Denied Penfed PCR Recon Possible?

[Fated4Credit]

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

[newmomnewme]

I am sorry about your denial. I would definitely try again. 😒 The worst thing they could do is say no... You would at least like to get something for two HP!!!

[AllZero]

That is unfortunate about your denial. PenFed may be sending you a e-mail survey. You can try using that for reconsideration.

[Fated4Credit]

I'm afraid the recon was a dead end, they won't consider another review. The CSR said unless I was willing to do a co-applaint or correct any "mistakes"on my report which there is none or apply for another card. I told the guy I don't want another HP & that I just applied for membership 2 ago & wanted the card to age off the inquiries together along with the HP for membership. Maybe I just just be satisfied with the US bank cash+ for now & hopefully I'll get a pre-approval from them down the road.

[Fated4Credit]

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@AllZero wrote:
That is unfortunate about your denial. PenFed may be sending you a e-mail survey. You can try using that for reconsideration.

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I think I may jump the gun on that, I already called to try to do a recon, since rep said they don't do recons is it possible for them to still send me a survey? I would like to get this card now as apposed to waiting 6-12 months which is what the rep recommended 6 months & apply again to get more history on my accounts 🤦 smh

[chiefone4u]

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@Fated4Credit wrote:

I'm afraid the recon was a dead end, they won't consider another review. The CSR said unless I was willing to do a co-applaint or correct any "mistakes"on my report which there is none or apply for another card. I told the guy I don't want another HP & that I just applied for membership 2 ago & wanted the card to age off the inquiries together along with the HP for membership. Maybe I just just be satisfied with the US bank cash+ for now & hopefully I'll get a pre-approval from them down the road.

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Maybe see if they will use your HP for a personal loan? That would give you the installment loan they referenced you not having. 

Not sure it will help, but might make sure you have more than the minimum $5 in your account 😉 

[AllZero]

I am guessing the emailers are sent out automatically. I would recommend watching your inbox and check your spam folder too.

Perhaps doing the email route may get your reconsideration request to the appropriate person?

[Fated4Credit]

@chiefone4u Does 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

[Wavester64]

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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

[Loquat]

@Fated4Credit  I would try to recon via email.  I wouldn't take the word of a phone rep as final.  Get the email address from their website and send them an email stating why you want the card, address is reason for denial, and go from there.  I forgot about the surveys that they used to send but I wouldn't even wait for that.  The longer you get away from the HPs they've already done the more likely they're going to want to do another.  

Best of luck if you decide and do chime back in if you'd like.