topic Denied PenFed Power Cash Rewards card AGAIN! in Credit Card Applications

Denied PenFed Power Cash Rewards card AGAIN!

CCprincess — Sun, 10 Aug 2025 23:13:08 GMT

Hi all! I've been trying to get the PenFed Power Cash Rewards card (2% cash back) since Jan. 2024. I always check each month to see if I'm pre-qualified, and I always get denied. Last month (July), I FINALLY got pre-qualified for a 15k CL and was prompted to fill out a formal application. I seriously couldn't believe I'd finally broken through, felt too good to be true. Well, as luck would have it: I submitted the application, then was asked to provide income documentation, submitted that, and was denied the next day.

I called in, spoke to a supervisor, and she said everything looked great on my application, except too many recently opened CC accounts on my Equifax report (I think she must be talking about my 2 most recent accounts, one opened late May, the other opened mid June). So not an issue with number of inquiries but rather age of accounts. She said to be safe, wait 6 months to reapply so that the new accounts could show positive payment history.

Has this happened to anyone else with PenFed, getting pre-qualified and then denied, or denied due to too many recently opened accounts? Is PenFed uniquely selective with its CC applicants? Do I really have to wait 6 months here, or would 3 probably be enough?

FWIW, I have excellent credit scores ~800, huge amounts of revolving credit with 30+ CC accounts as primary or AU, high income, low utilization, 12 years of CC history with no missed payments, etc. etc.

Please, someone tell me what I'm missing here

Re: Denied PenFed Power Cash Rewards card AGAIN!

GZG — Sun, 10 Aug 2025 23:19:21 GMT

@CCprincess wrote:
Please, someone tell me what I'm missing here

penfed is not a great CU anymore for a number of reasons, their BS pre-qualify tool being a good enough reason as any of the others

get a different 2% card, NFCU has one now, do you qualify to join with them?

Re: Denied PenFed Power Cash Rewards card AGAIN!

CCprincess — Sun, 10 Aug 2025 23:21:48 GMT

I actually applied for their 2% card and was given a measley $500 CL, woof!

Re: Denied PenFed Power Cash Rewards card AGAIN!

FicoMike0 — Sun, 10 Aug 2025 23:37:03 GMT

I was turned down for pathfinder. Same letter that explained too many recent accounts also gave my fico score as 850. I decided if 850 isn't good enough I quit with them.

Fidelity and wells Fargo both have 2% cards. I just got the 3% Aven visa. https://www.aven.com/asset?utm_source=fb&utm_medium=Facebook_Right_Column&utm_campaign=120213627102930702_120213627102910702&utm_content=120213853089460702&utm_id=120213627102930702&utm_term=120213627102910702&fbclid=IwY2xjawHWFMJleHRuA2FlbQEwAGFkaWQBqxXc-zYu7gEdnfp1vRQnqTizHa6ND6LLAMZNngA7yiUTiDlX9cYQ6HP7JyYUxkdMKC0b_aem_AMF--k23x3ojSHvKtLOFgQ

3% on everything puts the 2% cards in the dock drawer. Well see if they nurf it.

Re: Denied PenFed Power Cash Rewards card AGAIN!

CCprincess — Mon, 11 Aug 2025 00:00:06 GMT

I've seen that Aven 3% card advertised on Instagram, it looked like spam so I didn't take it seriously!

Re: Denied PenFed Power Cash Rewards card AGAIN!

FicoMike0 — Mon, 11 Aug 2025 00:52:29 GMT

I apped, was approved for $15000. Card showed up priority mail in 3 days. Nice all black metal card. Works, shows 3%, haven't tried to collect cash back yet. You have to sign up for auto pay to get 3%. If you go for it, use the link above. They have a similar card that's a heloc for home owners with a different link.

It reported the day after approved, it shows as a secured loc. That makes sense for the heloc version. Don't know what that means creditwise. Maybe adds to credit diversity.

Re: Denied PenFed Power Cash Rewards card AGAIN!

CCprincess — Mon, 11 Aug 2025 01:27:45 GMT

Do they have a pre-qualification/pre-approval tool, or do you just have to take the plunge and apply and hope for the best?

Re: Denied PenFed Power Cash Rewards card AGAIN!

AndySoCal — Tue, 12 Aug 2025 00:11:59 GMT

@CCprincess @If you are interested in 2% cash back alternatives credit union wise. Here are three

State Department FCU I have their card and I like it. The nice thing about the card is you do not have to ask for credit limit increases. They review your account once a year in the month that the account was opened. If you qualify for a CLI it will be an auto CLI . I have had the card two years and two auto CLIs

Fortera credit union. I a member of the credit union but never applied for a card with them they have a prequalify tool and they do the same as State Departmemt FCU in terms of CLI per their web site

Veridian Credit Union has a 2 percent card. I think there is some posts on the forum about Veridian.

I hope this helps.

Re: Denied PenFed Power Cash Rewards card AGAIN!

CCprincess — Wed, 13 Aug 2025 15:28:47 GMT

Thank you so much @AndySoCal , love these alternative 2% cards!

Re: Denied PenFed Power Cash Rewards card AGAIN!

dfwxjer — Wed, 13 Aug 2025 17:47:20 GMT

echoing what others have said above... Penfed isn't great. No room for growth, mid cash back rate, abysmal website/app...

Re: Denied PenFed Power Cash Rewards card AGAIN!

Yasselife — Wed, 13 Aug 2025 23:20:04 GMT

@CCprincess

PenFed can be pretty sensitive to new accounts, even for folks with top tier scores and long history. I’ve seen similar cases where people got pre-approved but were denied after the formal app because the accounts were too new. The 6 month wait they suggested isn’t unusual for them; it lets those new accounts age and build some payment history. You might be fine with 3 months if your profile is otherwise spotless, but with PenFed I’d personally wait the full 6 to avoid another hard pull and denial.