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Hey all, wanted to share a recent frustraing denial. Knowing Penfed uses EQ Fico9, I decided to apply for an account and app for the Power Cash rewards. Was approved for account no problem, then denied for the Power Cash rewards. First denial listed these reasons:
Too many recent inquieries
Age of accounts
So as others on here have posted, I got the survey, let my frustration known in the survey. Never received a call. I then did a recon over the phone, still denied. I then did another recon through email, sat in pending for 4 days, then denied. In my recon email I made my case that I did have 4 inquiries in the past 12 months (5 with the PenFed Inquiry) 2 of those being for an auto loan which I was approved for. Reasons for denial.
Recent Deragatory
My profile is as follows
EQ Fico9- 704
Last lay payment was 18 months ago on a now closed/paid auto loan for 30 days. Granted there are several 30 days on my report but the most recent being 18 months.
I just find it odd as in the same time frame in the past week Amex has approved me for 2 cards (at 1k and 5k SL) and they use standard Fico8 which is a much lower score for me (EX 654). So it seems Penfed is even a bit more strict on their underwriting then Amex.
Anyway sorry for the rant just a bit frustrated. Off to the Garden now
Interesting. I just signed up and thought about applying for a card. My score is not as high as yours. So I guess I will revisit that idea in 6-9 months.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@pgtackle2003 wrote:Hey all, wanted to share a recent frustraing denial. Knowing Penfed uses EQ Fico9, I decided to apply for an account and app for the Power Cash rewards. Was approved for account no problem, then denied for the Power Cash rewards. First denial listed these reasons:
Too many recent inquieriesAge of accounts
So as others on here have posted, I got the survey, let my frustration known in the survey. Never received a call. I then did a recon over the phone, still denied. I then did another recon through email, sat in pending for 4 days, then denied. In my recon email I made my case that I did have 4 inquiries in the past 12 months (5 with the PenFed Inquiry) 2 of those being for an auto loan which I was approved for. Reasons for denial.
Recent Deragatory
My profile is as follows
EQ Fico9- 704
Last lay payment was 18 months ago on a now closed/paid auto loan for 30 days. Granted there are several 30 days on my report but the most recent being 18 months.
I just find it odd as in the same time frame in the past week Amex has approved me for 2 cards (at 1k and 5k SL) and they use standard Fico8 which is a much lower score for me (EX 654). So it seems Penfed is even a bit more strict on their underwriting then Amex.
Anyway sorry for the rant just a bit frustrated. Off to the Garden now
OP, as you know, every lender has different underwriting standards. Where one will approve the other won't. Sometimes it doesn't make sense to us but at the end of the day, their money their rules. Don't sweat PenFed too much. I know this is frustrating now but you'll align yourself with similar or better cards and before you know it, this issue won't even be something that matters anymore. Continue to build your profile, let those late payments age off and continue to work in a positive direction.