Penfed denied me for CC with credit score of 717

[Anonymous]

Penfed denied me for their power cash rewards visa.  The reason given on the letter was recent or past accounts delinquent.  I did have a couple accounts about 18 months ago report as late, but they have all been paid off completely, and my UTI is only at 2% and DTI is only at 9%.  Any advice?

I am also about to try to get a new auto loan, but since they denied me for CC, should I even try again with Penfed for autoloan?

[Gmood1]

Sure you have nothing to lose. The auto loan is a secured collateral loan.

Nothing unusual about the denial. I'd wait until 24 months after those baddies before applying for CC's with Penfed.
I've been denied with scores in the 790's for various reasons. Unfortunately scores don't guarantee approvals.

[difringe]

I can't speak to the auto loan, but you won't be able to get the credit card until you're 24 months past your last late payment.

[AverageJoesCredit]

+1 Gmood1

Ive been denied simply for being AJC. I recently paid down my cc debt with a loan, so had basically none showing, low inq on Eq , 3 years history with PF and still denied. Said i have enough credit that adding theirs might make bust out and go crazy!. Ok last part i added but for some they dont like multi credit for others maybe. Lates are just a surefire way to give them ammo on denials.

[Meanmchine]

Also, Penfed will use your recent HP for all credit apps ( except mortgage ) for 30 days.  It might even be 90 days so you can try an auto loan, cloc. even a different cc if you want

Good luck

[Anonymous]

You may have to try in the next 90 days after the date of application. I've tried monitoring it and did another application only for me to find out the the used the previous credit report.

Good luck on your next application.

[SomewhereIn505]

I think PenFed is a more conservative lender. I don't go after anything unless its a pre-approval from them.

FWIW, my score is showing 715 with them. They're just now begining to send me mailers for their Gold Card. Not super interested in it to take a HP.

[tcbofade]

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@SomewhereIn505 wrote:

I think PenFed is a more conservative lender. I don't go after anything unless its a pre-approval from them.

FWIW, my score is showing 715 with them. They're just now begining to send me mailers for their Gold Card. Not super interested in it to take a HP.

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I agree x 1000.  I also got that mailer today.  Nope.  My score is showing 755 on their website, but I'm not cold applying for anything with them.  No preapproval, no application. 

[Anonymous]

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@SomewhereIn505 wrote:

I think PenFed is a more conservative lender. I don't go after anything unless its a pre-approval from them.

FWIW, my score is showing 715 with them. They're just now begining to send me mailers for their Gold Card. Not super interested in it to take a HP.

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To me, Penfed is not conservative.  Penfed is NOT competitive.

A week ago, I noticed my Promise which I did not use about a year was missing.  Called them to request the repalcement.  While talking to CSR, he encouraged me to apply for PowerCash.  I was not interested but somehow agreed for HP.  Denied for multiple inquries.

WHAT???  I only had two last 12 months and one of those was Penfed.  I apped for auto loan and withdrew because I did not like the attitude of CSR - you should call us to find out, when the application was sitting there for two days.

Called  back and connected to supervisor.   Actual reason was because I have too much available credit.

Now, Penfed fico 9 is 819. My util is alway 1-3% with no derogatory item and with DTI somewhere under 20%.  I have been with Penfed more than two years.  My income is in the top percentile.  Not one sigle offer last two years... because I have too much credit?  

I am even thinking about going to shareholders meeting and have an opportunity to talk to C level management....