@Anonymous wrote:Sorry to hear about your denials, Marz
Thanks , I just checked my emails and noticed an 'invitation' from PenFed to apply for the Power Cash Rewards card - the Very Same card they turned me down for on March 28th!!! 
@Marz2002 wrote:Hello myFico family...
Here is my PenFed story and I hope that it helps someone who is thinking about apping with PenFed. Like many others, the idea of getting the MAX $10K PenFed SL (for new Members) on one their cards was very appealing to me. Most of you know that I have been Rebuilding since Spring 2018 and have recently scored a Citi DC card with an $12,200 SL (last month).
Let's start this PenFed Tale at the beginning. On March 28th, after reading about the latest $10K SL approved by PenFed, I decided to join the Party since I only had one 2% CashBack MC (PayPal) in my portfolio and I needed another one for a backup daily driver. Joined PenFed with an EQ HP and after approval, immediately apped for the Power Cash Rewards card with another EQ HP.
INSTANT Denial!
Reasons were 1) Percent of revolving accounts opened recently; 2) Percent of accounts opened recently; 3) Age of bankcard accounts. According to PenFed, my EQ FICO was 723. My UTIL was 7% (always PIF, AFTER statement cut) , AoOA 12 years, AAoA 2.4 years, AoYA 2 months - after 12 months of Rebuilding with only a $300 CL OpenSky card at the start.
Tried to Recon, but UW doesn't speak to PenFed members.
OK, fast forward to yesterday. There was a PenFed invitation in my mailbox for a Platinum Rewards Signature card. So, looking at the Offer's interest rate range (standard range for PenFed Platinum card, listed on their website), I decided after much gnashing of teeth to app for the card.
INSTANT Denial!
Reasons were Utilization of accounts and number of accounts.
Tried to Recon through Member Services and they reached out to UW (while I was On Hold) and were told that my Utilization was too high and I have TOO many credit cards! My Utilization is 4% according to all 3 CBs. Member Services rep stated that I was carrying too high of a balance on my credit cards and I told him that I always PIF after statements are generated. DECISION - No Soup for me!
I told the PenFed rep to remove my name from their credit card promotion list since I am definitely unable to get an approval. That pretty much ended our conversation.
According to PenFed my EQ FICO score is 734.
3 HPs and NADA!!
That's my PenFed story and I am done with them in 2019!
YMMV...
Two hp to find out they dont want your business, i would have stopped at one, their loss. when are these cc companies going to learn they are throwing money away from their business and word of mouth gets around fast in mho
@chhull00 wrote:
@Marz2002 wrote:Hello myFico family...
Here is my PenFed story and I hope that it helps someone who is thinking about apping with PenFed. Like many others, the idea of getting the MAX $10K PenFed SL (for new Members) on one their cards was very appealing to me. Most of you know that I have been Rebuilding since Spring 2018 and have recently scored a Citi DC card with an $12,200 SL (last month).
Let's start this PenFed Tale at the beginning. On March 28th, after reading about the latest $10K SL approved by PenFed, I decided to join the Party since I only had one 2% CashBack MC (PayPal) in my portfolio and I needed another one for a backup daily driver. Joined PenFed with an EQ HP and after approval, immediately apped for the Power Cash Rewards card with another EQ HP.
INSTANT Denial!
Reasons were 1) Percent of revolving accounts opened recently; 2) Percent of accounts opened recently; 3) Age of bankcard accounts. According to PenFed, my EQ FICO was 723. My UTIL was 7% (always PIF, AFTER statement cut) , AoOA 12 years, AAoA 2.4 years, AoYA 2 months - after 12 months of Rebuilding with only a $300 CL OpenSky card at the start.
Tried to Recon, but UW doesn't speak to PenFed members.
OK, fast forward to yesterday. There was a PenFed invitation in my mailbox for a Platinum Rewards Signature card. So, looking at the Offer's interest rate range (standard range for PenFed Platinum card, listed on their website), I decided after much gnashing of teeth to app for the card.
INSTANT Denial!
Reasons were Utilization of accounts and number of accounts.
Tried to Recon through Member Services and they reached out to UW (while I was On Hold) and were told that my Utilization was too high and I have TOO many credit cards! My Utilization is 4% according to all 3 CBs. Member Services rep stated that I was carrying too high of a balance on my credit cards and I told him that I always PIF after statements are generated. DECISION - No Soup for me!
I told the PenFed rep to remove my name from their credit card promotion list since I am definitely unable to get an approval. That pretty much ended our conversation.
According to PenFed my EQ FICO score is 734.
3 HPs and NADA!!
That's my PenFed story and I am done with them in 2019!
YMMV...
Two hp to find out they dont want your business, i would have stopped at one, their loss. when are these cc companies going to learn they are throwing money away from their business and word of mouth gets around fast in mho
Thanks for your comments ! The only reason I apped the 2nd time was the 'invitation" that I received in the mail! 
Sorry @Marz2002, i feel your pain on this. Thank you for your support on my very bad Pendread mishap this last week
. Im just going to let the little Puppy that COULDnt lie and look to the future with lenders who work with me not against me. See, still learning myself haha. You are better than those 2 denials so when you get your next 2 approvals, have a good rofl at PF and say its only 30 Seconds to Marz(2002) 😜
. Im just going to let the little Puppy that COULDnt lie and look to the future with lenders who work with me not against me. See, still learning myself haha. You are better than those 2 denials so when you get your next 2 approvals, have a good rofl at PF and say its only 30 Seconds to Marz(2002) 😜
@AverageJoesCredit wrote:
Sorry @Marz2002, i feel your pain on this. Thank you for your support on my very bad Pendread mishap this last week
AJC, so good to see you back in the neighborhood - we are here to support and encourage you!
I agree with you on letting that Little Puppy lie and focus on 'Approval Friendly' lenders instead.
Thanks Joe, you are the best and keep all of us in stitches with your wittiness!
@Anonymous , lol thanks. Love your style too, its unique here. Let it be known i coined the phrase " Pendread Anonymous " so feel free to join us
. Love your style too, its unique here. Let it be known i coined the phrase " Pendread Anonymous " so feel free to join us
@Marz2002 wrote:Thanks for your comments ! The only reason I apped the 2nd time was the 'invitation" that I received in the mail!
Yeah, Penfed seems to have upped their marketing "invitations" but still love to deny for the flimsiest reasons. I've been with them for over two years and get a couple email "invitations" weekly and a couple mailers monthly, I immediate delete the emails and toss the mailers, I will never app for one of their CCs. I was approved for Power Cash Rewards when I joined, with a whopping $1k CL, I had a Cap One card w/$20k CL & Amex w/$15k CL at the time. It was pure torture to run $1500 through that card to get the $100 SUB, with the 6 months restrictions on new members I pretty much had to pay every charge as soon as it posted because payments aren't released to CL for 10 days. But I did it, and after the 6 months torture for new members I requested a CLI, after the HP a denial for "insufficient experience at current CL". 
I ran $1500 through a card with $1k CL in 2 months, what the effe to you want????
Right after that I was approved for the PayPal 2% Cashback MC w/$7k SL (now $10k), so I immediately closed PCR and my checking account. But then, after a ridiculous 3 months+ processing they finally approved my Home Equity LOC, so I stay with them but a basic savings account and the HELOC is all they'll ever get from me. Well, they are good for car loans but I'm set for that for quite awhile, but credit cards? Fuhgeddaboudit!
@DaveInAZ wrote:
@Marz2002 wrote:Thanks for your comments ! The only reason I apped the 2nd time was the 'invitation" that I received in the mail!
Yeah, Penfed seems to have upped their marketing "invitations" but still love to deny for the flimsiest reasons. I've been with them for over two years and get a couple email "invitations" weekly and a couple mailers monthly, I immediate delete the emails and toss the mailers, I will never app for one of their CCs. I was approved for Power Cash Rewards when I joined, with a whopping $1k CL, I had a Cap One card w/$20k CL & Amex w/$15k CL at the time. It was pure torture to run $1500 through that card to get the $100 SUB, with the 6 months restrictions on new members I pretty much had to pay every charge as soon as it posted because payments aren't released to CL for 10 days. But I did it, and after the 6 months torture for new members I requested a CLI, after the HP a denial for "insufficient experience at current CL".
Right after that I was approved for the PayPal 2% Cashback MC w/$7k SL (now $10k), so I immediately closed PCR and my checking account. But then, after a ridiculous 3 months+ processing they finally approved my Home Equity LOC, so I stay with them but a basic savings account and the HELOC is all they'll ever get from me. Well, they are good for car loans but I'm set for that for quite awhile, but credit cards? Fuhgeddaboudit!
Thanks for sharing your experience with PenFed @DaveInAZ!
During my Recons after PenFed denials, I asked the Rep if they would approve a 'starter' CL and the answer was ALWAYS No! SERIOUSLY???
Sounds like you put in an Olympic effort to manage the spend on your $1K CL account for the SUB!
And, after your Over the Top efforts, they DENY you (with an HP) for a CLI!!!