PenFed PCR Denial

Anonymous · ‎10-17-2018

They stated I had opened too many accounts recently. I opened five earlier this year. My AAoA is still 4 years. AooA 14 years. Pulled EQ of course, it was 795. I had 6 total inquiries, all from this year. They congratulated me on my great credit and talked to me for 15 minutes about how sorry he was they couldn't approved. And that I should try in a few months when my accounts age a little bit. So I'll try again in maybe 5-6 months. Hah, now I've gotta let the two new navy accounts age as well.

Anonymous · ‎10-17-2018

Another Egyptian denial. PenFed is one of, if not the most sensitive lenders to recent new accounts and inquiries, they have tighten up even more lately.

sid33 · ‎10-17-2018

I had the same experience. Eq 735, DTI 8%, income $120k. They gave me the same reason- too many new accounts. I had opened 2 cards with Navy. One 10/2017 and one 3/2018. AAoA 6years. Denied. Oh well, went back to Navy and snagged the Flagship for the 50k bonus.

AverageJoesCredit · ‎10-17-2018

I told PF to kick rocks today by paying off my loan and i will never look back

Shadowfactor · ‎10-17-2018

Sorry to hear about the denial.

Maybe HUCA.

I’ve seen here that PenFed is super sensitive to new accounts/inquires but that wasn’t the case with me. When I opened my PenFed card I was LOL/12 (11-13 new accounts under a year) sitting around 7 inquires all within the past year.

They gave me a 19K SL and the best auto rate loan.

Total Revolving Limits $254,800