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Penfed cash back credit card denied

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Valued Contributor

Re: Penfed cash back credit card denied

How many new accounts? Even though you have fewer inquiries on EQ, they can still see new accounts that may have pulled TU or EX. Egyptian denials are making a comeback this year after having subsided somewhat last year, I was approved for PCR in July 2017 with 7 new accounts in 3 months, that probably wouldn't have happened in 2018.
Message 11 of 19
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Established Contributor

Re: Penfed cash back credit card denied

I have 2x new credit card accounts and 1 private student loan refinancing. Both in past 6 months.
Message 12 of 19
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Valued Contributor

Re: Penfed cash back credit card denied

What about the last 12 months? PenFed has been known to be one of the most sensitive, if not the most, to new accounts and "credit seeking behaviors" and have tighten up even more recently, we have seen an uptick of postings for similar denials with good scores lately.
Message 13 of 19
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Established Contributor

Re: Penfed cash back credit card denied

Last 12 months I had car lease, installment loan, educational loan refinancing, 2x credit cards. It’s not like I have been getting 6 credits cards.
I had 100% payment history, 1% utilization and decent income so that’s what surprised me.
Message 14 of 19
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Established Contributor

Re: Penfed cash back credit card denied


@JR_TX wrote:
Sorry for the denial OP. Yeah PenFed is quite known to not like Egyptians!

Ok, I will bite.  I can't be the only one on here who doesn't know what an "Egyptian" is, in the credit sense.

Message 15 of 19
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Valued Member

Re: Penfed cash back credit card denied

It's kind of a slang term that is used around these parts to refer to the common denial reason of "pyramiding debt"

Message 16 of 19
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Established Contributor

Re: Penfed cash back credit card denied

So I called Penfed. The CSR basically told me, yeah your 585k loans means you can't get a credit card. My income is 200k but it seems like their algorithm  automatically denied me. I was going to recon with them via letter but at some point I figured that their 2% cashback credit card is not worth my effort.

 

Message 17 of 19
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Moderator

Re: Penfed cash back credit card denied


@Green456 wrote:

So I called Penfed. The CSR basically told me, yeah your 585k loans means you can't get a credit card. My income is 200k but it seems like their algorithm  automatically denied me. I was going to recon with them via letter but at some point I figured that their 2% cashback credit card is not worth my effort.

 


I agree.  It's not hard to find a 2% cash back card anymore.  Citi Double Cash quickly comes to mind.  

Message 18 of 19
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Valued Contributor

Re: Penfed cash back credit card denied


@Loquat wrote:

@Green456 wrote:

So I called Penfed. The CSR basically told me, yeah your 585k loans means you can't get a credit card. My income is 200k but it seems like their algorithm  automatically denied me. I was going to recon with them via letter but at some point I figured that their 2% cashback credit card is not worth my effort.

 


I agree.  It's not hard to find a 2% cash back card anymore.  Citi Double Cash quickly comes to mind.  


Or even easier the PayPal 2% Mastercard.


Message 19 of 19
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