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Penfed denial.....I'm stumped

edulover
New Contributor

Penfed denial.....I'm stumped

Mid April I applied for the Penfed platinum rewards card and a line of credit.  I was approved for the cc with a $5000 SL.  I was conditionally approved for a LOC for $15,000 pending income verification.  They requested my past 2 months check stubs which I provided, then they requested my W2s for the past 2 years. I provided then with a mix of W2s and 1099s.  I was shocked when I logged in today today to find out I was denied stating they could not verify my income.  I work as an independent contractor and make over $300,000 yearly.  When I called to recon the CSR stated that two loan officers reviewed my documents and they could not approve me because of temporary income.  

 

Does Penfed have issue with contract work?  

What should I do at this point?

I'm not sure why they didn't approve me? 

Has anyone else had this problem with Penfed?

I have consistent income over the past two years as indicated by my W2/1099s. 

Please help.



Gardening goal April 2017 to allow new accounts to age and INQ to fall off. Current scores FICO 8 EQ 696, TU 702, EX 724 Goal 800
Message 1 of 24
23 REPLIES 23
humuhumunukunukuapuaa
Senior Contributor

Re: Penfed denial.....I'm stumped

Perhaps someone else who is with PenFed can answer the part of the question that is specific to PenFed.

 

However, you did not give them what they asked for and they would then be within their rights to deny you. Is there a reason you did not provide what they wanted? 



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~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
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Message 2 of 24
edulover
New Contributor

Re: Penfed denial.....I'm stumped


@humuhumunukunukuapuaa wrote:

Perhaps someone else who is with PenFed can answer the part of the question that is specific to PenFed.

 

However, you did not give them what they asked for and they would then be within their rights to deny you. Is there a reason you did not provide what they wanted? 


As stated above, I'm a contract worker and I don't get W2s.  Most often I recieve 1099s.  That's what I gave them. If there are any other contract workers or self employed please chime in. 



Gardening goal April 2017 to allow new accounts to age and INQ to fall off. Current scores FICO 8 EQ 696, TU 702, EX 724 Goal 800
Message 3 of 24
BeingMaryJane
Contributor

Re: Penfed denial.....I'm stumped

Maybe send an email to recon and attach the 1099 documentation again? Being a contractor I don't know what else they could possibly want. Maybe you didn't get a savvy rep the first time. Penfed is a gamble sometimes. They leave me stumped too. 

Message 4 of 24
CAPTOOL
Senior Contributor

Re: Penfed denial.....I'm stumped

Call them back and offer to provide copies of your tax returns. That should take care of it.

Message 5 of 24
humuhumunukunukuapuaa
Senior Contributor

Re: Penfed denial.....I'm stumped


@edulover wrote:

@humuhumunukunukuapuaa wrote:

Perhaps someone else who is with PenFed can answer the part of the question that is specific to PenFed.

 

However, you did not give them what they asked for and they would then be within their rights to deny you. Is there a reason you did not provide what they wanted? 


As stated above, I'm a contract worker and I don't get W2s.  Most often I recieve 1099s.  That's what I gave them. If there are any other contract workers or self employed please chime in. 


You mentioned you gave them a "mix" of W-2's and 1099's. I can see where they may think that contract work was not guaranteed, when they asked only for W-2's and received a number of different items.

 

Providing them a "mix" different from what they requested most likely looked inconsistent to them. Lots of different contract jobs may not have looked to be guaranteed income to them. Fair or not fair, that is my estimation of what may have happened.



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 6 of 24
Officer737
Established Contributor

Re: Penfed denial.....I'm stumped


@CAPTOOL wrote:

Call them back and offer to provide copies of your tax returns. That should take care of it.


I agree with Captool or tax transcripts may work also. This is what is actually gets filed on the taxes. 

Message 7 of 24
edulover
New Contributor

Re: Penfed denial.....I'm stumped

Yeah, maybe they disregard 1099s. i didn't really need the line of credit just thought i would just maximize my credit pull.



Gardening goal April 2017 to allow new accounts to age and INQ to fall off. Current scores FICO 8 EQ 696, TU 702, EX 724 Goal 800
Message 8 of 24
Musiclover
Super Contributor

Re: Penfed denial.....I'm stumped


@CAPTOOL wrote:

Call them back and offer to provide copies of your tax returns. That should take care of it.


This.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 9 of 24
edulover
New Contributor

Re: Penfed denial.....I'm stumped

I will offer to send copies of my tax return. It's worth a try.



Gardening goal April 2017 to allow new accounts to age and INQ to fall off. Current scores FICO 8 EQ 696, TU 702, EX 724 Goal 800
Message 10 of 24
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