PenFed DECLINED (Recon Help)

[Anonymous]

i just got approved for a 3500 and 17500 credit card from penfed with pretty much the same stats you have and an AAOA of a little over a year.

i just got declined for a capitol one savor with a transunion of over 700.,no derogs and i have been a cap 1 credit card holder for over 2 years with excellent payment history.It seems each bank has a different crazy algorithym they use to approve.ive seen people get approved with 10k starting lines with ficos in the 500,s.its very unpredictable .

[Anonymous]

Hello @Trendcat
It’s insane. Makes noooooo sense, but that’s the credit game, right? If I get turned down even w the joint borrower, I’m in the garden w PenFed for a while. Oh, BTW, I was approved for CapOne Savor for $10k not even a month ago! Can you believe this?!! Haha. Crazy!

M

[Green456]

I was turned down with 784 credit score, 6 years AAoA due to having student loans. I was going to recon but I figured there are other banks that will offer me credit. Paradoxically, I heard about Fort Knox being conservative and these guys had no issue approving me for their gas card.

[Anonymous]

PenFed told me that all my accounts have to be at least a year old before they will approve me. Literally that was the only thing that held me back from approval when I applied over the phone (she sent it right over to the loan officer and the loan officer proceeded to process it right away) and my stats are worse than yours.

The bottom line is that PenFed just doesn’t like seeing new accounts. I had opened two in March to replace two older cards and applied in September.

Turned around and NFCU gave me a 3K cashRewards at 11.4% *shrug*

[Anonymous]

Wow!!! Yes. PenFed has not been the pillar of joy as most threads say their CSR are. lol. Not for me anyway. I’m working in joining NFCU. And, should find out by Monday if my PFCR card is approved w the “joint borrower “ I had sponsor me. We will see. I used a family member with over 30yrs cc history, a mortgage in good standing and solid score. If I get turned down, it’s garden time w them for quite some time!!!

M

[Anonymous]

Also, as I said before, the CSR at PenFed told me you need minimum 5yrs oldest card. Just proves CSR everywhere is typical. lol. Good luck

M

[Anonymous]

IMO and IME, PenFed is where you go when you aren’t eligible for Navy.

I haven’t seen many people say that PenFed treats them better than Navy. In fact, I don’t think I’ve seen any unless the person actually burned Navy.

I mean Navy may have given me a 3K SL but I had just opened a 5k SSFCU and 7.5k Disco in March and Amex gave me a BCE 1k which I promptly called and canceled and they still reported it for 2 months so my AAoA shot down to just over a year and my income is only 18k (SSDI). Obviously Navy will grow and I’ll be patient along the way but if there is ever any chance you can get in with Navy, I would strongly recommend that over messing around with PenFed.

Best of luck to you though, the joint trick should definitely work but if it doesn’t, if it was me I would probably shelve PenFed.

I also didn’t get told 5 years - my oldest is a Cap Plat that I had them change to QS and it was opened 5/2014. 5 years for oldest account would be pretty ridiculous honestly but maybe they’re tightening their lending practices.

[Anonymous]

Hmmm...all I know is that PenFed approved me for a $10K Power Cash Rewards card and a $4.5K Promise card.  Most likely I can get CLIs but I think that's enough for my purposes.  They also approved a $10K loan in about 3 minutes which I repaid in 6 months; then earlier this month the sent me an unsolicited loan check for $25K that all I need to do is sign and deposit it but I decided against doing that.  

Navy...well...

The problem here is that the OP is making too many applications for credit and its catching up with him/her.  I've read many of their threads and as my kids say he/she is acting "thirsty" for credit.  But I guess we all have to learn the hard way.

[Anonymous]

UPDATE....................I just called to follow up on my joint borrower app as its been past 48hrs. I was put on hold for a few minutes and they came back and APPROVED for Cash Reward card with an SL of $500.  Not thrilled about the Sl, but also will take the card as a foot in the door and work on using it and paying off, inhope of CLI in the future!! Mixed feelings about it all, but I do agree with you @MaizeandBlue. 

! I have stepped on the breaks and I am in the garden for at least a year or more now. Finito, Done, Finished!! lol. I do have an Amex Cash Magnet with SL $12k that I am on day 65 that I am going to go for 3X CLI, then graden time for a while!!! My balance on the Magnet card is $0, but last statement balance was $4,400 (36% utilization). Fico updated two weeks ago on Amex at 745.  Will Amex use my current balance of $0 along with the Fico 745, or will they look at my previous statement balance of $4,400.  If that, should I wait till the 11th, when the new statement kicks in and reports $0 balance? Thx All

Mark

Going gardening after CLI request Amex.

[Anonymous]

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@Anonymous wrote:

UPDATE....................I just called to follow up on my joint borrower app as its been past 48hrs. I was put on hold for a few minutes and they came back and APPROVED for Cash Reward card with an SL of $500.  Not thrilled about the Sl, but also will take the card as a foot in the door and work on using it and paying off, inhope of CLI in the future!! Mixed feelings about it all, but I do agree with you @MaizeandBlue. 

! I have stepped on the breaks and I am in the garden for at least a year or more now. Finito, Done, Finished!! lol. I do have an Amex Cash Magnet with SL $12k that I am on day 65 that I am going to go for 3X CLI, then graden time for a while!!! My balance on the Magnet card is $0, but last statement balance was $4,400 (36% utilization). Fico updated two weeks ago on Amex at 745.  Will Amex use my current balance of $0 along with the Fico 745, or will they look at my previous statement balance of $4,400.  If that, should I wait till the 11th, when the new statement kicks in and reports $0 balance? Thx All

Mark

Going gardening after CLI request Amex.

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That $500 recon approval is a red light for new apps. You will need a cage instead of a fence for your garden.