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PenFed Frustration!

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.

PenFed Frustration!

Hey everyone... based upon all the good reviews and feedback on this board I decided to apply for a PenFed credit card.

 

I'm self employed and my Equifax Fico score is 684.

 

After I applied online, the system gave me a message that the application as being reviewed.  I called in just to see what was going on and they said they needed proof of income since I was self employed, and asked me to submit tax returns.  I asked them how everything else looked and they said it was fine but they just needed tax returns to support the income.  I went ahead and sent them my corporate tax returns since I have an S-Corp, and then when I called back they also asked for personal tax returns, so I sent them those as well.

 

I called back in today and now they told me the application was DENIED because my report doesn't show a long enough credit history and there is a past delinquency.  I pulled my Equifax report and realized that several of the cards I've had for longer aren't reporting to Equifax. I've been so focused on Experian that I hadn''t realized that was the case. The mortgage late is over 2 years old and happened because my lender sold the loan but continued to report, even though we paid the new lender.  It was removed from Experian and TU but apparently not Equifax.

 

Anyhow, this experience has been really frustrating with them - if they were going to deny the application based upon the credit report, why did they make me send in all the tax returns.

 

QUESTION - is there any recovery from this or do I just have to forget PenFed / or wait until I remove the mortgage late and add the longer standing CC's?

 

Thanks in advance!

Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: PenFed Frustration!

Sorry to hear about your sad take, cb. Mine was similar when I applied.

 

Things You Can Do:

 

1) If/when they send you a survey on your experience, make your case. Stick to the facts (like you did in this post). Likely they will take a second look and you'll be approved for something.

 

2) Go Navy. Now. Not later. Now. 

 

Best wishes.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/01/2019): FICO 08 EXP: 714; TU: 744; EQ: 710
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 2 of 5
Community Leader
Senior Contributor

Re: PenFed Frustration!


@James_A wrote:

Sorry to hear about your sad take, cb. Mine was similar when I applied.

 

Things You Can Do:

 

1) If/when they send you a survey on your experience, make your case. Stick to the facts (like you did in this post). Likely they will take a second look and you'll be approved for something.

 

2) Go Navy. Now. Not later. Now. 

 

Best wishes.


Navy is only an option if the OP is military or have some close connection otherwise they are not an option. 

Message 3 of 5

Re: PenFed Frustration!

Thanks! Will do on the survey. Navy would be great but I'm not eligible unfortunately.

 

Along the same lines, though, do you all have any other recommendations for good cards preferably with high starting SL's?

Message 4 of 5
Community Leader
Senior Contributor

Re: PenFed Frustration!


@creditboss24 wrote:

Thanks! Will do on the survey. Navy would be great but I'm not eligible unfortunately.

 

Along the same lines, though, do you all have any other recommendations for good cards preferably with high starting SL's?


High limits are dependent upon profile and score.  You listed your score as 684 (depending on where you received that score) isn't really high enough to get super crazy limits.  Can a high limit be obtained with that score, sure, any thing is possible.  But only you know what your profile looks like and why your score is 684.

 

My suggestion would be to reply with the time of card your looking for (i.e. travel, cash back, hotel points, etc) and let the fine folks around these here parts chime in with suggestion on what you may be able to obtain.  Remember, when you reply, please list info regarding your score, where you obtain said score, why it's 684 (i.e. high utilization, lots of new accounts, old/bad debt, public records, etc).  The more info you're willing to provide the better quality answers you'll receive. 

 

 

Message 5 of 5