PENFED Power Cash Reward DENIED

[Oops_I_Did_It_Again]

Applied on-line & was denied instantly!

HP on EQ, Score approximated from EX9: 767, complete profile info below...

First time ever denied for credit.

Reasons for denial according to CSR

1. Lack of installment loan history
2. Account established (at PenFed) too recently (6 weeks ago).
3. Short length of time revolving accounts established.

CSR offered to set up a self-lender type loan for 250.00 deposit in saving account to help establish installment history.  She said PenFed doesn't do a hard pull for that.  They didn't HP for setting up account with a $5 savings account, so I just have 1 HP EQ so far...

[M_Smart007]

@Oops_I_Did_It_Again,

Sorry for your denial. I feel that one should have been approved?

Did you try and Recon?

[Oops_I_Did_It_Again]

@M_Smart007  I tend to agree with you on that!

I called back and asked for the reason I was denied.  When informed that it was related to lack of installment loan and slender history, found it hard to argue.  If they are going to deny me on those basis, then what can I say?  I was told I can send email to request reconsideration, if for example [I was given by CSR] I do have an installment loan that isnt' showing up on my report, but I don't, so I can't think of any basis for RECON.  There's nothing negative on any of my CRs, but undeniably limited 2Y+ history and no installment loans.  Pretty cut & dried it seems.

[M_Smart007]

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@Oops_I_Did_It_Again wrote:

@M_Smart007  I tend to agree with you on that!

I called back and asked for the reason I was denied.  When informed that it was related to lack of installment loan and slender history, found it hard to argue.  If they are going to deny me on those basis, then what can I say?  I was told I can send email to request reconsideration, if for example [I was given by CSR] I do have an installment loan that isnt' showing up on my report, but I don't, so I can't think of any basis for RECON.  There's nothing negative on any of my CRs, but undeniably limited 2Y+ history and no installment loans.  Pretty cut & dried it seems.

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@Oops_I_Did_It_Again, Personally if it were Me, I would try to recon, lack of an Installment loan

is understandable for credit mix. But I think it's Hogwash! I have seen several people approved for Penfed,

with No prior relationship, and I know a few had no installment loans reporting.

I would Recon it, but that is your choice. All they can say is "NO" ... no real loss.

[Meanmchine]

I think in 6 months, youll be approved.

Good luck

[CerebralZulu]

As mentioned by @M_Smart007 , no previous relationship is mandatory. I got the PCR on the same day as the membership. However it was from a mailer they sent me. The little loan they mentioned might be the best bet. It will show not only to them, but to other lenders you deal with in the future. Just remember, its the long game!

[randomguy1]

Just be wary that a recon might result in another HP. I would ask them if you want to go that route. It is PenFed after all.

[Anonymous]

OP, I think it's your age of accounts. PenFed really doesn't like profiles younger than 2.5-3 years old.