***Update*** NOW happy with Penfed :)

[Anonymous]

Applied for the Promise card last night and was instantly denied. Reasons stated were previous derogs and too many inquiries. I realized it had been less than 90 days since my last application so they probably used an old pull.I have heard over and over about how "recon friendly" they are so I sent an email last night requesting a loan officer review my application. In the email, I mentioned that I have been working on rebuilding and would appreciate any consideration regarding my application. I also told them I would be willing to have another pull done as my scores have increased since the last one. I received an email this afternoon that they referred my application to a loan officer and to check the status online. I was cautiously optimistic. I just got home from work and logged in to my account to check the status. This is what it says:

TURNED DOWN 05/16/2016

CC RECONSIDERED; ORG DEC UNCHANGED

Ugh. I'm not mad that they rejected the application. That is their right. I'm just upset at the coldness of the process. I thought I would have an opportunity to speak with a loan officer and make my case. I have no idea if they ran my credit again or not. Just not what I expected with what I hear on this forum. Oh well...Thanks for listening.

[Anonymous]

Sorry about the recon denial 

[Anonymous]

bman98,

Penfed approved my DH in Jan 2016 for the Promise and Defender cards.  His bk d/c was in July 2014.  His fico 08 scores are very decent now, with two reporting in the low 700's and the other 683.  

I understand why you're feeling bad.  When someone's rebuilding, they're going to have lots of inquiries, and there is no way getting around that.  You'd like Penfed to recognize your efforts and understand about your recent inquiries, and not punish you for them.  Although DH got their cards, he can't get any cli's.  It seems everybody else gets them but him.  So right now, he just has to roll with it.  

The way they do recons can seem somewhat cold.  It's hard to see org dec unchanged, Egyptian, too many new accts, etc. staring you back in the face.  It's a sick feeling in the pit of your stomach sometimes.  

You're scores have really come up in your rebuild, and congrats to you on that.  I think when you EQ score gets up to the 660's, you'll be in a better position to get approved for Penfed cards.  They really are worth doing business with.

[Anonymous]

Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence 

[Anonymous]

I had to reccon my Promise app with Penfed.  If I remember I was told to write a letter and fax it to Underwriting or mail it snail mail.  I did both and they approved it.  Maybe try faxing the letter or snail mail it.  Don't know what difference it would make but it specifically said how to send it when I reconned. They gave me a low limt and a higher APR after the recon.  I don't carry a balance with them so I don't care.  Give it a try before you give up.

Good luck to you.

[creditguy]

Sorry to hear about the denial and the recon, yes the process can be cold, but they are a bank and that's what banks do. Don't let it bother you though because it's not personal, although I have no doubt it feels that way. One thing to keep in mind with PenFed is they use some type of nextgen equifax scoring system and it could be that yours was too low. It always seems to be lower than your Fico 8 equifax. I'm sure with a little time patience and score increase you'll get the card you want, they'll always be there waiting for you.

[Anonymous]

Take a look at the "Penfed Approval Guide Please Post Your Data" by baller4life in the Credit Card Approval section.

This might be helpful as others list their specific data points for approvals.

Also it talks about recons, and I am sure they would collectively be willing to help you based upon your individual specifics.

The thread is only Four Days old, and a wealth of specific information and circumstances.

Take care,

Ch 13 Paid in Full.: 03/29/16
Ch 13 Discharged: 05/03/16

* waiting on Trustee's Final Report in the "mail"

03/17/16 Fico 8 Scores: EQ 546, TU 501, EX 548
05/14/16 Fico 8 Scores: EQ 563, TU 523, EX 548

[Anonymous]

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@Anonymous wrote:

Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence 

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Not to hijack your thread, but Amex is getting pretty desperate.  They need to increase subscribership to offset the massive losses (card holders) from recent breakups.  Right about now is the best time for anyone wanting an Amex to apply as they're most likely to approve people while they seek to grow their member base.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thanks for the encouragement Weedeb. It is very frustrating but no real harm done. My EQ score is now 646 so I'll be there soon. I am surprised that I have been able to get cards from Amex, DCU and USAA but not Penfed.I guess not eveyone is a match for every lender. I can't get Discover to even acknowledge my existence 

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Not to hijack your thread, but Amex is getting pretty desperate.  They need to increase subscribership to offset the massive losses (card holders) from recent breakups.  Right about now is the best time for anyone wanting an Amex to apply as they're most likely to approve people while they seek to grow their member base.

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Stop trying to temp us from the garden!

[Anonymous]

bman what was your exact NextGen EQ Score with PENFED ??  Check your email on their website or call in to ask