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PenFed Recon Fail?

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Frequent Contributor

PenFed Recon Fail?

I had applied for a PenFed Promise card on Friday after getting turned down for a Gold early in May.  I figured the Promise was easier to qualify for.  It was immediately denied and I noticed on the message I got that they used the report they pulled in April when I opened my account/joined.  I had emailed prior to this asking about what PenFed looks for to approve a credit card and I was told that they don't have set criteria and that if it's denied I can ask for a recon and they would look at it closer. 

 

I had called in after the denial and was told that for them to reconsider it to email in a letter and to have them pull a new report to attach my signature to the email and request it.  I did just that and yesterday morning I had to call in because I had an email request from PenFed.  This was in regards to my signature card but while I was on the phone I figured I would ask about the recon.  After a brief hold I was told they did get the recon and he sent it back to be processed.  I got the 24-48 hour message email a little bit later and throughout the day I could see this Under Review status online.  I checked just before 11pm my time and it still showed this.  This morning at 7:30 I checked it again and it shows denied.  I have yet to get an email or a message online about this and no pull was done on any of the credit bureaus. 

 

What gives?

Message 1 of 7
6 REPLIES 6
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Moderator

Re: PenFed Recon Fail?

You can try contacting them and see whether an UW has had the opportunity to review your reconsideration request.

If declined, then their original position stands. Sometimes it may take them a couple of days to get through some of these secondary review requests.
Message 2 of 7
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Frequent Contributor

Re: PenFed Recon Fail?

I finally got to speak with a loan officer after the member services person I spoke with said he spoke with her and it came back that my DTI was nearly 50% which is not the case at all.   My DTI with the mortgage and car loans and the Discover card is barely 25%.

 

The LO said it's the BK that is the reason for denial.  DTI isn't a factor, Util is fine, but they want to see more history since the BK, even though a few items were reaffirmed and we've had those items for years.  She said they pulled a new report but I never got a notification as such. 

 

Oh well, I'm going to move on and maybe one day look at PenFed again but I'm not too concerned at this point.

 

I have a Discover It Secured I'm taking very good care of and will look at others later on, maybe Cap One once I am off their blacklist.

Message 3 of 7
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Moderator

Re: PenFed Recon Fail?

At least you can have closure on the issue and you know where you stand going forward should you desire to reapply with them in the future.
Message 4 of 7
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Frequent Contributor

Re: PenFed Recon Fail?

I just wish the reason was direct and not wishy washy.

 

But you are right.  Smiley Happy  I would like to eventually get a 2nd mainstream credit card one day.  I'm avoiding Credit One and First Premier.

Message 5 of 7
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Established Contributor

Re: PenFed Recon Fail?

I too have been denied for the Promise card. I sent in an immediate recon email. Waiting to hear back. Any suggestions?

Message 6 of 7
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Established Contributor

Re: PenFed Recon Fail?

Yep still denied after a phone call and 2 emails.

In my 2nd email, I showed them that I had gotten my cards' balances down, they still didn't budge

 

Message 7 of 7
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