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.
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.
I just wish the reason was direct and not wishy washy.
But you are right. I would like to eventually get a 2nd mainstream credit card one day. I'm avoiding Credit One and First Premier.
I too have been denied for the Promise card. I sent in an immediate recon email. Waiting to hear back. Any suggestions?
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