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Penfed denial.....I'm stumped

edulover
New Contributor

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

After offering tax returns and providing them with a contract for 6 months from my employer, check stubbs, W2s and 1099s they still denied me the line of credit. I received a letter stating this:

 

Thank you for your recent application for credit. We have carefully considered your request, but were unable to approve it due to the following reason(s):

The Credit Committee reconsidered application. Original decision unchanged.
Our decision was based in whole or in part on information obtained in a report from the following agency:

Equifax
P.O. BOX 740241 ATLANTA, GA 30374 PH: 1-800-685-1111



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 11 of 24
micheland30
Established Contributor

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

Wow! Sorry to hear that! Why would they go through all of the trouble asking for all of that info, if they were going to turn around and deny you for what's in your credit report? Sounds inconsistent. If that was the case, why not deny you from the get go? It looks like they had to come up with some excuse to deny you again.

I know when I was denied for one of their credit cards, the immediate denial was for info on my Equifax. Then listed reasons. They never asked for all of that wasted stuff. 😞
Message 12 of 24
edulover
New Contributor

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


@micheland30 wrote:
Wow! Sorry to hear that! Why would they go through all of the trouble asking for all of that info, if they were going to turn around and deny you for what's in your credit report? Sounds inconsistent. If that was the case, why not deny you from the get go? It looks like they had to come up with some excuse to deny you again.

I know when I was denied for one of their credit cards, the immediate denial was for info on my Equifax. Then listed reasons. They never asked for all of that wasted stuff. 😞

Thanks micheland30 and humuhumunukunukuapuaa.  I called and questioned them about the reason for denial and the CSR (who spoke with the LO) stated initially that they are unsure that I would be able to pay them after 6 months since I only have a 6-month contract for employment.  I called them on that because I have multiple sources of income and I have a $400,000 home, 2 vehicles and other TL including credit cards and installment acounts that I have maintained in good standing for over 3 years.  She then said that they won't me to establish a relationship with them.  I couldn't argue with that so I politely said "Thank you for your assistance."  

 

I'm not sure how I feel about this.  My immediate instinct is to not do any further business with them and just sock drawer the credit card.  I was hoping to have a strong relationship with Penfed after all the great things I've read about them.  We have really started off on the wrong foot.  And it looked so promising when I first applied and they approved me for the PLatinum Rewards card for $5000 and PLOC for $15,000 pending income verification.  I truly believe they don't like contract work. If I had permanent employment making the same amout I would not have had any problem. They wouldn't say that but this is what I read between the lines.

 

This is a good data point for other that are self employed or do contract work.  In the medical field contract work is becoming more popular because of the flexiblilty and lifestyle.  I am afforded the opportunity to work 2 weeks on and 2 weeks off which is great for me and my family.  While making more money than if I worked a standard 9 to 5.  I'm not sure what the moral to this story is but thanks for listening and allowing me to share YMMV. 



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 13 of 24
edulover
New Contributor

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

By the way they hit me with another hard inquiry during this whole process. ):



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 14 of 24
12njoy
Super Contributor

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


@edulover wrote:

By the way they hit me with another hard inquiry during this whole process. ):


Sorry OP.  Penfed considers me an Egyptian.

Profile Worth 1.2M+ (Just 1 store only card/PayPal Credit @5.5k)
___________ 12Njoy
Message 15 of 24
micheland30
Established Contributor

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

Wow! Another hard pull? So you're good enough for a $5000 card, but not a loc? Again, inconsistent. I hope everything works out for you.

Also, try Nasa FCU. Some members on this board said they like them as well. Good luck!!
Message 16 of 24
edulover
New Contributor

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


@micheland30 wrote:
Wow! Another hard pull? So you're good enough for a $5000 card, but not a loc? Again, inconsistent. I hope everything works out for you.

Also, try Nasa FCU. Some members on this board said they like them as well. Good luck!!

Yeah, I have an in with NFCU and I am already a member of USAA.  I will give them 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 17 of 24
CAPTOOL
Senior Contributor

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


@micheland30 wrote:
Wow! Another hard pull? So you're good enough for a $5000 card, but not a loc? Again, inconsistent. I hope everything works out for you.

Also, try Nasa FCU. Some members on this board said they like them as well. Good luck!!

And some members, (me), got jacked around with NASA worse than he just got jacked around with PenFed.

Message 18 of 24
RonM21
Valued Contributor

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


@edulover wrote:

@micheland30 wrote:
Wow! Another hard pull? So you're good enough for a $5000 card, but not a loc? Again, inconsistent. I hope everything works out for you.

Also, try Nasa FCU. Some members on this board said they like them as well. Good luck!!

Yeah, I have an in with NFCU and I am already a member of USAA.  I will give them a try. 


Hopefully that option works out for you!!

                

Total CL: $314.7kUTL: 2%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | DISC-40.6k | PENFED-38.4k | AMEX-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 19 of 24
edulover
New Contributor

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


@RM21 wrote:

@edulover wrote:

@micheland30 wrote:
Wow! Another hard pull? So you're good enough for a $5000 card, but not a loc? Again, inconsistent. I hope everything works out for you.

Also, try Nasa FCU. Some members on this board said they like them as well. Good luck!!

Yeah, I have an in with NFCU and I am already a member of USAA.  I will give them a try. 


Hopefully that option works out for you!!


Thanks RM21.



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 20 of 24
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