@Anonymous wrote:hi, have 790 score, with stellar history, no late nothing. applied for pentfed, first get membership, paid $5, then applied for Visa - Power Cash Rewards, they sent a letter stating not enough credit history, avg history of my credit is 4 years, have discover, chase, wf, with high limit cards. I complained with survey, no response. please recomend me how to handle this issue.
p.s. is it good idea to reapply again? or it won't help?
does the card type matter? i mean if i change to the other ones?
PenFed is conservative. And four years credit history is still pretty young compared to many of their applicants, even if you have credit with other major banks. They are known to be selective. Many My Fico members have had trouble breaking the barrier into PenFed, so don't take it personally.
And even though they have 'open' membership, remember that they were first established as a military credit union. From my casual observation on My Fico, it appears to me that civilian-only background applicants undergo a more strict underwriting than current or prior military service applicants. Also, everyone has to open an account with the $5 deposit, but successful applicants often started banking with them for awhile before applying for credit. If you want your best shot with PenFed, I suggest you use them for banking and reapply in six months to a year. They have good rates on banking and cash investment accounts like money markets and CDs and competitive rates on loans such as auto loans. Build a little relationship and I believe it will pay off.
@Anonymous wrote:
The last one was 2 years ago, no hard inquiries were in my record. I don’t remember now what month but it was 2 years ago, and it was chase card, with the limit of now $20k. I really don’t get why they rejected me
Maybe you have too much avaliable credit compared to your income. That could also be a reason I doubt that it is your credit age beacuse I was approved with way less credit history than that.
