PenFed Cash Rewards Recon Turned Approval

[Anonymous]

Well after reading here and success with NFCU I went ahead and applied for the Cash Rewards card from Penfed and the application was instantly denied because of my credit score with Equifax which pulled at 621. The reason stated was Recent delinquency or charge offs and some other things. So I called in and Reconed. They tried but was denied again but the loan officer was like if I pay off these charge offs that were 2 years old and submit proof that I did they will give it another try with a senior loan officer. So after struggling and scrambling for 2 days I found these creditors and made the decision to pay them off with 10% of what I owed. One was $133.54 and the other was $239. Once I paid them and got the paid in full letters I sent them to the email and asked the senior loan officer to reconsider their decision. Got a message back to call and verify information. Called and was on hold with the loan officer; after he verified the proofs I had submitted. He said he has to have his manager override the decision or I can reapply and he will be able to recon the app. I did what he said and after some more holds he comes back and Boom! APPROVED!!!!!!!! Got a small starting line at 2.5k but I am so happy that an inquiry didn't go to waste and I got in with a CU at the same level as NFCU. So now my wallet has NFCU GoRewards 12.5k, Penfed $2.5k, CLOC $12.5k, Wells Fargo secured at $300, NFCU SECURED nRewards at $900 and US BANK Secured at $300. I was also advised to ask for CLI after 6 months if I pay my balances in full. I am beyond happy. Thank you everyone for all their valuable insight. AND now I am off to the Garden till July 2018 when I get ready to buy a new car once I'm back in the states.

Thank you everyone!!!!!

[Anonymous]

Great recon!!! You did very well and have a good flock of cards! Keep up the good work.

[Aduke1122]

Nice job on the recon OP congrats on all the success

[Anonymous]

Very well played & Major Congrats!!!  It's a great card, Enjoy!!!  

[Tazman81]

Congrats on the recon and approval.  They will be able to grow with you.  What was your utilization when you applied?

Also, a quick tip that caught me offguard.  If your membership is less than 6 months old, PenFed holds all payments to your credit card for 10 calendar days. They post the payment to your balance, so the balance goes down, but they do not release the available credit for 10 calendar days.  Anyhow, this may or may not apply in your situation, but just thought I'd mention it depending on if you have a new membership with them.

Not sure if this can be waived.  I haven't tried yet as it seem archaic to me.  Especially since my payments are me transferring funds from my checking over to the credit card.  I would think nothing needs verification there.

[thummel]

Congrats on your recon!

[Anonymous]

Congratulations vicsingh05 on your successful PenFed recon approval! You'll ❤️ the rewards card I know I do! 😊

[Anonymous]

---

@Anonymous wrote:
Well after reading here and success with NFCU I went ahead and applied for the Cash Rewards card from Penfed and the application was instantly denied because of my credit score with Equifax which pulled at 621. The reason stated was Recent delinquency or charge offs and some other things. So I called in and Reconed. They tried but was denied again but the loan officer was like if I pay off these charge offs that were 2 years old and submit proof that I did they will give it another try with a senior loan officer. So after struggling and scrambling for 2 days I found these creditors and made the decision to pay them off with 10% of what I owed. One was $133.54 and the other was $239. Once I paid them and got the paid in full letters I sent them to the email and asked the senior loan officer to reconsider their decision. Got a message back to call and verify information. Called and was on hold with the loan officer; after he verified the proofs I had submitted. He said he has to have his manager override the decision or I can reapply and he will be able to recon the app. I did what he said and after some more holds he comes back and Boom! APPROVED!!!!!!!! Got a small starting line at 2.5k but I am so happy that an inquiry didn't go to waste and I got in with a CU at the same level as NFCU. So now my wallet has NFCU GoRewards 12.5k, Penfed $2.5k, CLOC $12.5k, Wells Fargo secured at $300, NFCU SECURED nRewards at $900 and US BANK Secured at $300. I was also advised to ask for CLI after 6 months if I pay my balances in full. I am beyond happy. Thank you everyone for all their valuable insight. AND now I am off to the Garden till July 2018 when I get ready to buy a new car once I'm back in the states.

Thank you everyone!!!!!

---

Would you please DM me the email address of the Sr. Loan Officer? I'm in a very similar situation and was just denied.

[Anonymous]

DM? I don't know what that is. But I didn't have the email of the loan officer but the HQ email. I submitted the docs there and called after 20 mins and spoke to Dick Marshall and he was the one who approved my application after resubmitting it.

[Anonymous]

@ vicsingh05 I think Federalist meant PM (which means send him a private message) if I'm not mistaken?...🤔