Denied Penfed PCR Recon Possible?

[Fated4Credit]

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@Wavester64 wrote:

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@Fated4Credit wrote:

I just applied for their card after applying for membership on the 10/1, which unfortunately got a HP for btw. However despite that I decided to go ahead & apply for their card since I wanted the inquiries to age together, I mean why wait. After completing the app I was shocked to get denied!? The reasons given

Lending Services
Your Credit Score:
Date:10/3/2020. EQ : 784 300 of 850

•Length of time accounts have been established

• Lack of recent installment loan information • Length of time revolving accounts have been established
Received on: 10/03/2020

My oldest account is over 3 yrs (4/2017) my average age of account is over 2 yrs & my youngest account was 15 months (6/2019) before my USB Cash + approval eariler this week of 5k. I just have the inquiry on EX, the card hasn't hit my report yet. Inquiries EX 2: , EQ 2 (including the pull for the PCR) & TU 2, 3 of the inquiries are way over a yr 

I don't have any loans but I thought my report & score was pretty good for getting an approval. Is there anyway this is worth a recon I'm just very disappointed & shocked especially after my mistake last week with US bank when I forgot to unlock my reports & I had to have them do a repull

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This sounds similar to me, other than your stats for AoYA are better than mine.

Unless things change, PenFed is one of the CUs I wish I never sign up with.

PENFED - DECLINED MAY 3, 2020 (EQUIFAX FiCO 08 SCORE : 772)

-Proportion of loan balances to loan amounts is too high
-Length of time revolving accounts have been established
-Time since most recent account opening is too short
-Ratio of balance to limit on bank revolving or other rev accounts is too high

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The irony is I almost applied back in 2018 but I was scared that they would think my credit file was too young & get denied so I thought I would give it more time. This was when I had 2 cards at the time. I don't know if me waiting 6-12 months would do any good. Maybe they want to see my oldest account at 5 yrs or something 🤷

[chiefone4u]

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@Fated4Credit wrote:
@chiefone4uDoes the $10 that I applied for membership with count? 😅 I am planning on adding more to the account over time though. I wasn't thinking about a personal loan I don't have any major purchases coming up

I would like a mortgage with them in about 2-3 yrs though so I'm at glad for the membership in that respect to build a relationship. I don't want to take anymore unnecessary pulls to my report. This is my first denial for credit so it stings a little, especially over something I prepared & made sure my reports were always in top shape

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I'm not sure if my experience with PenFed was coincidence or not as several things changed in my profile from membership to approval. 

I opened my membership with minimum deposit and applied for PCR -- Denied.

Three months later I applied again, again it was denied.

The following month I read a post on here that someone had started moving $100 a month into their PenFed Savings account and they started getting credit offers. 

My impatient self moved $100 into the Savings account and applied again-- Denied. 

The denial letter mentioned percentage of balance to limits. I received an email about their personal loans up to $25,000 the same day. I applied for a $24,000 personal loan and was conditionally approved... just needed a copy of my driver's license and my most recent pay stubs. Ten day's later I had the $24k check in my mailbox (if I had opened a checking account with them, I would of had funds available same day).

I cashed the check and applied for PCR again (without having my credit report updating the paid off accounts) this time INSTANT approval $15k at 10.5%  - at the time it was my highest limit and lowest apr (BECU now holds both titles with $17k at 8.9%).

As mentioned enough time passed and other things changed as well, I can't say for sure what triggered the approval... length of membership, 5 point increase in score, having my youngest account reach 6 months old, or possibly them seeing my actual income as part of their review for a personal loan? 

I say, even if you have no use for a personal loan; see if they will let you use your HP for a 12 month $1k loan (or more if you're comfortable with it) and pay it off early to avoid unnecessary interest... I would also try for the PCR again while the loan is open.  But that's just me.

[Fated4Credit]

Update: I decided to write them an email for reconsideration as @Loquat suggested Later on today I got an alert through Experian saying that my Equifax was pulled again so I freaked thinking they pulled my credit for recon when I asked them not to in the email. I ended up calling them & speaking with a very nice lady,  a credit card specialist for about 20 minutes I told her what happened & about the email. She puts me on hold for a few mins & says she doesn't see 3 pulls only 2, they wouldn't do a pull for recon. She said I could send in a copy of my EQ removed. I then asked her about my recon, which she says they wouldn't do a another pull for recon & turns out its still denied so I say my oldest account is 3.5 yrs, & then she asked do I have accounts younger than that. I say I have my last account open 15 months ago in June 2019. The rep said that's why I got the denial of not enough account history, she says they really want to see 2 yrs of on time payments from my last account open

Seriously so that means my official denial stands I can't possibly apply until July next 2021 which won't be so bad except for the fact that if what she's saying is true I'm already approved for US bank when a applied on 9/25 so that would be my youngest account & I would have to wait until that card is @ least 2 yrs old so I'm looking at possibly October/ November 2023!? 😳😩 to get the PCR. I was already gardening to get the Cash+ to be 0/12 in new accounts & to garden for 2.5 yrs again for the PCR seems a bit ridiculous. I wanted to get both of these cards to age together.

I then asked about opening a personal loan with the pull since it was good for 30 days. Not that I want another pull right now, but she suggested a shared secured loan no credit check & & I could build a relationship with Penfed that way. Its something that I'll maybe look into & I would least have a installment loan even though I think the young accounts carried more weight than the no installment loan for the denial.

**Side note after the call I went back & checked my Experian account & credit karma, turns out its only really 2 pulls I have with Penfed. I think there was a delay  with credit karma when I applied for membership on Oct.1. I got the alert quicker from credit karma then I did through Experian. Looks like the membership pull was dated for the the 3rd & the CC inquiry just came through today when I applied yesterday. 🤦

Sorry for the long post. Looks like me getting the PCR is on pause for now. Still looking out for a reply to my email but doesn't look like a recon is going to happen 😔

[Loquat]

OP, at least you gave it your best even if it didn't shake out this time around. Things in this hobby are always changing. While they're saying they want to see more history, and that may be true today...but things could change.

Keep doing what you're doing and you may find that when the time comes you're no longer interested in their product...and if you are, hopefully you'll get an approval.

Thanks for chiming in with the update. Don't let any of this discourage you from the ultimate goal which is rewards, benefits, while paying little to no interest.

[Fated4Credit]

Thanks @Loquat. Maybe its for the best right now I just cool my heels with the Cash+. I'm not sure if I'll wait over 2 yrs for the card though especially how I wanted this to be my last goal card before I went for a mortgage in 2-3 yrs. Its funny between the PCR & USB Cash+ I always though I would have had an easier time @ getting the PCR. I've always heard ppl applying for the card right out the gate with membership. Pretty sure not everyone had their last card @ 2 yrs before applying unless this is Penfed's new policy.

[AverageJoesCredit]

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@Fated4Credit wrote:
Thanks @Loquat. Maybe its for the best right now I just cool my heels with the Cash+. I'm not sure if I'll wait over 2 yrs for the card though especially how I wanted this to be my last goal card before I went for a mortgage in 2-3 yrs. Its funny between the PCR & USB Cash+ I always though I would have had an easier time @ getting the PCR. I've always heard ppl applying for the card right out the gate with membership. Pretty sure not everyone had their last card @ 2 yrs before applying unless this is Penfed's new policy.

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ive been a member with Penfed for 4 years and have more hp denials on my reports perhaps more than anyone. Persistence is key and eventually you'll  get it. 

[Anonymous]

Yet I have a preapproved letter sitting here and my youngest account is under 6 months however I have student loans that are almost 10 years old and nearly paid off and 2 paid off car loans so maybe that helps me my eq is 712

[Fated4Credit]

Update #2: I received a reply from a loan officer in response to recon email, basically the only way I'm getting the card is if there is any additional info missing from my app that I can provide or documentation of the incorrect info. None of that applies to me unless I was going to send in a copy of my EQ report which would have the exact same information that they just pulled a couple days ago. That would just be a waste of time since my issue is short account history with my youngest account being under 2 yrs based on what the rep. I spoke with said. My oldest account is just 3.5 yrs so I don't have that working in my favor & seeing as I just been approved for USB cash+ I'm going to be waiting a bit 🤦Looks like my hands are tied for the time being its just a waiting game now, unless a pre-approval through my account or mail offer comes along. It still stings that I can't find a way to change this outcome in my favor.

[Dmessina666]

They hard pulled you for membership??? I literally opened a savings account yesterday, SP on Equifax. I call customer service about 4 hours ago and asked if the checking would be a hard pull, and he stated no. 

While he had me on hold, I had My Equifax open and another soft pull pops up. So I asked if I applied for a credit card or other loan service, would that soft pull be used. 

I was advised with a credit card, a hard pull from Fico 9. I'm seeing mixed results when it comes to checking and savings tho, some HP and some SP. Sorry to hear they hit you up twice. 

[Jcbotero]

I have a 2 year old BK. Have had a Discover IT for a year and applied for Apple Card in august and was approved.

september 23rd, about a month after my Apple Card I decided to open a PenFed account. After opening the saving account I decided to give it a shot with the PCR expecting denial.

approved for $1000. I was shocked. Since then I've opened a checking and have $400 direct deposited to it a week.

Strange seeing you not be able to get it. YMMV