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PenFed Refi approved 6 months after denied

New Contributor

PenFed Refi approved 6 months after denied

I've been in the garden the last 6 &1/2 months tipped out to see if I could secure a new CC to cover an about to lapse BT, Discover approved me for $4K but after reading here I decided to try Penfed again where I had a Power Cash card so I tried for the Gold, instant approval $7,500 SL so why not see if they would refi my BBVA/PNC auto loan of 9.8%. APPROVED @ 4.69% had to send in some ID verification stuff, and the app status stayed under review for 9 days so I called today and after speaking with 3 different people they said it was stuck in review and I would be notified today of an status update and literally minutes later I received an email to esign, cha-ching! They deinied me in April just after I'd finaced with BBVA due to too many INQ's (33 total, don't rember how many with EQ). I received 2 HP's EQ8 score from Penfed was 682 same as myFico score. Everyone here has been such a great help and offered so much support I wanted to add my stroy and DP's. I have a BK that will be 7 yrs on 4/15/22 so I will go back in the garden come out in the spring and make sure all the bureaus erase all the things from that discharge that have really been holding me back all these years, the only baddie will be the 7 year old BK itself. surely I'll finally see the plus side of 700 soon. Thank you myFico and fellow credit builders and degenerates as well!



EQ: 682, double HP from Penfed on the auto & CC app 

9 INQ in last 12 months, 6 in last 6 months

UTI: 24%

Credit History: 6yrs 9 months

income: $36,600.00 (retired)

BK: discharge 4/2015


Cards from oldest to newest:

Credit One: SL-   $850 -canceled this week

Cap1:                  2,500

Credit1:              1,950

NFCU Cash R:   5,500

PenFed PC:       2,500

AMEX Hilton:    1,000 declined CLI this week

BBVA/PNC:       2,400

BECU:                 7,500

NFCU:               20,000

Disco:                 4,000

PenFed GR.       7,500




Message 1 of 3

Re: PenFed Refi approved 6 months after denied

Very nice! Congrats on the approval and enjoy the savings.
Message 2 of 3
Valued Member

Re: PenFed Refi approved 6 months after denied



I do notice that PenFed is quite slow to respond to apps. I think it's partly because of account handling inconsistencies between different branches.  I encourage everyone who contacts PenFed by phone to ask which branch you have reached and keep notes on how they are handling your case. 

Message 3 of 3
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