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PenFed Power Cash Denial

tortoise_credit
Regular Contributor

PenFed Power Cash Denial

I tried applying online, after hitting submit, it ended up going to an HTTP 400 error page. The HP already happened.

 

So I called in. The first rep told me that the application process errors sometimes, and that I shouldn't have to re-apply, but she couldn't do anything with the application so she transferred me. The second rep kept insisting I had to re-apply, but couldn't guarantee a second HP wouldn't happen. At first the only reason for denial was "unknown", but eventually said I was denied due to lack of credit history.

 

Strange thing is that I'm seeing the message "Please continue your application" in my PenFed account. I guess I'll wait for the Adverse Action letter...


 FICO 8Inq/1230/60/90 LatesAAoA
EX78114/0/09 yr 3 mo
EQ79313/1/08 yr 6 mo
TU77714/0/18 yr 9 mo
Last updated: 4/3/2022
Message 1 of 17
16 REPLIES 16
FinStar
Moderator

Re: PenFed Power Cash Denial


@tortoise_credit wrote:

I tried applying online, after hitting submit, it ended up going to an HTTP 400 error page. The HP already happened.

 

So I called in. The first rep told me that the application process errors sometimes, and that I shouldn't have to re-apply, but she couldn't do anything with the application so she transferred me. The second rep kept insisting I had to re-apply, but couldn't guarantee a second HP wouldn't happen. At first the only reason for denial was "unknown", but eventually said I was denied due to lack of credit history.

 

Strange thing is that I'm seeing the message "Please continue your application" in my PenFed account. I guess I'll wait for the Adverse Action letter...


This is a very common message even with some approved applications.

 

If an agent has already confirmed that it was declined for the reasons you've stated, then don't submit another application because you can risk another HP if the first one encountered a glitch of some sort. Just wait for the letter to confirm the outcome.

Message 2 of 17
tortoise_credit
Regular Contributor

Re: PenFed Power Cash Denial


@FinStar wrote:

This is a very common message even with some approved applications.

 

If an agent has already confirmed that it was declined for the reasons you've stated, then don't submit another application because you can risk another HP if the first one encountered a glitch of some sort. Just wait for the letter to confirm the outcome.


Good to know that error message is common.

 

What was sort of annoying is that the rep kept insisting I should re-apply, and I kept pushing back because I didn't want another HP. At that time, she said the only reason for denial was literally the word "unknown" in the system. Well, eventually she did say (after talking to the underwriter) that it was due to lack of credit history so I'll assume it's that.

 

Thank you for your response!


 FICO 8Inq/1230/60/90 LatesAAoA
EX78114/0/09 yr 3 mo
EQ79313/1/08 yr 6 mo
TU77714/0/18 yr 9 mo
Last updated: 4/3/2022
Message 3 of 17
outofcredit
Established Contributor

Re: PenFed Power Cash Denial


@tortoise_credit wrote:

I tried applying online, after hitting submit, it ended up going to an HTTP 400 error page. The HP already happened.

 

So I called in. The first rep told me that the application process errors sometimes, and that I shouldn't have to re-apply, but she couldn't do anything with the application so she transferred me. The second rep kept insisting I had to re-apply, but couldn't guarantee a second HP wouldn't happen. At first the only reason for denial was "unknown", but eventually said I was denied due to lack of credit history.

 

Strange thing is that I'm seeing the message "Please continue your application" in my PenFed account. I guess I'll wait for the Adverse Action letter...


I got the same error when I applied for the Gold Card on 12/07/21.  It is a common problem with their applications.  I just signed into my account when I got the error.  My account page had a message at the top saying recent application was approved, so I went to the application page where the application status was listed and a "continue" link was there.  Clicked on it and took me  to the status page that provided further instructions on how to complete the processing. They didn't need further documents so all I have to do was digitially sign documents. In the 2 PenFed applications I've done it has had the application glitch page every time.  Maybe it has something to do with my brower or the fact that I have all cookies turned off.


Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 4 of 17
4sallypat
Valued Contributor

Re: PenFed Power Cash Denial

Glitched after apping for the  Gold card - approved, got the EX HP and then the next step to finalize froze up on me.

 

Could not get the finalization docs so had to call in.

 

Rep said, it's common and they "pushed" is thru.

 

Card finally showing up in my mobile app....

Message 5 of 17
Yasselife
Established Contributor

Re: PenFed Power Cash Denial

@tortoise_credit 

I've read mixed opinions about Penfed being conservative, then see members getting approved with 600s. Would you share your AAoA, inquiries 6/12/24, dti, etc so we can have a better picture.

   I recently joined Penfed but haven't applied for any product yet, and I'd be curious.

Message 6 of 17
tortoise_credit
Regular Contributor

Re: PenFed Power Cash Denial

As an update I got the adverse action letter, which includes these reasons as the denial:

  • Serious delinquency
  • Too few accounts currently paid as agreed
  • Lack of recent installment loan information
  • No recent revolving balances

And gave me my credit score: 740.

 

@outofcredit In my case, there were no action links under the applications tab. The first rep I spoke to did mention it seemed like a common occurrence to error out in CC applications, though. 

 

@Yasselife 

 

Average Account Age: 11 Years, 1 Month
Length of Credit History: 15 Years, 1 Month
Accounts with Negative Information: 1

Inquiries: 0/24

 

DTI is very low; own my home, no mortgage, six figure income... I think it may be because my only open CC right now is at about 9 months old. Also, I had one 90, one 60, and a few 30 day lates, but those are all > 6 years old. I probably should have waited until at least the 90 day fell off, and my Discover aged to 12 months. I'm hoping to maybe get a survey so they can reconsider.

 

Also, at some point during the process I believe I was redirected to an UltraFico page, and that could have caused the error. Maybe due to my lack of recent CC history they wanted to check that score. I am still unclear if they would have approved me by making a second application, but I didn't really want to risk a second HP.


 FICO 8Inq/1230/60/90 LatesAAoA
EX78114/0/09 yr 3 mo
EQ79313/1/08 yr 6 mo
TU77714/0/18 yr 9 mo
Last updated: 4/3/2022
Message 7 of 17
Yasselife
Established Contributor

Re: PenFed Power Cash Denial

@tortoise_credit 

You have a good profile IMO, are you going to try for something else(bank)? How many accounts do you have open?

 

Message 8 of 17
tortoise_credit
Regular Contributor

Re: PenFed Power Cash Denial


@Yasselife wrote:

@tortoise_credit 

You have a good profile IMO, are you going to try for something else(bank)? How many accounts do you have open?

 


Earliest I'll apply to something again is probably in April or so, when that 90 day falls off. I did just try sending a recon secure message to PenFed, though.

 

I only have the one Discover, other trade lines were old student loans, and some closed cards from 2015ish. I really only want to have 2-3 cards max.


 FICO 8Inq/1230/60/90 LatesAAoA
EX78114/0/09 yr 3 mo
EQ79313/1/08 yr 6 mo
TU77714/0/18 yr 9 mo
Last updated: 4/3/2022
Message 9 of 17
Relatxbles
Regular Contributor

Re: PenFed Power Cash Denial

Sorry to hear that OP - best of luck to you in the future, friend! 




Message 10 of 17
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