UPDATE: PenFed App denial, survey call? Confused...

[Anonymous]

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GTC471 wrote:
Interesting. I've never really heard of the institution until I started reading on here. They do have very good rates though and I would start banking with them if they considered me. I'll see. Might call or wait for them to call again. Thanks.

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Pen Fed: is it worth my time and effort?

Myself, I had a plan with specific Goals and a Strategy to achieve those Goals. I knew exactly which Vendor and which card I was going to apply for, & and have it annotated when on a physical calendar. Most importantly I understood "WHY" i had chosen that specific Vendor, which was becasue I had researched them.

To date, I have only diviated from my plan once, and that was to apply with Pen Fed FIRST. I did this seven weeks after official discharge from Bankruptcy Ch 13.

I was instantly denied. Having expeceted this and prepared for it, I took my existing draft of a Recon Letter and specifically addressed their reasons for denial. I sent this via a secured message on their site.

After waiting patiently waiting 40 minutes for either my phone to ring or an e-mail to arrive, I choose instead to call directly. 23 minutes later, I was approved, and within 74 hours I was making charges on my New PEN FED card because I paid to have it overnighted.

17 days later my Pen Fed CC reported to all three CRAs, so I implemented the next step in my plan, and applied to Navy FCU. Approval by Navy at 9.9% apr without any extra effort on my part. Two days later I am charging on my new NAVY card because I again had it overnighted.

Well before applying I knew who Pen Fed was, what I wanted from and with them as a Vendor, and WHY.  I was prepared with different courses of action based upon their response to my application.

So while you have a Pen Fed Supervisor's direct phone #, a much valued Survey which you filled out, you need to consider WHY you applied to Pen Fed, and is it  worth your time and effort  (yes you work at night)  to contact them so that they my Approve you for a Credit Line.

If you had been aware of Baller's thread on Pen Fed, and had posted this information there,

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/td...

I am sure that you would have received many more responses than you have received from a meager seven different individuals on this thread.  As Pen Fed is held in high regard by many here.

Best Wishes.

[NichelleN]

Yes, as others have said, it's worth it to call back. I only recently joined PenFed. They have been nothing less than fabulous. During the process, I applied for a loan that came back with undesirable (for me) terms. I received their survey and filled it out. I received a call back from a department Senior Manager. After speaking with her, the terms were changed and I received the loan I was looking for. So now I have a checking acct, savings acct, overdraft credit line, PenFed Platinum Signature Rewards card and a personal loan.

Now, I'm considering moving some of the credit from the Plat card over to a new cash rewards card to take advantage of 5% back on gas.

I've found my credit union home.

[gingerflower]

Make the call Op!!📞📞📞

[Aduke1122]

Waiting for update ......call them OP

[Anonymous]

OP, you evidentally have a Cheering Squad ! 

Cheering for the Best! 

[Guyatthebeach]

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@Anonymous wrote:

Just wanted to get others opinion about PenFed. I applied and was denied for the Rewards visa.

Reasons

1. COLLECTION ACCOUNT(S) (nothing showing on my report except for the tax lien that was released but I believe will stay on my record for 7 yrs)

2. LENGTH OF TIME ACCTS ESTABLISHED. I haven't had a credit card for 10 years afer my bankruptcy until last year. Oldest account is 17 mos (Wells Fargo secured). 

3. TOO MANY INQUIRIES LAST 12 MONTHS. Well, I have gotten all my cards very recently (April 2016). That's 11 accounts within the last few months. 

So, I do understand the denial. Reconning it never crossed my mind. Here's my bewilderment. PenFed sent me a survey about my "experience". I didn't give an angry response or an excellent one either. Although in general, it was not favorable. Even asked me if I'm satsfied with the reason for the denial. I responded yes. Would I recommend, response no. I said I've never had an experience with PenFed and can't recommend them. Left it at that. Two days later, I got call from them regarding the survey I completed. They seem very determined to talk to me. They've called at least twice a day, gave me the assistant manager's phone number because she's off for 2 days. 

1. I don't understand why they sent me a survery. Are they expecting a favorable response for a denied app?

2. Has anyone had this experience before? I'm just not very inclined to want to talk to them at all. I work at night, they call during the day. 

3. Wonder what's the purpose of the call? 

Thanks for anyone's input. 

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GTC471,

I would call them back if I were you. I was initially declined, because of my bankruptcy. I got called back after a negative survey, did a recon. Within a couple of calls, I was approved.

You may have to settle for a Promise card, but your goal is to get your foot in the door. 

I think ink you have enough to have a successful recon.

Guyatthebeach

[AverageJoesCredit]

Hey, im happy with my Promise . Lowest limit that can be given but give me time Lol but seriously, im sure we all await OP's reply but on the same token, there may just be a few meager replies here but sometimes i think a new thread can be beneficial as sometimes when a thread is about certain subject, i find that sometimes as you read deep into the thread it often takes a detour to things not really related to original post. Im sure everyone that posts in the Penfed thread can see this one and chime in if they wanted to. Heck i started a thread earlier looking for some advice on one of my cc's and im sure there are lots of experts here but only a few have taken a moment to post their opinion which im grateful. It is what it is. Anyway, sorry must be the weather today, im down right goofy this evening . Heres one for the team " Go Penfed!! Great evening everyone!!

[Anonymous]

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@AverageJoesCredit wrote:
Hey, im happy with my Promise . Lowest limit that can be given but give me time Lol but seriously, im sure we all await OP's reply but on the same token, there may just be a few meager replies here but sometimes i think a new thread can be beneficial as sometimes when a thread is about certain subject, i find that sometimes as you read deep into the thread it often takes a detour to things not really related to original post. Im sure everyone that posts in the Penfed thread can see this one and chime in if they wanted to. Heck i started a thread earlier looking for some advice on one of my cc's and im sure there are lots of experts here but only a few have taken a moment to post their opinion which im grateful. It is what it is. Anyway, sorry must be the weather today, im down right goofy this evening . Heres one for the team " Go Penfed!! Great evening everyone!!

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Penfed sounds awesome!  

The Penfed thread sounds awesome!

reading through 255 pages of posts to get the answer to this question?  not awesome

(231 pages, my bad)

[Anonymous]

I read it when it was only 110 pages ! 

I cant imagine now 255 all in one shot. 

Mind you I have been keeping up with reading it... 

It is an amazing reading. 

Your response was so funny! 

[baller4life]

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@Anonymous wrote:

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@AverageJoesCredit wrote:
Hey, im happy with my Promise . Lowest limit that can be given but give me time Lol but seriously, im sure we all await OP's reply but on the same token, there may just be a few meager replies here but sometimes i think a new thread can be beneficial as sometimes when a thread is about certain subject, i find that sometimes as you read deep into the thread it often takes a detour to things not really related to original post. Im sure everyone that posts in the Penfed thread can see this one and chime in if they wanted to. Heck i started a thread earlier looking for some advice on one of my cc's and im sure there are lots of experts here but only a few have taken a moment to post their opinion which im grateful. It is what it is. Anyway, sorry must be the weather today, im down right goofy this evening . Heres one for the team " Go Penfed!! Great evening everyone!!

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Penfed sounds awesome!  

The Penfed thread sounds awesome!

reading through 255 pages of posts to get the answer to this question?  not awesome

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Understandable. What answer are you looking for?

And btw, it's only 231 pgs. 😅