topic Re: PenFed Power Cash Rewards Under Review in Credit Card Applications

PenFed Power Cash Rewards Under Review

LuckyB338 — Thu, 10 Mar 2022 04:10:48 GMT

Below thread is in reference to my wife's application.

She applied to PenFed Power Cash Rewards within the hour after being approved for Platinum Rewards and received an email stating the application is being reviewed by one of their loan officers and will contact us in 24-48hrs.

She called customer service and asked for underwriting so the application can be expedited but the representative said it's not possible to speak with one of their loan officers.

What can be expected here? I've read previous threads about the topic and it appears to lead to income or identity verification.

Data points:

EQ:762 | 3 inq

EX:793 | 7 inq

TU:757 | 5 inq

No derogs, 4% utilization across CRs

$129k income

Update:

Received an email just earlier and was advised that the PCR application could not be approved at this time. She called CSR and was advised that the underwriter did not say much in notes and one of the reasons cited must be why she was denied. She asked if she could speak with an underwriter and was told to call back during normal business hours and the application may be reconsidered or the underwriter may ask that she applies again and confirmed the same HP would be used for the new application.

Re: PenFed Power Cash Rewards Under Review

FinStar — Wed, 09 Mar 2022 19:58:55 GMT

@LuckyB338 wrote:
Below thread is in reference to my wife's application.

She applied to PenFed Power Cash Rewards within the hour after being approved for Platinum Rewards and received an email stating the application is being reviewed by one of their loan officers and will contact us in 24-48hrs.

She called customer service and asked for underwriting so the application can be expedited but the representative said it's not possible to speak with one of their loan officers.

What can be expected here? I've read previous threads about the topic and it appears to lead to income or identity verification.

Data points:
EQ:762 | 3 inq
EX:793 | 7 inq
TU:757 | 5 inq

No derogs, 4% utilization across CRs
$129k income

Unfortunately, no one has a 🔮

Since the application will simply run its course through UW, the outcome can be any number of things. Best thing to do is wait and periodically check the status until the application is finalized. If PenFed needs additional information, they'll let your wife know.

Re: PenFed Power Cash Rewards Under Review

LuckyB338 — Wed, 09 Mar 2022 20:44:07 GMT

Wish that were the case LOL, but a community with experience is as close to a crystal ball as we can get. I'll check the application in a few days and update everyone if there's any progress.

Re: PenFed Power Cash Rewards Under Review

LuckyB338 — Thu, 10 Mar 2022 04:02:51 GMT

Update:

Received an email just earlier and was advised that the PCR application could not be approved at this time.

Please see below for reasons of which none are true with reference to her CRs.

How can I recon this? I've read about the survey but could not locate a link in the email received.

Re: PenFed Power Cash Rewards Under Review

FinStar — Thu, 10 Mar 2022 04:05:34 GMT

@LuckyB338 wrote:
Update:

Received an email just earlier and was advised that the PCR application could not be approved at this time.

Please see below for reasons of which none are true with reference to her CRs.

How can I recon this? I've read about the survey but could not locate a link in the email received.

PenFed no longer appears to send the surveys. That avenue dried up over a year ago, IIRC. Any reconsideration requests need to be submitted in writing with supporting documentation.

Re: PenFed Power Cash Rewards Under Review

FinStar — Thu, 10 Mar 2022 04:10:27 GMT

@LuckyB338 wrote:

Update:

Received an email just earlier and was advised that the PCR application could not be approved at this time. She called CSR and was advised that the underwriter did not say much in notes and one the reasons cited has to be considered. She asked if she could speak with an underwriter and was told that to call back during normal business hours and the application may be reconsidered.

Unfortunately, loan officers are walled-off from any direct customer interactions. So, even if she speaks with an agent, they more than likely will have her submit a reconsideration request in writing unless there was an error on their end that may be able to be overturned.

Re: PenFed Power Cash Rewards Under Review

LuckyB338 — Thu, 10 Mar 2022 04:22:00 GMT

How do you suggest she goes about a recon?

As in, would it be uploaded to their secure document upload or mailed to the address on the denial document?

In addition, is there any specific language that should be included in the letter?

Re: PenFed Power Cash Rewards Under Review

FinStar — Thu, 10 Mar 2022 04:34:29 GMT

@LuckyB338 wrote:
How do you suggest she goes about a recon?

As in, would it be uploaded to their secure document upload or mailed to the address on the denial document?

In addition, is there any specific language that should be included in the letter?

Reconsideration requests will depend on the type of information you or your wife would be able to provide to PenFed with any rebuttals to the reason(s) listed for the application denial. Even though she was approved for one of the accounts in the recent spree, it may be unlikely she may qualify for a 2nd one. My suggestion is to have your wife reach out to PenFed tomorrow during business hours to see what next steps are recommended for the reconsideration request and which method to send the request/info.

Re: PenFed Power Cash Rewards Under Review

LuckyB338 — Sat, 12 Mar 2022 02:15:46 GMT

Quick update: she reached out and the CSR asked her to upload the recon request with proof via the secure upload and requested that she follows up after 24hrs. I will update as you guys next week!

Big thank you to @FinStar for the guidance!

Re: PenFed Power Cash Rewards Under Review

FinStar — Sat, 12 Mar 2022 02:51:53 GMT

@LuckyB338 wrote:
Quick update: she reached out and the CSR asked her to upload the recon request with proof via the secure upload and requested that she follows up after 24hrs. I will update as you guys next week!

Big thank you to @FinStar for the guidance!

Anytime @LuckyB338 - please let us know the outcome.

There isn't a whole lot of recent DPs as far as reconsideration requests with PenFed. Your DPs will definitely help the community.