PenFed PLOC & Gold Visa denial DPs

[omgitsMatt]

On 10/2/2019 I wanted to open a checking & savings account with PenFed.

Knowing my long term goals with credit (which is simply, I have no intention to open any goal related accounts for over the next year and intend to garden to age my accounts) and that PenFed will do a hard pull when opening those accounts, now was the best time to get the hard pull out of the way with PenFed.

I also knew that anecdotal evidence from the big PenFed thread suggested that they no longer use one HP to apply for multiple accounts. That I should expect a HP for the checking, PLOC and Gold Visa.

Being confident in my long term goals, I saw no harm in taking 3 total HPs for applying for checking account, PLOC and Gold Visa in one day as they’d be a year old by the time I would need my credit again for an application I definitely wanted results from.

1.) I opened a savings account.

2.) I applied for the Gold Visa first, got an instant denial.

3.) I applied for a $500 PLOC, got informed that it was under review. Denial next morning.

4.) When I realized I only had a savings account opened, I was annoyed (sigh, haha) and applied for the checking next of course. That should have been first, my mistake. Anyways, was told to call in to verify identity. Which I wasn't able to do until next day unfortunately, which bummed me out because I wanted the HPs to all fall on the same exact day and by that point I had seen the notifications for the Visa and PLOC HPs immediately, but didn't see one for the checking. I figured once I confirmed identity, I'd see the next HP then.

I never got that 3rd HP and the other two fell exactly on 10/2/2019 like I wanted.

My scores when they pulled Equifax was 780 at the time.

The reason for the PLOC denial was “limited credit experience”, which came on 10/3/2019.

The reason for the Visa denial was “Percent of Revolving Accounts Opened Recently”, “Age of Bankcard Accounts”, “Percent of Accounts Opened Recently” and finally “Bankcard High Credit”.

At the time of application my credit profile was this for Equifax,

No hard pulls at all.

NFCU Secured nRewards CC - $0/$200 – 5 months old

Local CU CC – $16/$15,000 – 7 months old

Auto Loan - $16,892/$18,047 – 7 months old

NFCU Secured Loan - $245/$3,001 – 8 months old

Cap1 CC - $0/$500 – 1 year

(AU) KeyBank CC - $0/$7,500 – 6 years, 4 months

[omgitsMatt]

The results were completely expected. Any other result and I'd have been very surprised.

Hope the data points still help.

[tpdtopcop]

I got the exact same reasons for denial when I applied for the gold visa. Lol. And reconsideration was a joke as they wanted documentation while I explained the reasons there denial didn’t make sense.

[spiritcraft1]

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@omgitsMatt wrote:

On 10/2/2019 I wanted to open a checking & savings account with PenFed.

No hard pulls at all.

NFCU Secured nRewards CC - $0/$200 – 5 months old

Local CU CC – $16/$15,000 – 7 months old

Auto Loan - $16,892/$18,047 – 7 months old

NFCU Secured Loan - $245/$3,001 – 8 months old

Cap1 CC - $0/$500 – 1 year

(AU) KeyBank CC - $0/$7,500 – 6 years, 4 months

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Sorry about the delials.  I guess they will offer you something in time.  

It seems like you are on the right track though with what you have.    I would imagine that second card with NFCU will be a nice SL.  

Nice job on that local CU card!

[DaveInAZ]

Sorry for your denials, Penfed sure loves to say No! on CCs.

Penfed seems to be better for secured loans - auto loans & Home Equity - then CCs.

[Anonymous]

Sorry for the denials. PenFed is really hard to get in with. I might try for a card one more time next year, but am not expecting to get approved 🤷🏽

[Meanmchine]

Worry bout your lack of results.  Garden abit and try again next year

[AllZero]

Thanks for sharing the data points.

Keep your membership open. Let it marinade a little bit. Maybe once your AoYA reaches 1 year you might be more successful with an application.

[omgitsMatt]

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@AllZero wrote:
Thanks for sharing the data points.

Keep your membership open. Let it marinade a little bit. Maybe once your AoYA reaches 1 year you might be more successful with an application.

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Yep, that's the idea. Want to get in the door now tho and get that HP out of the way. By the time AoYA reaches a year, I'll be going after some Navy cards, so probably won't bother with PenFed for longer than that.

Gonna work on some CLIs from Navy too without opening a new card for awhile, that secured card should grow well.

By then I should see results.

[AllZero]

Based on your score, it appears you have a clean file? PenFed prefers that along with decent income, low DTI. In 6 months I think you're no longer considered a new member.

Hopefully in time, you might see some coveted soft pull offers besides Turbo Tax.