cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed Promise Deny, Recon waiting

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

PenFed Promise Deny, Recon waiting

I have read so many stories of people getting PenFed to reconsider them and then getting approved and given very generous credit lines, even with moderate to low scores.

 

Encouraged by what I read today, I applied and was denied. I have scores in the 600-630 range for all 3 bureaus and a 12-2016 chapter 7 bankruptcy. Still, others had similar or worse credit files than mine and were approved and they even recon'd and got their limits increased to generous amounts.

 

I immediately wrote the recon email and told them that I have been very responsible with my current cards and have increased my credit scores over time. I told them I want to be their customer, I have had their entry-level savings for almost 1 year, but no credit products with them.

 

Any guidance on them??

 

 

Message 1 of 31
30 REPLIES 30
Frequent Contributor

Re: PenFed Promise Deny, Recon waiting

I believe I've heard around here that Penfed looks for 640 minimum for credit products.

Also they aren't nearly as generous as Navy Federal is for rebuilders. If you have a military connection I would steer you their direction.






Message 2 of 31
Valued Contributor

Re: PenFed Promise Deny, Recon waiting

You should have a letter in your secure message inbox in your account showing the score they used. Keep us posted, OP, good luck.


TU FICO 8: 741 (7/19) — Ex FICO 8: 739 (7/19) — Opinions are my own and not the views of my employer
Message 3 of 31
Frequent Contributor

Re: PenFed Promise Deny, Recon waiting

I recommend waiting until your EQ FICO 9 score is above 640 and reapply then. PenFed has been a little tighter with approvals lately. Good luck!
Message 4 of 31
Frequent Contributor

Re: PenFed Promise Deny, Recon waiting

Penfed has a secured credit card they don't really advertise.






Message 5 of 31
Frequent Contributor

Re: PenFed Promise Deny, Recon waiting

My DD had that card. They told her it wouldn’t graduate. She cancelled it after a year.
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $2K
Disco It #1 $5.3K
NFCU MoreRewards $4.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $2K
Disco It #2 $7.5K
DCU Visa $10K
NFCU Flagship Rewards $15K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
BK 7 discharged July 2016


Message 6 of 31
Valued Contributor

Re: PenFed Promise Deny, Recon waiting


@Hex wrote:
My DD had that card. They told her it wouldn’t graduate. She cancelled it after a year.

Explains why they don't advertise it. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (9/12/2019): FICO 08 EXP: 737; TU: 741; EQ: 752
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 7 of 31
Moderator

Re: PenFed Promise Deny, Recon waiting

As others stated believe min score for credit products w/penfed is 640 to be considered.  With that said PenFed has been tightening up lately as well as seen by the 10k max approval for new members and the like.  Get your scores up around 680-700 and try to avoid applying for other cards much and if your income supports it they certainly can be generous although nothing like NFCU if eligible.  Penfed is very much score driven and also income and DTI driven where-as NFCU if you have a pulse and can meet their membership requirements most likely you can get a good limit with good terms with them

Message 8 of 31
Established Contributor

Re: PenFed Promise Deny, Recon waiting

They are using my EQ score of 604 from Feb. 4th.

 

Called today to ask for a loan officer for RECON. The customer service rep said "I can help you"

After a long hold, he still said no and that utilization was too high on my existing cards, score was too low, credit was too new

 

I asked for a member of the underwriting department. He got someone else. She said the same thing. She said that looking at my credit reports, I have good history, but the score is just not high enough for them.

 

I asked what score is needed? She said that cannot be given out. 

 

 

 

Message 9 of 31
Moderator

Re: PenFed Promise Deny, Recon waiting

I would definitely heed the above suggestions to let things simmer for a while OP until those scores rise and your overall profile improves.

Unfortunately, if they didn't budge on overturning the decision a second or third time, it's best to just let it be. They'll continue to stand by the declined decision.
Message 10 of 31
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.