Penfed instant approval then told denied

[Applepro1990]

That's sucks being denied after getting an approval. I had the same thing happen to me. Hopefully they will approve tour refinance 

[SouthJamaica]

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@creditclueless wrote:

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. 

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Some other cards even better than the PenFed Gold card:

Chartway FCU platinum Visa

Unify FCU Platinum Visa

Digital FCU Platinum Visa

Vantage West CU Connect Visa

Evansville Teachers FCU Platinum MC

[CashBackQueen]

That's horrible! Sorry this happened to you OP, I know I would be crushed and severely disappointed in them. I'm glad I ended my relationship with this bank, never asked for any of their credit products but I just didn't like their online banking setup and how difficult they made it to update basic information. Like others have posted, there are better banks and better cards out there. Good luck with your rebuild!

[jberry]

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@AverageJoesCredit wrote:

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

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Yeah thats the PenFed I know too, after getting 2 cards with them, which I am happy for all in one week, (PenFed gold and Platinum Rewards each at $5,000 each - wanted a higher limit to do a balance transfer), I did their pre qualify for personal loan so I can consolidate debt, I was pre approved up to $20,000 , did what they told me to do, I even submitted my documents THREE times! and finally almost a month later, they come to their decideion that I'm denied for their personal loan. Keep in mind I been a PenFed member for a long time, over a decade, financed many cars with them too, I'm just not happy with their service anymore, even the wait times are always so long even before COVID-19, and I remember when I was refiancing my student loan with them, it took almost a month, and they even pulled my credit again! after a month, sorry not credit card related just venting, that the OP got approved and denied, really messed up.

[Anonymous]

Well that just abosolutely sucks! I agree with the other poster about trying for the RECON first. Then decide what you want to do after that. Good luck! 

[creditclueless]

I don't think Penfed likes me they also denied me for the auto loan lol I think I am done with them.  

[Anonymous]

Balance transfer could've triggered something. Just a guess. 

[Fated4Credit]

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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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Sorry for the denial, your post is like a cautionary tale, that's like my worst nightmare as I too have balances on 3 of my four cards, thankfully they're small & UT is still at 8% will be 12% when my PPMC reports next week. I'm planning to apply for membership & the maybe the PCR next month, I pushed out my app date to an extra month to pay down my balances to 2-3% UT Hopefully you can recon their decision, good luck

[newgirlintown]

Don't waste another hp on this awful bank. They play too many games.

[newgirlintown]

Glad I read this. I was approved then denied too! I almost considered opening a savings account with them just to get my foot in the door but even that's a hard pull with no guarantee of a cc approval. They can go to hell. I'll never ever deal with them again.