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Penfed cash back credit card denied

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Established Contributor

Penfed cash back credit card denied

So I thought this was interesting:

 

EQ Credit Score 784

Hard Inquiries in past 12 months: 2 on EQ (5 on TU but they only pulled EQ)

Hard Inquiries in past 6 months: 1 on EQ (3 on TU)

Average fo accounts: 6 years 7 months

Total income 195k

Total obligations 585k

Utilization 1%

 

I was denied for debt to income ratio, too many inquiries. But when I calculated by DTI ratio its actually less than 5%.

 

 

 

Message 1 of 19
18 REPLIES 18
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Established Contributor

Re: Penfed cash back credit card denied

Not an end of the world but I wanted to switch from WF to Penfed. I have cash back on WF so I will just wait and see for another 6-12 months.

Message 2 of 19
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Senior Contributor

Re: Penfed cash back credit card denied


@Green456 wrote:

So I thought this was interesting:

 

EQ Credit Score 784

Hard Inquiries in past 12 months: 2 on EQ (5 on TU but they only pulled EQ)

Hard Inquiries in past 6 months: 1 on EQ (3 on TU)

Average fo accounts: 6 years 7 months

Total income 195k

Total obligations 585k

Utilization 1%

 

I was denied for debt to income ratio, too many inquiries. But when I calculated by DTI ratio its actually less than 5%.

 

 

 



I'm curious what you mean by "Total obligations."





Message 3 of 19
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Established Contributor

Re: Penfed cash back credit card denied

Total obligations is loans.

Message 4 of 19
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Senior Contributor

Re: Penfed cash back credit card denied

Are you currently making payments on those loans/installment debt?  I'm trying to figure out how you arrived at a DTI of "less than 5%."





Message 5 of 19
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Established Contributor

Re: Penfed cash back credit card denied

I think it might be the 585k in debt that spooked them, even with your income.  Just a guess.

Message 6 of 19
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Established Contributor

Re: Penfed cash back credit card denied

It’s an income based repayment so actual monthly amount is quite low. After 10 years loans are forgiven since I work for non profit organization. And yes my loans are in repayment.
Message 7 of 19
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Valued Member

Re: Penfed cash back credit card denied

I was just denied for the same card this month too. I had a 785 EQ. They stated too many new accts opened. I opened about 5 the first quarter this year. They told me to wait a few months. I also had a few more INQs than you.

Navy Platinum $25,000 - Navy CLOC $15,000 - Citi Best Buy $6,000 - Citi DP $3,150 - Discover IT $9,500 - AmEx PRG - AmEx Business Plus $18,000 - Citi business AAdvantage $2,500 - NFCU CashRewards $7,500 - Sams MC $15,000
- AmEx SimplyCashPlus $30,000 - Sams Business MC $12,500 - AmEx SPG Business $10,000 - Wells Fargo Biz Platinum $5,000

Scores 770-790
Message 8 of 19
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Valued Contributor

Re: Penfed cash back credit card denied

Sorry for the denial OP. Yeah PenFed is quite known to not like Egyptians!
BK7 dc in 01/2011 with FICO8 in the 500s

New cc TLs : 1/6 ; 1/12 ; 2/24
HPs EX 2 EQ 2 TU 1
AAoA 5y4m
UTIL 1% - 3%

$220K+ Total Limits










Message 9 of 19
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Regular Contributor

Re: Penfed cash back credit card denied

I'm a PenFed Egyptian! I've been a member since 2008 and have had an up hill battle for everything I have ever been extended from them. I only got the like I eventually got because of the caustic survey I submitted on my experience with them.

Nov 2019 EX 780, TU 760 EQ 752, June 2019 EX 778, TU 788, EQ 790 April 2019 FICO EX 802, TU 790, EQ 804, Oct 2018 Fico'd EX 817, TU 811, EQ 798
June 2018 Fico's EX 830, TU 817, EQ 824
PenFed Power Cash Rewards $17K (Jan 2018), Discover IT $20.5k(Jan 2018), Capital One $7500 (Aug 2014), Chase Freedom (PC from FU Jan 2019) $4500 (Jan 2018), Sam's Club MC$10000 (Jan 2018), BBVA $25K (Apr 2018) ,WF Propel 15.5k(Jul 2018), USB Cash+ $14K(Jul 2018), Citi Best Buy Visa Platinum $12k(Sept 2018) Digital Federal Credit Union $15k (Nov 2018) BBVA Compass ClearPoints $8100 (June 2019) Williams Sonoma Visa Comenity $2300 (July 2019) Discover it 2 $4.5k (Nov 2019)

Campus USA CU Auto Loan 85k (Aug 2018) BBVA Compass Express Loan $15k (Nov 2018), PenFed personal Loan $27k
Rebuilder Cards: First Permier $1250 closed (6/11/18), FNBO $2600( Nov 2006)

AAoA 2.8 years UT 8%
Store Cards: HomeDepot $12000(May 1998), Saks $800(Oct 1978) Kohl's $2.5k (Nov 2018) AMZN Store Card $8.5K (Jan 2019) Target RedCard &2.5k (Apr 2019) Walmart MC $4k (Sept 2019)
Message 10 of 19
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