PenFed pending app after recon

[Anonymous]

So, I applied for a PenFed card and was denied. Two reasons given were too many inquires and time since trade lines were opened. They didn't event mention my BK 7 thats 1 year old. They told me that my Equifax was 678.

I called for recon and they told me to write a letter and email it to them. In the letter I explained that of the 14 inquiries I had this year, 9 of them were related to my business. Opening bank accounts, merchant processors, and things like that. I explained that they were not my requests for credit. Heck, I opened 4 bank accounts with Citibank on the same day and it resulted in 4 hard pulls. PenFed, themselves. Gave me 2 hard pills when I opened my savings and checking a couple of days apart.

Anyways, I sent them the letter explaining all this. Very nicely and positively worded. I also added that even if I couldn't get the Power Cash card I'd be open to another product. Within an hour I received an email asking me to send them my taxes for the last two years for income verification. I don't think it'll be a problem income-wise, at least.

Safe to assume that a real person is looking at this and actually considering giving me the card? I'd be ecstatic.

[FinStar]

It appears that the reconsideration request has routed to a senior UW or supervisor for further review. They still need to make a determination whether DTI and any other factors that where cited for the initial decline can be overriden.

So, best suggestion is to keep checking the status online until a decision is reached.

[Anonymous]

Best of luck to you, I had the same thing happen a few weeks ago, they shot me down but I should've waited. One of the biggest things that cleared up on my CR is that a chargeoff shows paid in full now and my total balance went from 41k down to 12k.

[Shooting-For-800]

You never know with PenFed.

I am currently at the top of our rollercoaster ride.

GL!

[Traveler101]

Good luck to you. I just jumped on the train here and applied for a cli. I figured worst case scenario, if no cli, maybe a apr reduction, though I have never carried a balance. Seeing some pretty good approvals over there, so we all wait, lol

[AverageJoesCredit]

Ive tried a million ways to get a cc again from Penfed and have been told point blank im too poor. Lol i kid you not my last denial letter said insufficient income lol. My Eq is a graveyard for Penfed apps but at least i officially know its not worth trying anymore. Good luck op

[M_Smart007]

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@Shooting-For-800 wrote:

You never know with PenFed.

I am currently at the top of our rollercoaster ride.

GL!

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"I am currently at the top of our rollercoaster ride."

I always thought that was the best place to be on the ride.

[Shooting-For-800]

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@M_Smart007 wrote:

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@Shooting-For-800 wrote:

You never know with PenFed.

I am currently at the top of our rollercoaster ride.

GL!

---

"I am currently at the top of our rollercoaster ride."

I always thought that was the best place to be on the ride.

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It is.  

I was approved for $10k then denied 2 weeks later for the same approval due to paperwork and POI 

6 months later, I have no idea why, I applied again with lower income stated, lower ficos, more debt.

I was approved for $15k with no paperwork or POI.  

Then I did 18 month .99% APR balance transfer check for $14k 

Two weeks later, just to be stupid I applied for a CLI and got one for $2,500.  

Then three weeks later, just be completely insane  I applied for a new card while owing PenFed $13,500 on my first card.

I was instantly approved for $12,000.   

Yep, at the top of our rollercoaster relationship right now     

[Wavester64]

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@Anonymous wrote:
So, I applied for a PenFed card and was denied. Two reasons given were too many inquires and time since trade lines were opened. They didn't event mention my BK 7 thats 1 year old. They told me that my Equifax was 678.

I called for recon and they told me to write a letter and email it to them. In the letter I explained that of the 14 inquiries I had this year, 9 of them were related to my business. Opening bank accounts, merchant processors, and things like that. I explained that they were not my requests for credit. Heck, I opened 4 bank accounts with Citibank on the same day and it resulted in 4 hard pulls. PenFed, themselves. Gave me 2 hard pills when I opened my savings and checking a couple of days apart.

Anyways, I sent them the letter explaining all this. Very nicely and positively worded. I also added that even if I couldn't get the Power Cash card I'd be open to another product. Within an hour I received an email asking me to send them my taxes for the last two years for income verification. I don't think it'll be a problem income-wise, at least.

Safe to assume that a real person is looking at this and actually considering giving me the card? I'd be ecstatic.

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Was wondering how you made out on the recon?