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PenFed Power Cash Rewards - Denied

Auto Loans for ANY Credit Situation. Immediate Response.
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Established Contributor

Re: PenFed Power Cash Rewards - Denied

I couldn’t get approved until I got an auto loan. Lol. Guess they felt sorry for me. 😂

Another funny point I’d like to add about my experience with PenFed. The had previously declined my card apps because I was delinquent with 4 year old auto payments. Only to turn around and approve me for an auto loan and then ask me if I still wanted a credit card as well. 😂
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 11 of 17
Moderator

Re: PenFed Power Cash Rewards - Denied

The credit market is tightening up as well.. So approvals will be harder to get as well whether good or a rebuilding profile and UW changes constantly.. I agree recent late payments are a huge red flag for lenders.  Give it some time and try again.  I joined Langley recently and was denied a CC with a 780 approx score on approval.  I was pretty suprised to be honest, but will let my membership and savings/checking grow for awhile and go in for the pounce again with them in about a year.   Reason for denial was indebtness.. Basically DTI although around 37% which is kinda high, it isn't earth shattering in the area I live in.  I bought a new house and have a fairly expensive car which is the bulk of it, but have about 17k in debt between CC and installments due to new house stuff and CC that I will be paying off hopefully in March when I bonus which should push down my DTI a bit.. I think the credit markets are simply tightening up and they want less risk, especially for those with alot of credit (in my case).

Message 12 of 17
Community Leader
Super Contributor

Re: PenFed Power Cash Rewards - Denied


@CreditCuriosity wrote:

The credit market is tightening up as well.. So approvals will be harder to get as well whether good or a rebuilding profile and UW changes constantly.. I agree recent late payments are a huge red flag for lenders.  Give it some time and try again.  I joined Langley recently and was denied a CC with a 780 approx score on approval.  I was pretty suprised to be honest, but will let my membership and savings/checking grow for awhile and go in for the pounce again with them in about a year.   Reason for denial was indebtness.. Basically DTI although around 37% which is kinda high, it isn't earth shattering in the area I live in.  I bought a new house and have a fairly expensive car which is the bulk of it, but have about 17k in debt between CC and installments due to new house stuff and CC that I will be paying off hopefully in March when I bonus which should push down my DTI a bit.. I think the credit markets are simply tightening up and they want less risk, especially for those with alot of credit (in my case).


Insert Estate where house is OP and personal driver/ car for fairly expensive car.😂

I believe the flood gates are going to really start opening for you CC.

Every month you record a payment on that estate to the CBs. The stronger your profile becomes.  18 months in, you'll feel unstoppable! Lenders will be begging you to get in debt.😆

 

 They see the mortgage on your reports. And know they can get some of their money back if things were to ever go south. I know that's what they're thinking when they look at my reports.😆

Message 13 of 17
Moderator

Re: PenFed Power Cash Rewards - Denied


@difringe wrote:

Yea, I have no idea what happened with my initial reply hahaha.

 


Hi @difringe, it was in the spam quarantine; it's now been restored.  I don't think you'll have the problem again, but if you do just notity a moderator and we can restore it for you. 

 

--UB

Message 14 of 17
Frequent Contributor

Re: PenFed Power Cash Rewards - Denied

I pulled the trigger on this app and had completely forgotten that my CR was locked. Got the email from PenFed to unlock my EQ and call them but I think I'll hold off based on the board feedback here. May decide to go with NFCU CC instead later down the line.








"Give me liberty, or give me credit!" -PlasticDad


Message 15 of 17
Established Contributor

Re: PenFed Power Cash Rewards - Denied

That’s what I would do PD. I think your scores are boardline for PenFed. Although I’m not sure about the rest of your profile. I think NFCU would be better odds. IMO - best wishes! 😊
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 16 of 17
Regular Contributor

Re: PenFed Power Cash Rewards - Denied


@PlasticDad wrote:

I pulled the trigger on this app and had completely forgotten that my CR was locked. Got the email from PenFed to unlock my EQ and call them but I think I'll hold off based on the board feedback here. May decide to go with NFCU CC instead later down the line.


I think as long as your payment history is solid, you've got a good shot at getting the card. They seem to value that more than anything else.

Scores as of 8/5/2019



Planning to garden until February 2020 (started Jul 25 2019)
Message 17 of 17
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