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PenFed Denial

New Contributor

PenFed Denial

I applied for a PenFed PowerCash VISA last week and was denied. Reason for denial “length of accounts established is too short”. AAoA on EQ is 2 yrs and 3 months.
6/21/2018 Fico 8: EQ 654 TU 669 EX 685
Message 1 of 8
7 REPLIES
Contributor

Re: PenFed Denial

lol... Ive been PenF'd a lot too...

 

...and I have been a member since 2008. They are not my primary bank/cu. I app'd for a Power Rewards card this year in Jan and they gave me a starter/ new member limit of 10K. After receiving my survey, they called and gave me 7K more and told me it would be at 11.24% but it wasn't. It was at 13.24% or 14 so I called several times and even though their paperwork said 11.24 they wouldn't honor it. 

 

The card is nowliving in my SD with a mini monthly repeating netflix charge and auto pay.

 

They never have any offers for me.

June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K, Discover IT $9k, Capital One $7500, Chase FU $4500, Sam's Club MC
$8600, BBVA $16K

Rebuilder Cards: First Permier $1250 closed 6/11/18), FNBO $2100

AAoA 3.5 years UT 6%
Store Cards: HomeDepot $3100, Saks $800
Message 2 of 8
New Contributor

Re: PenFed Denial

I’d be thrilled if they would give me a $10K SL. Can’t even get a $500 SL with them
6/21/2018 Fico 8: EQ 654 TU 669 EX 685
Message 3 of 8
Community Leader
Super Contributor

Re: PenFed Denial

Wow LP, you sd'd a 17k cardSmiley Wink. Its Penfed I guess lol, I've been "Penfeded" as a member and received the heres your new apr oops that's not for you trick. Just remember that's 17k more than most getSmiley Wink



Gardening since 6/13/18
Goal: No hps or cli requests at least til 1/1/19, 7/13/20 preferable
Message 4 of 8
Contributor

Re: PenFed Denial

It wasn't about the credit line of 17k. It's about the fact they said 11.24% and the paper work they sent me to sign said 11.24% and then it's not 11.24%. That's how it got SD'd

June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K, Discover IT $9k, Capital One $7500, Chase FU $4500, Sam's Club MC
$8600, BBVA $16K

Rebuilder Cards: First Permier $1250 closed 6/11/18), FNBO $2100

AAoA 3.5 years UT 6%
Store Cards: HomeDepot $3100, Saks $800
Message 5 of 8
Valued Contributor

Re: PenFed Denial

To this point, I've been seeing many people talk about 10k starting limits or more, and they gave me 4k in May 2016 Then, I had to ask for a CLI and they only gave me 2k more lol. I've never had offers either, but I wouldn't be as concerned about them if I had some of the limits others have.
Message 6 of 8
New Contributor

Re: PenFed Denial

I can't get approved for any of their credit cards, however I did get approved for a new auto loan; just not quite at the amount the buyers order had, so we will pay it down to the approved amount and do a new car refinance.  I hope this will be my foot in the door in order to qualify for one of their credit cards in the future.

Message 7 of 8
Frequent Contributor

Re: PenFed Denial

I have Penfed promise and like that you can use the card as a line of credit. What I didnt like is when requesting a lower APR they had to close my account and open a new account instead of just lower the rate. I used the card once for like $8k and paid in full when the statement was out. They also had denied me twice for the personal line of credit and keep sending me offers for a $15k pre approved car loan lol

Started: 4/14 Bank of America Signature $6k, 85% Utilization, 745 Fako
Currently: 6/18 Bank of America Signature $99.9k, Chase Slate $0, Chase Freedom Signature $2.5k, American Express Gold NSL, American Express Everyday $6k, Lowes GE $1.5k, Discover IT $35.5k, Capital One Quicksilver $5k, Barclays US Airways $24k, DCU Platinum $30k, PenFed Promise $25k, Chase Freedom Unlimited Signature (From CSP) $50k, Chase AARP Signature $7.5k, American Express Blue Cash $7.5k, Citi American Airlines Platinum $7.7k, Capital One Venture Signature $30k, Chase Sapphire Preferred (From Reserve) $12k, Chase Ink Business Preferred $10k. Total Available Credit: Over $300k, Utilization 4%, AAoA 7 Years, TU Fico 789, EX Fico 762
Message 8 of 8