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PenFed Gold Visa - DECLINED

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Established Contributor

PenFed Gold Visa - DECLINED

Fico 8, they pulled Equifax (twice).. Average account age 1yr 2mos, utlz 4%, no negs, 100% payment history, Score of 738. I applied for this before I was approved for the PayPal card. My newest account was 7mos ago (Discov Secured) and oldest being 1yrs (Secured Cap1). 

 

PenFed's reasoning: UTZL too high. Called them to reconsider and they noped out of it and even closed my Savings account. Two Hard Inquiries for nothing Smiley Sad 



Message 1 of 12
11 REPLIES 11
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Contributor

Re: PenFed Gold Visa - DECLINED

Multiple pulls seems to be their modus operandi. Just got a new car loan through them on a (expensive) truck and they pulled 3x four days apart. Sorry to hear about the deny, but the HP's sting I agree. 

 

Message 2 of 12
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Established Contributor

Re: PenFed Gold Visa - DECLINED

why they closed your saving account OP?





Amex Platinum NSPL || Amex Everyday $10K || Amex BonVoy $16K || Amex HH Surpass $2K || Aviator AA $7.6K || Citi AA $7.2K || Citi Costco $5.5K || NFCU CashReward $26K || Blispay $5K || Discover $12.8K || Paypal Credit $7.6K || VS card $4.1K || Walmart store $8.5K
Message 3 of 12
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Valued Contributor

Re: PenFed Gold Visa - DECLINED

Credit Unions are weird.

 

I got approved for $10k instantly PenFed, then denied after submitting POI, argued for weeks about having too much credit.

Then got denied denied for NFCU flagship with 745 Fico.

Then got approved for PenFed for $15k with less income, no POI, lower Fico, more debt, more credit.

Now I have to count days for 91/3 with NFCU.

 

Credit Unions are weird.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 4 of 12
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Community Leader
Mega Contributor

Re: PenFed Gold Visa - DECLINED

Sorry for the denial. There are better cards and lenders out there imo. Just keep lookingSmiley Happy
Message 5 of 12
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Moderator

Re: PenFed Gold Visa - DECLINED

I speculate the account closure is from this.  Another question the OP has for the community.  Most likely his Chex's history was looked at more closely when reconning card and they opted to end relationship.  Hopefully others can also give him advise on other subject where he burnt many banks on checking accounts in the past and is asking if he can get CC's with said banks.  Thanks

 

https://ficoforums.myfico.com/t5/Personal-Finance/Is-Chexsystems-data-factored-into-credit-card-appl...

Message 6 of 12
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Valued Contributor

Re: PenFed Gold Visa - DECLINED


@CreditCuriosity wrote:

I speculate the account closure is from this.  Another question the OP has for the community.  Most likely his Chex's history was looked at more closely when reconning card and they opted to end relationship.  Hopefully others can also give him advise on other subject where he burnt many banks on checking accounts in the past and is asking if he can get CC's with said banks.  Thanks

 

https://ficoforums.myfico.com/t5/Personal-Finance/Is-Chexsystems-data-factored-into-credit-card-appl...


Thanks.  OP chooses to leave out most important part of information from post.

More cards than I can mention in a signature.
Message 7 of 12
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Established Contributor

Re: PenFed Gold Visa - DECLINED


@frogman1 wrote:

@CreditCuriosity wrote:

I speculate the account closure is from this.  Another question the OP has for the community.  Most likely his Chex's history was looked at more closely when reconning card and they opted to end relationship.  Hopefully others can also give him advise on other subject where he burnt many banks on checking accounts in the past and is asking if he can get CC's with said banks.  Thanks

 

https://ficoforums.myfico.com/t5/Personal-Finance/Is-Chexsystems-data-factored-into-credit-card-appl...


Thanks.  OP chooses to leave out most important part of information from post.


it's not as if i thought checking accounts and credit cards were related.. pardon me 'i got too many cards'. 

 

IMG_20190717_163845.jpg



Message 8 of 12
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Regular Contributor

Re: PenFed Gold Visa - DECLINED

4% utilization is too high?  WTH



Message 9 of 12
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Established Contributor

Re: PenFed Gold Visa - DECLINED


@CreditCuriosity wrote:

I speculate the account closure is from this.  Another question the OP has for the community.  Most likely his Chex's history was looked at more closely when reconning card and they opted to end relationship.  Hopefully others can also give him advise on other subject where he burnt many banks on checking accounts in the past and is asking if he can get CC's with said banks.  Thanks

 

https://ficoforums.myfico.com/t5/Personal-Finance/Is-Chexsystems-data-factored-into-credit-card-appl...


But I thought once a member always a member. What happened to that?

Message 10 of 12
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