PENFED Denied

[Anonymous]

I've been reading about all of these fantastic starting limits and CLI's with PenFed so I figured I'd give it a shot and after a 2 day review I was denied due to too many new accounts. I've opened like 5-7 accounts since January. Bummer. Was really hoping to get a $15k+ SL like my Venture card. That's been my first denial in about a year so I guess I'll take it on the chin. They pulled a 739 score as well. Oh well, time to lay low until I apply for a mortgage in 6-12 months.

[Anonymous]

Thanks for your post. You just answered one of my questions from my recent post this morning. So they don't like a bunch of new accounts I see. Was there anything else that they did not like about your profile that you don't mind sharing..?? Thanks!!

[Anonymous]

Nope. Thats all they cared about I guess. I have almost $100k in available credit amongst a dozen cards or so and 10-12% utliziation I would guess. I've been racking up mileage bonuses on the Arrival+, Venture, and CSP these past 2 months so utilization will drop in the next month or so as I've reached the bonuses on the Arrival+ and Venture already.and started paying them down and keeping a small balance to help with a CLI next month.

[Anonymous]

Thanks!!

[AverageJoesCredit]

Yeah, Penfed is not Navy for sure. 5 -7 new accounts in 3 months will do it everytime. Biggest lesson ive learned from my time here concerning Penfed and Navy, is dont expect to get all those big lines everyone is posting about just because they're posting them. I find vast majority have high income which really does get one past those other credit factors like score utilization and inqs. At the end of the day, the only thing you can do is look at your own profile and hope for the best.

[Anonymous]

Thanks Joe!!

[K-in-Boston]

Joe hit the nail on the head. I opened a ton of accounts the past year and a half and still got an auto loan and two 5-digit cards with them. It's going to be completely dependent upon the individual and certain things will completely make up for others.

[Anonymous]

Thanks K!

[Anonymous]

Penfed makes it a practice to deny CC applications from people who have recently opened many new accounts/have a lot of inquiries, and I think income would be only one factor. They refer to it as "pyramiding" debt. When I got my car loan from them in February, I asked about whether it'd be a good idea to try for a Visa with them as well at that time, and I was advised against it because I'd had a couple of other accounts opened/inquiries made recently. Therefore, I'm going to wait until fall to see whether I can get in. Like @AverageJoesCredit says, it's pretty subjective. I do think my decades-long relationship with Penfed, the fact that I've never burned them in a BK nor been late on any debt owed them, and my current loan will help any future CC app to them, but we'll just have to see when the time comes.

[fltireguy]

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@Anonymous wrote:
I've been reading about all of these fantastic starting limits and CLI's with PenFed so I figured I'd give it a shot and after a 2 day review I was denied due to too many new accounts. I've opened like 5-7 accounts since January. Bummer. Was really hoping to get a $15k+ SL like my Venture card. That's been my first denial in about a year so I guess I'll take it on the chin. They pulled a 739 score as well. Oh well, time to lay low until I apply for a mortgage in 6-12 months.

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BUT..

PenFed is REALLY good with Recons!

when they email you the customer satisfation survey, fill it out. Express your extreme disappointment on your denial... They will call you the same day, or the next day. Speak to a loan officer.... you should be able to get it overturned!!!