A few months ago I did a PenFed pre-qualification for funsies and I got declined. Actually, I accidentally submitted it 3 times. It was later I realized I was declined three times, and they gave me a generous SL amount that I wasn't approved for.
Within a week, I got three almost letters in the mail explaining why I was declined. I don't have the letters anymore, but they were insightful (it was mostly about account velocity, IIRC). I've opened 2 PenFed cards in the last year, and I'm sure that was one reason why they weren't excited to give me a third one yet.
Just to see what would happen, I tried it again just now and got denied, with this message: "Sorry, we were not able to match you with any offers at this time. We will send you information detailing the reason(s) why we arrived at this decision."
If you saw something like that, you'll probably get a letter in the mail, too.
