Welcome and sorry for your denial
... PF can be weird, they denied Me a 2nd card. (too many Inqs)
"Can anyone point me to the PenFed Credit Consolation section of myfico.com?"
Yes, Absolutely .. @AverageJoesCredit is in charge of that!
@Anonymous wrote:Can anyone point me to the PenFed Credit Consolation section of myfico.com?
Right here, Pal:
That's unfortunate. I would suggest a reconsideration if they send you a survey email.
@Anonymous wrote:
@Anonymous wrote:Can anyone point me to the PenFed Credit Consolation section of myfico.com?
Right here, Pal:
Thats funny!
@Anonymous wrote:Was declined for the PenFed Power Cash credit card today after withrawing an application for a $25,000, 48 month unsecured installment loan that PenFed priced at 12.99%.
I have been a PenFed member for over two years, had a share secured $18,000, 18 month installment loan with them, since payed off, an auto loan that I payed of in 6 months, 2 savings accounts, a checking account, and 4 cd accounts with them. All of my deposit accounts are still open with them.
My denial letter indicated a FICO credit score of 764 and listed the standard 4 garbage reasons for the denial. My AAoA is 25 months, AoOA is 49 months, and have credit 5 accounts on report, including a Chase Sapphire Preferred with a $25,000 limit and another Chase card with a $16,200 limit. No derogatories on credit report or on public records. My income is $130,000 per year, but I rent my place. I have been with my current employer for over 4 years, but have moved to another state in the last 3 months. My employment relationship is not dependent on which state I currently live in. There have been no new credit accounts in over six months with 2 inquiries in the last year.
After discussing my perceived strong profile with the PenFed rep, she put me on hold so she could confer with a loan officer. The Rep stated I did not have a sufficient history with PenFed. When I pressed her for specifics, she said Penfed likes to see a payment history of at least 36 months on a installment loan as shown on a credit report before approving a credit card. Interesting Penfed does not seem so picky on a unsecured $25,000 installment loan.
Can anyone point me to the PenFed Credit Consolation section of myfico.com?
Lolwut @Anonymous haha. One needs 3 years history on a loan to get a cc from them ?? I dont think so. Youve encountered what i call the Penfed Selective Syndrome, aka their PSS,similar to pms but on a credit level lol. They cherry pick who they want to give credit to then when nobody is looking, pulls out a 🎱 and gives you a reply they think will satisfy your snickers
. Ive fsiled so many times trying to reacquire a cc from them im spent. At end of the dsy there are better cards out there with less restriction and come uppance.
Wow! Had I known this I probably would not have pulled the trigger on applying for the PenFed Gold Visa CC. I have been with PenFed since September 2018 and have had only a savings account with 3K in the account. I knew that I was throwing the dice when I applied. I did open a checking account the same day prior to applying for the credit card which I was approved for $7.5K SL. I have never had a loan with PenFed so I think AJC is correct that PenFed can be schizophrenic when it comes to CC approvals.
Yeah im on my 2nd loan with them so i know i have history. Having lots of credit hurts but in my mind so what. If they were all maxed ok but most are at 0 anyway. In my case im sure my income is the issue but this is coming from a lender who once gave a person with a 50k income a 50k cc, lolwut. I just got an email to save $20 on Turbo Tax. I used to feel special with PFs Turbo Tax offers. You know, super exclusive and all. Now everyone and their grandma offers Turbo Tax or equivalent at ssme or lower rate. Thanks Penfed for keep8ng it real
I dont know about her reasons, I refinanced my truck (@ lowest apr) about 6 months ago -- maybe, I've got a checking account that I've parked few grand in, a savings account that I just left ~10 dollars in went for a cloc (asked for and received a 500 dollar line) so I was thinking they really like me.... I apped for the platinum rewards card because I like the 5 points per dollar for fuel purchases at the pump (I have a company fuel card that I'm supposed to use but I can use my own and get reimbursed IF the company card isn't accepted or working.....hint hint wink wink). I was instantly denied 3 times maybe for too many inquiries and new accounts.... well that hasn't deterred me a bit, I kept adding new accounts and of course inq's -- I'm up to something like 20 accounts under a year....it's insane and I would not recommend my actions to anyone and I blame the fine folks here! Anyways I apped for it again 2 weeks ago maybe and was approved instantly for 15k @ 16.99% so I pressed on feeling good and went for a PLOC -- asked for and received 5k at 14.69% I think. It did go into review so I assume some one took a look? So in saying all that don't give up the gate will open up for you!
