Working on PenFed Recon

[Anonymous]

I tried to join PenFed late May early June but I got flagged for identity verification. I am still going back and forth with PenFed about this issue and hopefully it will be resolved this week. I was able to put in a CC App for the Power Cash Rewards with the Phone Rep that was helping me verify my identity. He told me that my CC App won't be processed until my account is verified. I have tried to call back in and see if I can get an update on my CC App but was told that it cannot be processed because my account is essentially frozen. I received a letter last week of my CC Denial which is shocking to me since my CC App isn't supposed to be processed... Overall my experience with them has been very tedious. It has taken over 2 weeks to get my identity verified along with miscommunication and disorganization. They already did a Hard Pull which they said they use for 30 days so I don't want to give up just yet. Once my account is verified I was going to open up a Checking Account and put $500 so I can be part of their PenFed Honors Advantage Members. I hope this is a mistake on their end since they told me that cannot process my CC App because my identity hasn't been verified.

Letter from PenFed 06/04/2021

Your Credit Score: 740

Key factors that adversely affected your credit score:

• Proportion of loan balances to loan amounts is too high
• Length of time revolving accounts have been established
• Ratio of balance to limit on bank reovolving or other rev accts it too high
• Length of time accounts have been established

Fico 8 Scores via Experian App (Updated 05/31/2021):
EX: 653 (As of 6/13/2021)
TU: 657
EQ: 726

AAoA:

EX: 3 Years 1 Month
TU: 3 Years 1 Month
EQ: 2 Years 6 Months

Inquires:

EX: 1

|RENTAL PROPERTY SOLUTI - Type: Tenant Screeners (Reseller) - Inquiry Date: 03-03-2020 - Removal Date: 04-03-2022|

TU: 3

|SYNCB/PAYPAL - Type: Banks and S&Ls - Inquiry Date: 06-13-2019 - Removal Date: 07-13-2021| (I don't remember applying for this tbh otherwise I would have never applied again in October but at least it falls off this month)

|SYNCB/EBAY - Type: Banks and S&Ls - Inquiry Date: 05-23-2019 - Removal Date: 06-23-2021| eBay Credit Card Approved

|SYNCB/PAYPAL - Type: Banks and S&Ls - Inquiry Date: 10-27-2019 - Removal Date: 11-27-2021| PayPal Credit Approved

EQ: 4

|CNBA - Type: National Credit Card Cos. - Inquiry Date: 05-31-2021 - Inquiry Removal Date: 06-30-2023| Citi Bank Double Cash Card Approved

|AOD CREDIT UNION - Type: Credit Unions - Inquiry Date: 06-01-2021 - Inquiry Removal Date: 07-01-2021| Savings Account Hard Pull

|PenFed| - June 4th
|TD Bank Target| -  June 4th (After PenFed's Hard Pull)

AU Accounts:

AMEX - CL $33,300 - CB $290 - Date Opened: 02-10-2021

CITI Double Cash Card - CL $10000 - CB $2646 - Date Opened: 04-02-2018

DISCOVER - CL $17400 - CB $5173 - Date Opened 07-21-2016

My Accounts:

Target - CL $900 - Date Opened 06/05/2021 (Hasn't appeared on CR)

Citi Bank - CL $7000 - CB $200 - Date Opened 05/31/2021 (Just appeared on CR 06/11/2021)
AODFCU - CL $15000 - CB $100 - Date Opened 06/03/2021 (Hasn't appeared on CR)

SYNCB/AMAZON - CL $1500 - CB $730 - Date Opened 05-04-2021

SYNCB/PPC - CL $800 - CB $216 - Date Opened 10-28-2019

SYNCB/EBAY - CL $300 - CB $11 - Date Opened 05-23-2019

Cap1 PLATINUM SECURED - CL $1300 - CB $48 - Date Opened: 03-01-2019

BOFA BANKAMERICARD - CL $500 - CB $0 - Date Opened: 02-23-2019 (Converted from Secured Card)

DEPT OF EDUCATION Student Loan- CB $3000 - Paid $0 - Opened 11-06-2014 - Current (Thanks COVID19)

Negative/Charge Offs

DISCOVER Student IT Card - CL $500 - CB $1315 - Charged Off DOFD 01/2016 (EX/TU)

Other:

EXPERIAN BOOST CARD/SPRINT Phone Bill +1 Point

[babygirl1256]

Greetings moonpirate ~ So sorry to hear of your PenFed issue and wishing you success with verifying your identity and success in obtaining the Power Cash Rewards credit card. I had a 'not so welcoming' experience with PenFed taking a long time (in my opinion) to process my credit card application. PenFed's underwriter was extremely slow and I cancelled the credit card application and requested my share account be closed.

A week after I had closed my account, I received 2 letters via the mail . . . 1st letter stating that my PenFed Visa Platinum Rewards Signature card was approved with a SL of $7,500.00 -and- a 2nd letter stating that the card application was cancelled (no card was issued). LOL, no regrets on my end as they took too long.

[Anonymous]

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@babygirl1256 wrote:

Greetings moonpirate ~ So sorry to hear of your PenFed issue and wishing you success with verifying your identity and success in obtaining the Power Cash Rewards credit card. I had a 'not so welcoming' experience with PenFed taking a long time (in my opinion) to process my credit card application. PenFed's underwriter was extremely slow and I cancelled the credit card application and requested my share account be closed.

A week after I had closed my account, I received 2 letters via the mail . . . 1st letter stating that my PenFed Visa Platinum Rewards Signature card was approved with a SL of $7,500.00 -and- a 2nd letter stating that it was cancelled. LOL, no regrets on my end as they took too long.

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Thank you for your response. I'm more encouraged to be patient now. The denial letter is a bit alarming considering that they said my CC Application won't be processed until the Account is verified. This is my last card for the next 2 years then I am in the garden. I will keep my utilization under 10% and I hope my AU Account Holders do the same or I may request to be dropped off.