Penfed Promise Visa Denial - Data Share

[Anonymous]

Was denied today because of insufficent credit history.  My oldest account is 26 months old, my most recent and only other account is 2 months old.  Have one inquiry in last 24 months, other than the Penfed Inquiry.  I have 765 Vantage credit score, 2% utilization, and no derogatories.  My income is $15,000 per month, verifiable. My Penfed account is about two weeks old and I have $30,000 on deposit, the $10,000 in a CD ladder.  

My current two credit card accounts are with Chase and are Freedom Plus, $1,200 and Sapphire Reserve, $29,000.  Have direct deposit with Chase, a large checking account balance, and three years banking history with them.

I can understand Penfed wanting to see more credit history from me, but don’t they consider compensating factors?  I have no other debt payments, pay low rent, and have been able to show a high savings rate.

My use for the credit cards is for accounting and cash management due to increasing future estimated tax payments and possible repairs on business equipment.  I also wish to establish a strong credit profile for a good rate on an eventual residental mortgage.

It seems to me that Penfed is being very consevative here.  Hate to have a hard pull wasted, but am I looking at six months to a year before an reasonable expectation of getting approved with PenFed for the Promise Visa?

[fltireguy]

Have you spoken to a loan officer yet? That's be my first avenue...

[Anonymous]

Yes, I applied over the phone.  Instant denial. They gave me an email address to send them reasons why they should reconsider.  Will send them very specific reasons and voluntarily provide income documentation.

[Gregory1776]

YES, call and ask to speak to a loan officer! 👍🏽👍🏽 GOOD LUCK!

[AverageJoesCredit]

Penfed has definetly tightened up the ropes. Any chance you are elible for Navy?

[Gregory1776]

Not sure how you get in with them. Thought about it last September but didn’t want the HP.

Grandpas a vet but not a member.

[Anonymous]

Even though my Grandfather served in the Army, I never knew him.  Both him, his wife, and my mother are dead.  Lost contact with his other children a long time ago.  It does not appear that I can prove my relationship, thus no NFCU for me.

Will stick with PenFed because of their great CD rates, credit cards, and loan products, even if they take awhile to approve the Promise Visa.

I will provide a copy of my reconsideration request email and PenFed’s response in this thread.

Thank you for your imput.

[Gregory1776]

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@Anonymouswrote:

Even though my Grandfather served in the Army, I never knew him.  Both him, his wife, and my mother are dead.  Lost contact with his other children a long time ago.  It does not appear that I can prove my relationship, thus no NFCU for me.

Will stick with PenFed because of their great CD rates, credit cards, and loan products, even if they take awhile to approve the Promise Visa.

I will provide a copy of my reconsideration request email and PenFed’s response in this thread.

Thank you for your imput.

RIP. 🙏😥😥😥

[Anonymous]

Sorry for the denial. Personally, I'd wait six months and try again. That's just my take on it. Good luck whatever you decide.

[Anonymous]

What are your actual FICO 8, 9 scores?