Penfed approved car loan but declined credit card, recon?

[Superduper2014]

Hello Guys, 

So, Penfed approved a car loan for up to 18k on the 12th (that was the amount requested to buy a used car) and they are sending a check. 

After learning you can use the same hard pull, an app for their power cash credit card was done, but was denied due to:

"We do not grant credit to any applicant on the terms you requested"

Then stated, credit score was 708, Reatio of balance to limit too high, lenght of time accounts open, proportion of loan balances high, lenght of time accounts have been established. 

Thing is they did not use the same HP. they pulled it again for the credit card application. 

What do you think about these: I appreciate your input. 

1) Hope the denial of the card after applying for the car loan does not have any bearing on the car loan since that is needed the most. 

2) Why would they pull credit again if they are, according to evidence by other memebers, use the same HP for 90 days?

3) Should I recon this credit card denial?

4) The score was lower when they pulled credit again for the credit card because there were 3 recent HPs on equifax, one from them for the car loan 2 days prior, one from DCU for another car loan that was applied for to see rates and terms and one from Capital one a week before. Was this too many inquiries? Should I recon despite this fact?

[CreditCuriosity]

---

@Superduper2014 wrote:

Hello Guys, 

So, Penfed approved a car loan for up to 18k on the 12th (that was the amount requested to buy a used car) and they are sending a check. 

After learning you can use the same hard pull, an app for their power cash credit card was done, but was denied due to:

"We do not grant credit to any applicant on the terms you requested"

Then stated, credit score was 708, Reatio of balance to limit too high, lenght of time accounts open, proportion of loan balances high, lenght of time accounts have been established. 

Thing is they did not use the same HP. they pulled it again for the credit card application. 

What do you think about these: I appreciate your input. 

1) Hope the denial of the card after applying for the car loan does not have any bearing on the car loan since that is needed the most. 

2) Why would they pull credit again if they are, according to evidence by other memebers, use the same HP for 90 days?

3) Should I recon this credit card denial?

4) The score was lower when they pulled credit again for the credit card because there were 3 recent HPs on equifax, one from them for the car loan 2 days prior, one from DCU for another car loan that was applied for to see rates and terms and one from Capital one a week before. Was this too many inquiries? Should I recon despite this fact?

---

1) wont impact your car loan

2)HP for 90 days is basically a myth use to be that way, but since changed.

3)Doesn't hurt to recon as you already took a HP, but doubt it will yield any fruit; they use to be good about recon, not so much anymore

.. Depends on your DTI as penfed like good DTI < 35% approx

4)doesn't matter on score slightly lower that isnt the denial reason.

[M_Smart007]

@Superduper2014  wrote:

Hello Guys, 

So, Penfed approved a car loan for up to 18k on the 12th (that was the amount requested to buy a used car) and they are sending a check. 

After learning you can use the same hard pull, an app for their power cash credit card was done, but was denied due to:

"We do not grant credit to any applicant on the terms you requested"

Then stated, credit score was 708, Reatio of balance to limit too high, lenght of time accounts open, proportion of loan balances high, lenght of time accounts have been established. 

Thing is they did not use the same HP. they pulled it again for the credit card application. 

What do you think about these: I appreciate your input. 

1) Hope the denial of the card after applying for the car loan does not have any bearing on the car loan since that is needed the most. 

It should'nt

2) Why would they pull credit again if they are, according to evidence by other memebers, use the same HP for 90 days?

They probably have different departments for loans vs CC's   .. also Penfed is very well known for HP's!

3) Should I recon this credit card denial?

I would, it can't hurt.

4) The score was lower when they pulled credit again for the credit card because there were 3 recent HPs on equifax, one from them for the car loan 2 days prior, one from DCU for another car loan that was applied for to see rates and terms and one from Capital one a week before. Was this too many inquiries? Should I recon despite this fact?

Yes

Just a note, Penfed would likely grant the car loan as it is secured by the vehicle, CC is unsecured.

You might have hit a wall ...as to what they are willing to lend you across all products.

Recon your CC app. all they can say is NO?  .. You have already taken the HP.

Good Luck!

edited for spelling error

[thornback]

---

@Superduper2014 wrote:

Hello Guys, 

So, Penfed approved a car loan for up to 18k on the 12th (that was the amount requested to buy a used car) and they are sending a check. 

Congrats on the auto loan approval!

---

@Superduper2014 wrote:

After learning you can use the same hard pull, an app for their power cash credit card was done, but was denied due to:

"We do not grant credit to any applicant on the terms you requested"

Then stated, credit score was 708, Reatio of balance to limit too high, lenght of time accounts open, proportion of loan balances high, lenght of time accounts have been established. 

Sorry for the CC denial (and the HP).   Just so you know -- the "same pull for 90 days" is not gauranteed with PenFed.   Some luck out with using the same pull - most don't.    When apping with PenFed, always expect a hard pull, be thankful if you luck out with a soft/no pull.

Are you a new member? 

Penfed seems to be bit more lenient with installment loans - especially auto because it's secured by the vehicle - than they are with unsecured credit.   They also weigh DTI pretty heavily and can be new account & util senstive (though some profiles skate by with no issue).  Your auto inquiries probably didn't have much to do with their denial decision, but you can try to recon - folks have had luck with that; but, if you are a new member (or just new to having products) you may need to build your relationshiop through the auto loan payments for a few months, then reapply.  

[M_Smart007]

let's not all post at once

[Anonymous]

Same thing happened to me with them. I was approved for $18k loan last June but have never been able to get a credit card from them. I would say maybe build a relationship with them for about 6 months and try again. 

[Superduper2014]

Thank you guys for all the replies. truly appreciated. 

This is for my gf. She has been a Penfed member for the past 2 years. 

She had a credit card that, if I am not mistaken, had a yearly fee and since she didn't use it, she decided to close it. Apparently they would not change to a non yearly fee product. She kept a savings account with $5 in all this time. That is the extent of her relationship with penfed. 

Does she have to recon by phone and call their regular customer service and ask for an underwriter?

Is there something in particular that she should say, so i can better suggest how to handle this? I have recon my cards in the past, but she is terrified to be on the phone for some reason lol. 

Also, I have a thread about DCU.. and wondering if after this experience she should apply for their credit card or not. Same thing she was approved with them for a car loan, but she won't be using it.

Thanks again !!! Have a good friday wherever you guys are and stay safe!

[CreditCuriosity]

Penfed has never had an AF card that i am aware of in the 5-6 years i have been with them.

Call the regular CSR # and ask to speak to supervisor or credit analyst as most supervisors are analyst..

[Wavester64]

@Superduper2014

Congrats on the car loan!

I tried for one of their CC's and was denied with a 777 EQ score so I feel your pain. 

---

[Superduper2014]

@CreditCuriosity 

She had the Green Cash Rewards Visa Platinum card and she never used it since it was a small CL.

They charged a $25 annual fee. 

The following is from the statement prior to the charge. I was curious and found it in the statements section even for a closed account from she opened in 2016. She paid 2 annual fees and then I suggested it was not worth it and she closed the account. Made no sense to have a fee and not use the card for anything. I do see that they don't have AFs now. Not sure what happened back then. 

"YOUR NEXT MONTHLY STATEMENT WILL CONTAIN YOUR ANNUAL FEE OF
$25.00. IN ORDER TO AVOID PAYING THIS FEE, YOU MUST CLOSE
YOUR CREDIT CARD ACCOUNT BY CONTACTING US AT 800-247-5626
WITHIN 30 DAYS FROM THE DATE OF THIS STATEMENT."

I will have her call and request a supervisor as you suggest. Thanks a lot