you checked their pre-qualifcation site to see if you have any offers?

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 05:52:55 GMT

Ill do that & report back here what their grounds for denial was. I will also look into that NFCU card in the meantime.

I also did try Discovers pre approval site & I was pre approved for their discover it cash back & disvover it gas & restaurants card @AllZero

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 05:53:19 GMT

@Anonymous wrote:
I pay both Experian & Equifax for their respective credit monitoring services, reports & scores. I have noticed though that they each have a different fico for the other & vice versa which is why i go based off their own fico only (EX for EX fico only & EQ for EQ fico only)

Experian provides FICO scores, different versions too.

It is my understanding Equifax does not provide FICO scores. They provide their own internal scores which are not FICO scores.

The majority of lenders use FICO scores. You will want to educate on which lenders pull which bureau.

I would recommend reading the below from credit_is_crack
The "Which Banks Pull Which Report For Apps" list

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 05:56:34 GMT

@Anonymous wrote:
Ill do that & report back here what their grounds for denial was. I will also look into that NFCU card in the meantime.
I also did try Discovers pre approval site & I was pre approved for their discover it cash back & disvover it gas & restaurants card @AllZero

NFCU has membership restrictions. You can check here to see if you are eligible. https://www.navyfederal.org/membership/become-a-member/eligibility.php?intcmp=nav|mbrspmenu|||eligibility|10/19/2017|||

That is a good sign that you have some offers from Discover.

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 06:02:17 GMT

Looks like I might not be able to get a NFCU account after all. I do have a cousin in the Navy but I dont know if theyll accept that. They should though...its still family lol

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 06:07:10 GMT

@Anonymous wrote:
Looks like I might not be able to get a NFCU account after all. I do have a cousin in the Navy but I dont know if theyll accept that. They should though...its still family lol

Cousins do not work. However, look into the daisy chain method. Their immediate relative becomes a member, and then sponsor their immediate relative that ultimately ties into you as an immediate relative.

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 14:21:32 GMT

Lack of Revolving Credit Account history was the reason I got denied with Penfed. As stated....I have the My Jewelrs which is 6months & a Cap One im an AU on that has 3.5 year history.

I called Penfed to ask for reconsideration but was told Id have to send a letter or email them for them to reconsider. Any help on what exactly I should say other than please reconsider as I have no negatives on my report & 100% payment history on everything?? Lol @AllZero

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 14:57:12 GMT

I'm not too good at reconsideration myself. Perhaps, if you have decent income, low DTI, address those strengths?

Who do you bank with? Do they offer secured cards?

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 15:14:07 GMT

I bank with TDECU & they do not offer a secured card. Their whole credit card line up leaves more to be desired in my opinion. I guess maybe I should apply for something with them as I have been banking with them for 5+ years

Re: Penfed Denial/Other Recommendations

BmoreBull — Thu, 03 Sep 2020 15:27:45 GMT

Discovers prequal are pretty good. If you are prequalified there, I would think about applying. One thing to be wary of, they may ask for the income verification form. If you're ok with that, I would give them a shot.

Re: Penfed Denial/Other Recommendations

AllZero — Thu, 03 Sep 2020 15:33:45 GMT

I'm not too familair with them. If you use the search bar for TDECU, it may yield some data points.

There line up doesn't look too bad. You're building or rebuilding your credit profile so you'll have to start off slow. The starter or entry level cards will be a stepping stone to better credit products.

https://www.tdecu.org/compare-all-credit-cards/

Re: Penfed Denial/Other Recommendations

BmoreBull — Thu, 03 Sep 2020 15:47:14 GMT

@AllZero wrote:
I'm not too familair with them. If you use the search bar for TDECU, it may yield some data points.

There line up doesn't look too bad. You're building or rebuilding your credit profile so you'll have to start off slow. The starter or entry level cards will be a stepping stone to better credit products.

https://www.tdecu.org/compare-all-credit-cards/

I clicked that link that @AllZero provided I must say this image made my day.

I literally lol'd at this. I would carry this card just to see the look on people's faces when I handed it to them.

Re: Penfed Denial/Other Recommendations

Anonymous — Thu, 03 Sep 2020 16:07:45 GMT

@AllZero Thanks. The only one that interests me is the Bucees one just for the 10 cents off per gallon of gas to be honest.

@BmoreBull Thats Bucee the beaver man!!!! 🤣🤣 Their gas stations are a pretty big thing out here in Texas. Got their own clothing line w alot of "beaver" innuendo & everything. Lol