Denied for PenFed Platnium Visa Card

[Peace27]

Hello myFICO family,

I've applied for the PenFed Platnium Visa card twice and was denied both times because I was denied due to the following:

• We do not grant credit to any applicant on the terms you requested.
• Occurrence of severe derogatory event

I'm so confused because I do not have any derogatory events on my Equifax credit report, any of my reports for that matter. Even the Equifax 9 score and the key factors affecting that PenFed provides does not mention anything of a derogatory account. 

I check my Equifax report everyday and my file is clean, no baddies whatsoever. I'm so confused by this, has anyone have this happen to them before? Any insights on this is helpful to know what could be going on. 

I appreciate and thank you for your input. 

 

[StephenH]

Hi! Can you please provide us with some more specific DPs?

Current score (keep in mind Penfed checks EQ9), charge offs, lates, prior bk, total number of accounts, Aaoa, any outstanding or high balances reporting, current relationship with penfed, length of relationship, etc.

[RobynJ]

Have you ever checked your sagestream report or checksys report? There are other ones also out there. There may be something on your consumer report that isn't on your credit report 

[Peace27]

@RobynJ  I have not, but weird thing is I have the PenFed Power cash card which I was approved for back in May. 

[StephenH]

There is different UW criteria for each of the cards. For example, you may not get an approval for PCR but will for the Gold. Or similarly, an approval for PCR but denied Plat. There's something on your report that doesn't support Plat UW criteria. I would also put at least 6 months between apps

[CreditCuriosity]

Anything on public record such as BK etc?  Not referring to EQ, but ever had a baddie that isnt showing on that report, but might be on another one?  Also can you please share you EQ score they provided.

[FLLGuy]

Echoing others 

1. Download your free annual credit report and comb through it.   <if nothing> <then>

2. get your reports from ChexSytems, LexisNexis, and/or others there's always something there.  

[SouthJamaica]

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@Peace27 wrote:

Hello myFICO family,

I've applied for the PenFed Platnium Visa card twice and was denied both times because I was denied due to the following:

• We do not grant credit to any applicant on the terms you requested.
• Occurrence of severe derogatory event

I'm so confused because I do not have any derogatory events on my Equifax credit report, any of my reports for that matter. Even the Equifax 9 score and the key factors affecting that PenFed provides does not mention anything of a derogatory account. 

I check my Equifax report everyday and my file is clean, no baddies whatsoever. I'm so confused by this, has anyone have this happen to them before? Any insights on this is helpful to know what could be going on. 

I appreciate and thank you for your input. 

 

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You need to see your EQ credit report and find out what's going on.