Penfed instant approval then told denied

[creditclueless]

I applied for a Gold card was instantly approved for $17,500, completed everything even set up balance transfers.  Next thing I see my application is being put under review.  Today they told me Im denied because of too many open accounts with balances.  Im a bit frustrated since I was about to close a few accounts after getting this card.  They said my EQ was 727.  I also applied to refinance my auto loan.  I wonder if they will trun me down for that too.  

[AllZero]

That is unfortunate on the CC denial. Good luck on your refinance application!

[CreditCuriosity]

sorry about the CC.. auto refi should go through as that is partially a secured debt meaning they can repo it if anything goes wrong where-as CC is completely unsecured and a bit more strict on lending

[AverageJoesCredit]

Sorry to read that. Now thats the Penfed i know.  Good luck on your refi. 

[creditclueless]

Maybe this will help someone else from wasting an inquiry.  

[Hex]

@creditclueless 

I'm sorry to hear that it seems wrong. They should have said pending if it wasn't a real final approval. Just out of curiosity hiw much did you request to balance transfer? 

[creditclueless]

I was only doing around $5000 to keep the balance under 30% utilization.  I only have about 8k in total credit card debt.  Then I was going to close about 5 cards that were from my rebuild that were garbage.  I do wish they would have just said under review instead of giving me the credit limit and interest rate.  It really stings that I took a hit of two hard inquiries too.  I don't know if I ever want to deal with them again. I've thought about just asking them to cancel my auto refinance.  

[SouthJamaica]

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@creditclueless wrote:

I applied for a Gold card was instantly approved for $17,500, completed everything even set up balance transfers.  Next thing I see my application is being put under review.  Today they told me Im denied because of too many open accounts with balances.  Im a bit frustrated since I was about to close a few accounts after getting this card.  They said my EQ was 727.  I also applied to refinance my auto loan.  I wonder if they will trun me down for that too.  

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Try to recon their decision. PenFed is sometimes receptive to that.

Also, if they send you a feedback email, use that as a recon opportunity as well.

[Harvey26]

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@creditclueless wrote:

I was only doing around $5000 to keep the balance under 30% utilization.  I only have about 8k in total credit card debt.  Then I was going to close about 5 cards that were from my rebuild that were garbage.  I do wish they would have just said under review instead of giving me the credit limit and interest rate.  It really stings that I took a hit of two hard inquiries too.  I don't know if I ever want to deal with them again. I've thought about just asking them to cancel my auto refinance.  

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Are you able to get in NFCU? if not maybe look into a personal loan.

[creditclueless]

I was planning on having most of it paid down by Jan anyways.  I was just excited that I thought I finally got a nice card with a big limit and could get rid of some cards I don't need. The zero percent transfer was also a nice feature.  I can't get into the NFCU.