PenFed Approval and Denial... CLI?

[Anonymous]

So, I just became a member of Penfed today and opted to apply for the Power cash rewards. I was approved for a pretty low limit of 2500. So I applied for the Platinum visa rewards... DENIED! Reason for denial is because they want to see 6 months of conistient payments and then they could possibly approve me for the Platinum visa rewards... Very Dissapointing because NavyFed approved me for 15000 Visa Cash Rewards and also the 15000 CLOC ALONG WITH 2000 gO Rewards...

Equifax current score: 658

Ive been seeing that Penfed really has no CLi standards so would I be jumping the gun to apply for a CLI in a few weeks on the Power Cash card I was just approved for or should i just leave them alone for now and just hit the garden for a while???  

[Anonymous]

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@Anonymous wrote:

So, I just became a member of Penfed today and opted to apply for the Power cash rewards. I was approved for a pretty low limit of 2500. So I applied for the Platinum visa rewards... DENIED! Reason for denial is because they want to see 6 months of conistient payments and then they could possibly approve me for the Platinum visa rewards... Very Dissapointing because NavyFed approved me for 15000 Visa Cash Rewards and also the 15000 CLOC ALONG WITH 2000 gO Rewards...

Equifax current score: 658

Ive been seeing that Penfed really has no CLi standards so would I be jumping the gun to apply for a CLI in a few weeks on the Power Cash card I was just approved for or should i just leave them alone for now and just hit the garden for a while???  

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Congrats on your recent approvals. It is disappointing to get a low starting limit after getting such great results with NFCU. NFCU and PenFed have different standards; in fact, the PenFed of a few years ago probably would have flat out denied you for both cards. 

A couple of things can happen with PenFed. 1) you may receive a survey from them regarding your recent experience/credit denial. Many here have reported that by indicating that they were not pleased with their experience they received a phone call from PenFed and were able to get a denail reversed or even a higher starting limit.  and 2) once you become an established member, PenFed may offer quarterly pre-approvals on your online account management (as well as emails reminding you of your pre-approvals. Once you get one of those pre-approvals you can review them to see what you get. You may receive a pre-approved credit line increase on your existing card or an offer for one of their other cards. If the latter, you will be able to accept the offer for the new card but then choose the option within the application to increase a current card instead. They make it pretty easy.

[Anonymous]

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Welcome to MyFico!

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sprice369 wrote:

So, I just became a member of Penfed today and opted to apply for the Power cash rewards. I was approved for a pretty low limit of 2500. So I applied for the Platinum visa rewards... DENIED! Reason for denial is because they want to see 6 months of conistient payments and then they could possibly approve me for the Platinum visa rewards... Very Dissapointing because NavyFed approved me for 15000 Visa Cash Rewards and also the 15000 CLOC ALONG WITH 2000 gO Rewards...

Equifax current score: 658

Ive been seeing that Penfed really has no CLi standards (????) so would I be jumping the gun to apply for a CLI in a few weeks on the Power Cash card I was just approved for or should i just leave them alone for now and just hit the garden for a while???  

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Not sure what type of research you did before joining Pen Fed, but I totally disagree with your comments above.

First it is NOT  Navy FCU, it is Pen Fed.

Second, on Day One as a Member, you are disappointed with the starting credit limit, then apply for a Second card and you are shocked you got denied. 

* Navy would have also denied you as well.

Third, Pen Fed does have CLI standards, and you have already demonstrated that you are willing to ignore their guidance about establishing Six Months of usage first.

Fourth, consider taking to heart their recommendation, as it is very applicable on a case by case basis.

Having only been with Pen Fed for 10 months I am Totally DELIGHTED with Pen Fed, and I have been approved for two CCs, two CLIs, based upon only two Hard Pulls, all becaused I simply listened to their suggestions.  It has worked quite well for many people.

Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-...

Best Wishes!!!!

[Anonymous]

Oh wow Sebastian... Kinda harsh but thanks for the input i guess... I was just trying to get assistance and more of an understanding since im not familiar with Penfed just yet

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So, I just became a member of Penfed today and opted to apply for the Power cash rewards. I was approved for a pretty low limit of 2500. So I applied for the Platinum visa rewards... DENIED! Reason for denial is because they want to see 6 months of conistient payments and then they could possibly approve me for the Platinum visa rewards... Very Dissapointing because NavyFed approved me for 15000 Visa Cash Rewards and also the 15000 CLOC ALONG WITH 2000 gO Rewards...

Equifax current score: 658

Ive been seeing that Penfed really has no CLi standards so would I be jumping the gun to apply for a CLI in a few weeks on the Power Cash card I was just approved for or should i just leave them alone for now and just hit the garden for a while???  

---

Congrats on your recent approvals. It is disappointing to get a low starting limit after getting such great results with NFCU. NFCU and PenFed have different standards; in fact, the PenFed of a few years ago probably would have flat out denied you for both cards. 

A couple of things can happen with PenFed. 1) you may receive a survey from them regarding your recent experience/credit denial. Many here have reported that by indicating that they were not pleased with their experience they received a phone call from PenFed and were able to get a denail reversed or even a higher starting limit.  and 2) once you become an established member, PenFed may offer quarterly pre-approvals on your online account management (as well as emails reminding you of your pre-approvals. Once you get one of those pre-approvals you can review them to see what you get. You may receive a pre-approved credit line increase on your existing card or an offer for one of their other cards. If the latter, you will be able to accept the offer for the new card but then choose the option within the application to increase a current card instead. They make it pretty easy.

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Thanks so much for your reply! And for being kind with your response.  :-) You've helped a lot

[Anonymous]

Of course. Let us know if you get the survey.

[Anonymous]

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@Anonymous wrote:

Oh wow Sebastian... Kinda harsh but thanks for the input i guess... I was just trying to get assistance and more of an understanding since im not familiar with Penfed just yet

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Welcome to the forums. Don't let anyone rent space in your head. Just ignore the sarcastic posts. The wealth of good responses with great information will out weigh the BS.

[AverageJoesCredit]

Op, congrats on your success so far. You must understand that Penfed will never be Navy and vice versa. Considering the distance in revenue earned between the two i can see why there may be a difference in credit extended to those that qualify. Just take the advice given by Penfed and you should be fine in 6 months. In my humble opinion, too many times we see people getting such big limits that all they seem to want is more more more NOW. When the reality is, if one justs waits the 3 - 6 months that is normally asked to build some history, they usually get it anyways.

Remember, where you may see your limit as low, there are always those who actually do receive lower, so enjoy the approval and watch it grow as you plant the foundation together with Penfed

[Anonymous]

Congrats on the approval, you have done better than I have with them.  Penfed and NFCU are very different in their lending standards for just about everything except car loans it seems.  NFCU is much more lienent and generous early on, Penfed is much more conservative.  Both have fantastic customer service and great rates and are valuable to have but an good approval for an NFCU card doesn't buy you anything with Penfed.  Like I said I get no love from them with upper 600's, great income and a perfect credit history for the past 3 years (old lates falling off over the next few years).  With all of these lenders I think patience is important, even NFCU has reduced CLI's to every 180 days where they would do them much more frequently in the past.  

[JoeLuvsHisCredit]

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@Anonymous wrote:

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@Anonymous wrote:

Oh wow Sebastian... Kinda harsh but thanks for the input i guess... I was just trying to get assistance and more of an understanding since im not familiar with Penfed just yet

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Welcome to the forums. Don't let anyone rent space in your head. Just ignore the sarcastic posts. The wealth of good responses with great information will out weigh the BS.

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Sorry OP