@difringe wrote:Was feeling froggy after getting the Amazon Prime Rewards Visa and figured might as well app for another card before that one starts reporting.
Scores are in the sig, AAoA is 9yrs, AoYA is about 3.5yrs, Utilization at 1%, had 0 Equifax inquiries; I do have missed payments in my payment history, which is what the CSR said was the reason for the denial; I'll be at 12 months without a missed payment in February, so might call in and see if I'd have a decent shot at the card then or if I have to wait longer bc of poor history.
Having missed payments with in the last 24 months, Penfed needs to be a hard pass for anyone considering. I'm surprised Chase didn't deny you to be completely honest. Most of these lending institutions are pretty stringent on missed payments, especially under 1 year.
I wouldn't give up on them just yet. You need to allow the missed payments to fade before attempting to obtain a loan of any kind with them or any other lender.
@Gmood1 wrote:
@difringe wrote:Was feeling froggy after getting the Amazon Prime Rewards Visa and figured might as well app for another card before that one starts reporting.
Scores are in the sig, AAoA is 9yrs, AoYA is about 3.5yrs, Utilization at 1%, had 0 Equifax inquiries; I do have missed payments in my payment history, which is what the CSR said was the reason for the denial; I'll be at 12 months without a missed payment in February, so might call in and see if I'd have a decent shot at the card then or if I have to wait longer bc of poor history.
Having missed payments with in the last 24 months, Penfed needs to be a hard pass for anyone considering. I'm surprised Chase didn't deny you to be completely honest. Most of these lending institutions are pretty stringent on missed payments, especially under 1 year.
So I'm definitely also surprised I got the Chase card with what I've read on here, but I will say, what's the point of a credit score if you're still going to treat one portion of the credit score as far more important than the others? Like I could understand if my score was under 600 and I had the missed payments, but I'll (likely) be at 700 across the board next month when I reach 12 months without a missed payment, my income is fine, and I've got 14 accounts. I'd rather they made the payment history an even larger percentage of your score so it would reflect their practices (although, to be honest, I really don't get what they deem important in payment history either, but that's another story lol)
Edit: To be fair though, you're also very correct, my Equifax score summer 2017 was 550, so seeing it approach 700 recently made me a little thirsty to apply, especially when you see all of the approvals on here lol. I'm basically already at 1yr without a missed payment, so really I should just garden for a year and make the rounds again...I'm pretty sure what I'm going to end up doing is going for a card or two in Feb or March (especially now that I'm in with Chase; suddenly I'm getting pre-approved offers from Chase), and THEN gardening for a year though haha
Honestly, I only went for the PenFed card bc of the high CL I've seen for others on here, I don't really have a need for the card or anything else they offer at the moment, so I'm not even sure if I'll swing back around to PenFed in a year 
@difringe wrote:
@Gmood1 wrote:
@difringe wrote:Was feeling froggy after getting the Amazon Prime Rewards Visa and figured might as well app for another card before that one starts reporting.
Scores are in the sig, AAoA is 9yrs, AoYA is about 3.5yrs, Utilization at 1%, had 0 Equifax inquiries; I do have missed payments in my payment history, which is what the CSR said was the reason for the denial; I'll be at 12 months without a missed payment in February, so might call in and see if I'd have a decent shot at the card then or if I have to wait longer bc of poor history.
Having missed payments with in the last 24 months, Penfed needs to be a hard pass for anyone considering. I'm surprised Chase didn't deny you to be completely honest. Most of these lending institutions are pretty stringent on missed payments, especially under 1 year.
I wouldn't give up on them just yet. You need to allow the missed payments to fade before attempting to obtain a loan of any kind with them or any other lender.
I replied to this and it disappeared lol
After being on the board for a bit, I'm also surprised I got the Chase card lol. My Equifax was 550 last summer, so when I saw it approaching 700, that, combined with the approvals I've seen on here, made me thirsty to get a couple more cards...
You're 10000% right that I really should just wait, but you know how it goes with that itch...what I'll probably do is app for another card or two in Feb/Mar (now that I'm in with Chase, I'm suddenly seeing the pre-approved offers that I sought before joining Chase lol) and then garden for a year or so before rounding out my card portfolio.
I do wonder what the point of a credit score is if they're going to see the score, then look at one portion of said score, and ding you disproportionately though. I've got a decently long credit history for someone my age, multiple accounts that are all current, low utilization even though I use a lot before paying it off, and very few inquiries (untili this recent rash of inquiries, all I've had are employers/utility companies/property management pulling my credit)
I'd rather they increased the percentage from 35% to like 50% if it's that much more important, that way my score would just be lower and I wouldn't expect approvals lol. Not to mention, I don't 100% get what they deem as important w/r/t Payment History.
Regarding PenFed, I only apped bc of the high SL I've seen on here for others (was thinking it'd be a quick way to boost my utilization even higher and show that I can handle more credit for when I app'd for other cards). I don't really need any of the products they offer, so if I try again in Feb/Mar and don't get the card, I'm thinking I'm not going to swing back around in a year, there will be plenty of other cards I can get and actually use.
I wondered what happened to the last reply. I was in the middle of responding, when it disappeared. lol
That my friend is the mistake many make on this forum, including myself at one time or another.
We assume the score is what allows one to get that honey. The score isn't the "Bee's Knee's" in obtaining an approval IME.
It's truly the overall credit profile. Does this person have a mortgage? Does this person have an auto loan? How does his or her auto loan payments compare to their other monthly expenses? Do they have relationships with other banks? How long have they had them?
The way the algorithms are written for different banks, plays a huge part in what you can get out of them. You can have what some consider a perfect profile ( 3 revolvers, 1 installment loan, high income, 0 inqs in 2 years). If it doesn't pass that algorithms sniff test, you'll still be denied.😂
I'd suggest not trying Penfed for at least 18 months after the lates occurred. They're still going to hold it against you for several years.