topic Re: PenFed underwriters refusing to let me know Specifically why my application was Denied! in Credit Card Applications

PenFed underwriters refusing to let me know Specifically why my application was Denied!

Goodcreditoneday — Sun, 15 May 2022 19:13:59 GMT

Hi guys. I applied for Gold visa and Pcr at the same time. My EQ Fico score at time of application was 768.... EQ credit report has 2 capital one cards 600/400. One opened in Jan2020 and second one opened in December 2020. And then i have a $1400 personal Loan opened in August 2021 with current balance of $433. I was approved for both Cards gold visa 3500 17.99Apr and 2500 17.99APR for the PCR, after i applied for both cards i then proceeded to open a PenFed savings account. After a couple days I was then told that both card applications won't link to my new savings account because i applied b4 i became a member. So per their suggestion I withdrew the applications and applied again being told that that would fix the problem.... but I ended up being denied for both cards. I kept applying after (3-4 times) and kept getting denied with the generic reason per Key score factors smh now the underwriters have made notes to NOT TELL ME why my applications keep getting denied now... even tho I was approved for both cards in the beginning. Does anyone know the next steps i can take b4 i throw in the towel and cancel my penfed membership? This doesn't seem fair at all!

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Janneman — Sun, 15 May 2022 19:09:16 GMT

Following..

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Goodcreditoneday — Sun, 15 May 2022 19:14:56 GMT

Ok i edited it abit lol sorry.

@Janneman wrote:
Following..

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Flfico — Sun, 15 May 2022 19:21:32 GMT

Welcome to the forums Op and sorry for your denial. This is common practice with most lenders. You should receive a letter in the mail detailing the reasons for denial.

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Goodcreditoneday — Sun, 15 May 2022 19:23:55 GMT

No. It's generic. That's not real reason.... they won't tell me. The usual things that affect your credit score.... it's not the real reason. Also.... ive been apart of the forum for years lol not sure why I'm coming up as a "visitor" :/

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

FinStar — Sun, 15 May 2022 21:19:28 GMT

@Goodcreditoneday wrote:
No. It's generic. That's not real reason.... they won't tell me. The usual things that affect your credit score.... it's not the real reason. Also.... ive been apart of the forum for years lol not sure why I'm coming up as a "visitor" :/

What is the "generic" reason listed on the PenFed letter?

Also, the reason why your profile displays as 'New Visitor' is because you haven't participated frequently on the forums (7 posts since 2020). As you participate more, then profile rankings can change.

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Goodcreditoneday — Sun, 15 May 2022 21:32:10 GMT

Key factors that adversely affected your credit score: 768 Fico Score

•Length of time accounts have been established ( 2½ years)• Proportion of loan balances to loan amounts is too high ($433 balance on a $1400 personal loan)• Too many consumer finance company account ( I have one $1400 personal loan from Opploans)• Too many accounts with balances ( 2 Credit Cards ONE with a $5 balance the other one has ZERO balance)

Penfed gave same reasons word 4 word smh. Maybe it's not meant to be but I'm not giving up just yet.

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Goodcreditoneday — Sun, 15 May 2022 21:34:10 GMT

@FinStar wrote:
@Goodcreditoneday wrote:
No. It's generic. That's not real reason.... they won't tell me. The usual things that affect your credit score.... it's not the real reason. Also.... ive been apart of the forum for years lol not sure why I'm coming up as a "visitor" :/
What is the "generic" reason listed on the PenFed letter?

Also, the reason why your profile displays as 'New Visitor' is because you haven't participated frequently on the forums (7 posts since 2020). As you participate more, then profile rankings can change.

Thank You for replying! I just gave the reasons in my response.

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

coldfusion — Sun, 15 May 2022 23:52:25 GMT

If you were expecting to get a personalized detailed analysis of your credit profile outlining why you were denied, you may get results if you are persistent but the odds aren't great especially if the decision was completely AI-driven, as they've met their legal obligation.

What PenFed, along with every other issuers, is required to give you with the denial notice is a list of 1-4 reasons, in reverse order of impact on the decision, from a list of roughly 100 standardized phrases adopted and used across all issuers in the US. One of the consequences of doing that is that the list does not exactly align with every reason why an application may be denied, so the reason(s) provided may not fit well with the applicant's exact senario.

Re: PenFed underwriters refusing to let me know Specifically why my application was Denied!

Goodcreditoneday — Mon, 16 May 2022 00:17:13 GMT

@coldfusion wrote:

If you were expecting to get a personalized detailed analysis of your credit profile outlining why you were denied, you may get results if you are persistent but the odds aren't great especially if the decision was completely AI-driven, as they've met their legal obligation.

What PenFed, along with every other issuers, is required to give you with the denial notice is a list of 1-4 reasons, in reverse order of impact on the decision, from a list of roughly 100 standardized phrases adopted and used across all issuers in the US. One of the consequences of doing that is that the list does not exactly align with every reason why an application may be denied, so the reason(s) provided may not fit well with the applicant's exact senario.

Thank You for replying! At 1st when i was originally approved and giving my APR and SL, I was told i had to reduce another application because i applied b4 i was a member....No problem. I did it. Which is the reason I've been so persistent is that i WAS APPROVED lol their sending it to an executive Underwriter and I'll know in 3 to 5 business days what their decision is. If it still yelds no results, Orange County Credit Union gave me a great SL ($7500) and good APR ( 12.9) this past week. So I'll just be happy with that and move on from PenFed if the Executive Underwriter still denies me.