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Penfed denied

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Regular Contributor

Penfed denied

Applied today for their Promise Visa Card. Instantly denied for too many new accounts.
I am still waiting for that survey email and hopefully I will be able to recon.
Message 1 of 16
15 REPLIES 15
Senior Contributor

Re: Penfed denied

How many new accounts?




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 2 of 16
Regular Contributor

Re: Penfed denied

Since January of this year I opened
Syn Care credit
Barclay Uber visa
Bofa
Discover
Ashleys (account has been closed because I never activated it)
Last one was in June. Since then I haven’t applied for anything.
Message 3 of 16
Senior Contributor

Re: Penfed denied

5 in less then a year.

Good luck but I dont think youre gonna have any success

Sit it out in the garden for at least 3-6 months then try again

As for Ashleys, if its on your report, it counts




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 4 of 16
Valued Member

Re: Penfed denied

I was also denied for to many new accounts with two. Lol
Message 5 of 16
Super Contributor

Re: Penfed denied


@tpdtopcop wrote:
I was also denied for to many new accounts with two. Lol

Yep same for me back in 9/2018. 

PenDread is a joke. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 6 of 16
Valued Contributor

Re: Penfed denied

Sounds like they don't like your profile & "too many new credit cards" is just a blow-off excuse. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/11/2019): FICO 08 EXP: 747; TU: 749; EQ: 747
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 7 of 16
Valued Member

Re: Penfed denied

Well called for reconsideration and they said send email with explanation so I did. Mine was declined for recently opened accounts of which I have really only one. They responded with I have to send documentation for reconsideration. **bleep**. Just manually look at my report. Duh. Eff PenFed. How stupid are they?
Message 8 of 16
Moderator

Re: Penfed denied

Strange I am like 30/24 and got a new penfed card a month or two ago..  Tons of new accounts and inquiries granted score is around 790 and use PenFed as my primary FI and already have had a card with them for 4 years or so and auto loans and paid off personal loans etc.. Appears if one has a long standing relationship with them they will look over new credit and inquiries and all that fun stuff.  They have treated me very well.  They don't want to just be used for CC's like most CU's and want a relationship first.  Years are they were near impossible to get in or a card with as had to have super prime credit then they loosened up for a few years and now they are going back to being more conservative.   Certainly a new account/inquiry YMMV scenario as mentioned above.  They are a very good FI if you are in with them.  They certainly are no NFCU where they will hand out 10-25k limits to anyone with a pulse that is eligible though either.

 

Not all CU's like the same things in members as I have been shot down be other CU's that others have had no issues with what-so-ever with alot lower scores and incomes than myself.  One can never compare two profiles although they seem similiar as scores alone along with income, DTI, etc doesn't tell the whole story of why someone will be approved/denied.

Message 9 of 16
Established Contributor

Re: Penfed denied

I think this is an example of something that happens quite a bit, in which the reasons they print on the letter were not really important in the decision. Your credit report will generate positive and negative "reasons" when someone calculates a score. It's just a standard way of stating the things that raised or lowered your score. You may have dozens of "reasons" and the letter may simply show the first one listed or the one with the highest point impact, but, the decision may not have even been based on FICO score points.

 

I think people often end up focusing on or worrying about whatever reason(s) they print when those aren't genuinely the reasons you were denied. But I could be wrong ...



FICO 8 scores are deceptively high. My profile is very young with a lot of recently opened accounts and large number of inquiries. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 10 of 16
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