Penfed Said No.

[fastcars1971]

 I have very good credit scores of  between 778- 800 fico 8 . I have no baddies and pay nearly in full every month on my credit cards. I opened a checking account with Pen Fed. I then used their pre approval tool to apply for a credit card. They said no and did not say why. I don't get it. My credit is very good . Even Amex gave me a 10k card back when my score was much lower. I have not applied for any card in over 8 months . Any thoughts ?

[Horseshoez]

Many folks, myself included, don't put much stock in preapproval tools; if you want a card, apply for it.

[pip3man]

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@fastcars1971 wrote:

 I have very good credit scores of  between 778- 800 fico 8 . I have no baddies and pay nearly in full every month on my credit cards. I opened a checking account with Pen Fed. I then used their pre approval tool to apply for a credit card. They said no and did not say why. I don't get it. My credit is very good . Even Amex gave me a 10k card back when my score was much lower. I have not applied for any card in over 8 months . Any thoughts ?

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Waste not your time with PenFed, I've been with them for more than 10 years. I was just declined today for a card that the prequalify tool gave me an approval of $7500. Tried to recon and was basically told the only time they will reconsider is if there was an error on my credit report otherwise I should go jump off a cliff. Save yourself the HP!

[zerofire]

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@fastcars1971 wrote:

 I have very good credit scores of  between 778- 800 fico 8 . I have no baddies and pay nearly in full every month on my credit cards. I opened a checking account with Pen Fed. I then used their pre approval tool to apply for a credit card. They said no and did not say why. I don't get it. My credit is very good . Even Amex gave me a 10k card back when my score was much lower. I have not applied for any card in over 8 months . Any thoughts ?

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You seem to be blinded by greed. 8mo is nothing in the credit world. What have you been doing in the past 24mo? That will say why lenders like PenFed might not be as interested. Also anything bad that you do is  going to be on there for 7 years so what has happened in the past that a lender might not be interested? You answer that and we will tell you why PenFed will not be interested in lending to you.

[Anonymous]

Penfed is not good. I have a card with them thats it.. i had a loan they courtesy paid off like others did few months ago, before that i was getting personal loan offers from them for up to 35K .. after the loan paid off and reflected the report, they wont preapprove me for a personal loan for a $1. scores dropped from no installment loans after that but stilll in 770 ranges. penfed used to be good, they took away credit limit increase requests as well now. they tightened up and got stingy. 

[fastcars1971]

 I have zero baddies and have  been paying the few cards I use in full. Amex gave me several cards with one having a 10k credit limit. I use less that 1k charge per month and pay in full. I am not sure what you mean by doing anything bad. In the last two years I have had 3 inquiries that resulted in receiving cards.  I am not being at all greedy. I just wanted to get established with a CU. 

[BearsCubsOtters]

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@fastcars1971 wrote:

 I have zero baddies and have  been paying the few cards I use in full. Amex gave me several cards with one having a 10k credit limit. I use less that 1k charge per month and pay in full. I am not sure what you mean by doing anything bad. In the last two years I have had 3 inquiries that resulted in receiving cards.  I am not being at all greedy. I just wanted to get established with a CU. 

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Maybe check out a local credit union. I have been with PenFed for 15 years (2 personal loans, share savings and formerly a Visa). They used to be really good but have declined in recent years. I closed out my PenFed Promise card in April after they raised the rates on all their cards to 17.99%. I won't trash them but I would not recommend them. They might have done you a favor by declining. 

[Tdatb64]

PenFed wouldn't give me a card until after my first anniversary with them. Try back next year.

[fastcars1971]

Thank you.