Penfed denied

[Anonymous]

---

@KJinNC wrote:

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 ...

---

PenFed is really strict about new accounts at times. I did my app over the phone back in 2018 and she actually called right over to UW and they flat out said that two new accounts was too many and they wanted to see history on them. This was 6 months after adding three new accounts, one of which was closed, and I was only at 4/24. 

I would love to see UW's faces when they saw my 22/24 now. 🤷‍♂️ 

[randomguy1]

As far as history, what are they looking for?

Time account has been opened? Do they care about usage? I have a PenFed savings but it rarely gets touched or money moved into it since I have a better HYS account. 

[KJinNC]

---

@Anonymous wrote:

---

PenFed is really strict about new accounts at times. I did my app over the phone back in 2018 and she actually called right over to UW and they flat out said that two new accounts was too many and they wanted to see history on them. This was 6 months after adding three new accounts, one of which was closed, and I was only at 4/24. 

I would love to see UW's faces when they saw my 22/24 now. 🤷‍♂️ 

---

Yeah, I can believe that, I am just generally suspicious of "reasons" listed on these letters being put there by a human who considered you and turned you down for that reason. I think a human considers you, and if they deny you, a computer spits out reasons from FICO that may or may not be the reasons the human focused on. It's hard to prove, though.

And as far as 22/24, I think I am 11/24 depending what counts, none older than six months ... oops! But I somehow weaseled my way into everything I want for now with two or three exceptions that I'll have to wait for.

[tpdtopcop]

Interesting information. I have had a PenFed savings and checking with them for 12 years. So ymmv

[Anonymous]

After filling out survey I got a call back from them. Basically she asked me why I wasn’t happy and proceeded to tell me that PenFed is really strict about new accounts. Basically they want you not to have any accounts opened in 6-12 months period.
Also they basically don’t care about you having money in their savings account when applying for credit card. It will not help

[tpdtopcop]

How long after you applied and denied did you get survey?

[SifiUSa]

I have been approved for 1 Auto Refi 23k and Visa Reward for 2.5k. I did open 12 new accounts in 12 months. Been lucky maybe with them.

[SifiUSa]

No history with them, like many reviews in this forum and decided to apply to refi my car ( Less than six mths) they approved me for 23k @3.49% ( from 8% with HF). I applied a couple of days later for one cc and received 2.5k CL. Never bank with them before just open a $5 saving account. Apparently there are looking at your score and no badies.

[gen_zod]

@SifiUsa curious, if you don't mind sharing, what were your scores,uti, dti at time of app?

[randomguy1]

---

@SifiUSa wrote:

No history with them, like many reviews in this forum and decided to apply to refi my car ( Less than six mths) they approved me for 23k @3.49% ( from 8% with HF). I applied a couple of days later for one cc and received 2.5k CL. Never bank with them before just open a $5 saving account. Apparently there are looking at your score and no badies.

---

What was your EQ score at?