Denied Penfed PCR Recon Possible?

[Oops_I_Did_It_Again]

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@chiefone4u wrote:

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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
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.

...

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.

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Monumentally great post!  My experience in the Pen has so far been remarkably similar to your early part and the OPs.  They advised me to do the small loan as a way of improving my relationship with them and curing what they seem to find a unacceptable weakness in youthful profiles.  It's a bit odd but they really seem to like newer credit history buttressed by an installment loan. 

It is wierd to get declined when your reports are clean and have good scores.  I mean, you can't reallly improve much, and you wonder, what the hell do they want.  But Pen Fed can be very generous when they finally accept you, the closest thing those of us who have no military connections have to NFCU.

[raisemysc0re]

I just got approved for the PCR yesterday. 3 months after opening a walmart credit card.

I opened a HELOC with them 2 years ago and my Fico 9 scores are all a little over 800.

So otther things on the report matter and having 1 young credit card should not stop you from getting an approval. 

[Fated4Credit]

I'm not exactly sure what they're looking for but I got an email to do a survey. I have heard of ppl filling out the survey as a way to get their denials overturned, but in my case as I said in earlier posts I'm kind of at a crossroads with Penfed right now. Not sure what more I can already do outside of what I'm already done with writing them a prior email & talking to a rep. This seems to be their new policy when a young account is less than 2 yrs so resending my info I don't believe will change the outcome. I even see the PCR in the offers section on my account. That might be just advertisement 🤷 but I'm not taking the bait

[FinStar]

As mentioned upthread, you have nothing to lose by filling out the survey.  No guarantee on the outcome, but you never know.  If you write a compelling narrative that supports why you need the card, anything's possible.

[SouthJamaica]

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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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Yes recon is definitely possible with PenFed, and in your case advisable.

In my experience (which is old so might not be current) not only could you recon the standard way, once you got a customer service survey by email you could use that as a further opportunity for recon. I believe that's how I got my first PenFed card -- on the 3rd bite of the apple.

[SouthJamaica]

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@Fated4Credit wrote:
I'm not exactly sure what they're looking for but I got an email to do a survey. I have heard of ppl filling out the survey as a way to get their denials overturned, but in my case as I said in earlier posts I'm kind of at a crossroads with Penfed right now. Not sure what more I can already do outside of what I'm already done with writing them a prior email & talking to a rep. This seems to be their new policy when a young account is less than 2 yrs so resending my info I don't believe will change the outcome. I even see the PCR in the offers section on my account. That might be just advertisement 🤷 but I'm not taking the bait

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Take the bait.

[SouthJamaica]

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@FinStar wrote:

As mentioned upthread, you have nothing to lose by filling out the survey.  No guarantee on the outcome, but you never know.  If you write a compelling narrative that supports why you need the card, anything's possible.

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+1

Exactly

[Brian_Earl_Spilner]

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@SouthJamaica wrote:

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@Fated4Credit wrote:
I'm not exactly sure what they're looking for but I got an email to do a survey. I have heard of ppl filling out the survey as a way to get their denials overturned, but in my case as I said in earlier posts I'm kind of at a crossroads with Penfed right now. Not sure what more I can already do outside of what I'm already done with writing them a prior email & talking to a rep. This seems to be their new policy when a young account is less than 2 yrs so resending my info I don't believe will change the outcome. I even see the PCR in the offers section on my account. That might be just advertisement 🤷 but I'm not taking the bait

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Take the bait.

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Lol. I took the bait for a pcr and was denied. Full disclosure: account was only open for less than a month. I now have the gold showing at the top of my accounts screen along with mortgage and auto.

[Fated4Credit]

Update #3: I applied for a small personal loan of 4k at 36 months APR 14.99 😒 over the phone this pass Saturday. Its still under review, they said I would hear something back within 24-48 hrs, if they don't count Sunday & Monday being Columbus day, on my next steps. I'm thinking the loan might be a better avenue for me in obtaining the PCR in the future & building history. I'll give them a call tomorrow if I don't hear anything. Also they gifted me with another HP, even though I asked if they same pull from the PCR could be used. Basically they said no guarantees. So far 3 HPs on EQ for penfed alone (membership, CC, & loan in a week & half. smh 😡)

Also they send another email for me to reply to the survey. 🙄 so for the heck of it I just did it. I did let them know I have a loan app pending that I hoped would have more favorable results. At this point I'm not expecting a reversal on their decision on the card, but I would really like this loan approved assuming no more hiccups.

[Loquat]

@Fated4Credit Best of luck to you.  Update if you'd like once you hear back from them.