@Anonymous wrote:Of course you where denied. You would not be a profitable account for them. You probably will pay your bill in full each month and never be late.
They prefer someone with a lower FICO score who will carry a balance and may pay late. Those fees add up quick. These are the people most middle range banks are looking for, they are where they make their money. A swipe fee is just not enough for them.
I was denied for a credit card with a 786 FICO score, yet the same day someone posted on here that they where approved for a card with the same bank that denied me, yet they had a 2 year old bankruptcy. Again, that person stands a greater chance to be a profitable account for the bank, not me.
Mark
Just because a person has a lower Fico score doesn't automatically mean they don't PIF every month or that they will automatically pay late.
And a person with a bankruptcy may get approved more easily because lenders know they can not declare bankruptcy again and because that person has probably demonstrated exemplary behavior in terms of managing their accounts since then. BK isn't always due to irresponsible management of credit accounts. Lose a job, become disabled, major medical illness, or even having some drunk driver slam into your car head-on... all life changing events that can't be predicted or avoided but can lead to extreme financial duress.
Whereas those with a higher credit score but have demonstrated recent credit seeking behavior may trigger "bust out fraud" red flags that may lead a lender to believe they could leave the lender hold the proverbial bag.
Penfed has been approving people with recent bks as much as 2 cards while others like myself who have maintained and established good payment history and management of their PF accounts are constantly denied. Scores with PF are meaningless imo, income and dti are big with them but they also have no rhyme or reason on who they approve or deny. How you deny someone for escalating debt ( Egyptian) but approve a person straight off Bk doesnt make sense but neither does Discover or Navy for that matter
. We just have to decide where we want to put our energy into. My last denial with PF was my final straw. Ill never apply for any product again but it only took me like 20 pulls lol to realize they dont want my business
@AverageJoesCredit wrote:Penfed has been approving people with recent bks as much as 2 cards while others like myself who have maintained and established good payment history and management of their PF accounts are constantly denied. Scores with PF are meaningless imo, income and dti are big with them but they also have no rhyme or reason on who they approve or deny. How you deny someone for escalating debt ( Egyptian) but approve a person straight off Bk doesnt make sense but neither does Discover or Navy for that matter
LOL, I'm in the PenFed loves me, Discover hates me camp. Last year/early this year, during my first year following my Chapter 13 discharge, Discover courted my business via various pre-approval mailings but denied me every time; I took a single whack at PenFed and got immediately approved for a Platinum Rewards card with a $6,000 limit. Go figure.
"I'm in the PenFed loves me, Discover hates me camp"
Same here, Discover offered me a measly 3k CL, considering I had 25k/11k NFCU, 18K US Bank. Got an offer from Penfed, and they gave me 10k. DW applied with her income (I make 5 times as much as her), and they gave her 10k......who knows ?!?!?!
I thought I was the only one that Discover hated.
@MarkintheHV wrote:"I'm in the PenFed loves me, Discover hates me camp"
Same here, Discover offered me a measly 3k CL, considering I had 25k/11k NFCU, 18K US Bank. Got an offer from Penfed, and they gave me 10k. DW applied with her income (I make 5 times as much as her), and they gave her 10k......who knows ?!?!?!
I thought I was the only one that Discover hated.
LOL, nope, Discover hates me so much they sent me a string of glossy pre-approval mailers, and when I took the bait, DENIED! Not a penny of credit. PenFed on the other hand said, "Come on down, here's a starting limit of $6,000."