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PenFed Denial

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 673 EX 685
Message 1 of 8
7 REPLIES
Regular 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.

Oct 2018 Fico'd EX 817, TU 811, EQ 798
June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K (Jan 2018), Discover IT $13.5k(Jan 2018), Capital One $7500 (Aug 2014), Chase FU $4500 (Jan 2018), Sam's Club MC$10000 (Jan 2018), BBVA $16K (Apr 2018) ,WF Propel 15.5k(Jul 2018), USB Cash+ $14K(Jul 2018), Citi Best Buy Visa Platinum $8500(Sept 2018)

Campus USA CU Auto Loan 85k (Aug 2018)
Rebuilder Cards: First Permier $1250 closed (6/11/18), FNBO $2100( Nov 2006)

AAoA 3.5 years UT 2%
Store Cards: HomeDepot $12000(May 1998), Saks $800(Oct 1978)
Message 2 of 8
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 673 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
OCTOBER 26 2020
Message 4 of 8
Regular 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

Oct 2018 Fico'd EX 817, TU 811, EQ 798
June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K (Jan 2018), Discover IT $13.5k(Jan 2018), Capital One $7500 (Aug 2014), Chase FU $4500 (Jan 2018), Sam's Club MC$10000 (Jan 2018), BBVA $16K (Apr 2018) ,WF Propel 15.5k(Jul 2018), USB Cash+ $14K(Jul 2018), Citi Best Buy Visa Platinum $8500(Sept 2018)

Campus USA CU Auto Loan 85k (Aug 2018)
Rebuilder Cards: First Permier $1250 closed (6/11/18), FNBO $2100( Nov 2006)

AAoA 3.5 years UT 2%
Store Cards: HomeDepot $12000(May 1998), Saks $800(Oct 1978)
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
Regular 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 $0 (From $35k), Discover IT $38.5k, Capital One Quicksilver $5k, Barclays US Airways $24k, DCU Platinum $30k, PenFed Promise $47k, Chase Freedom Unlimited Signature (From CSP) $50k, Chase AARP Signature $7.5k, American Express Blue Cash $7.5k, Citi American Airlines Platinum $10.5k, Capital One Venture Signature $30k, Chase Sapphire Preferred (From Reserve) $12k, Chase Ink Business Preferred $10k, Barclays Aviator Business $14k. Total Available Credit: Over $350k, Utilization 4%, AAoA 7 Years, TU Fico 799, EX Fico 727
Message 8 of 8