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PenFed Cash Rewards Recon Turned Approval

vicsingh05
Contributor

PenFed Cash Rewards Recon Turned Approval

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!!!!!
6/10/2017
EX 677 EQ 685 TU 705
10 REPLIES 10
Dinosaur
Moderator Emeritus

Re: PenFed Cash Rewards Recon Turned Approval

Great recon!!! You did very well and have a good flock of cards! Keep up the good work.
Starting Score: 000
Current Score: 000
Goal Score: 000


Take the myFICO Fitness Challenge
Message 2 of 11
Aduke1122
Senior Contributor

Re: PenFed Cash Rewards Recon Turned Approval

Nice job on the recon OP congrats on all the success
Message 3 of 11
JMED2
Frequent Contributor

Re: PenFed Cash Rewards Recon Turned Approval

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

USAA Rate Advantage Visa 17.5% 7K|USAA AMEX Rewards+ 5K|USAA Prefered Rewards Visa 4.5K|USAA Classic Visa 2.5K|USAA Classic AMEX 2.5K|USAA Classic MC 2K|CaptialOne QS1 4.5K|Capial One QS Visa 1K|AMEX-EDC 1K|BofA Rewards VISA 10K| BarclayCard Rewards 4K|Barclaycard Choice Rewards Visa 1.4K|Walmart Store Card 6K|Amazon Store Card 4K|Sam's Club 10K|Meriick Visa 1.2K|OverStock 2K|Hilton-AMEX 5K|AMEX BCE 16K|PENFED PRVS 9K|AMEX PRG NSPL|FICOs: EQ 688 EXP 679 TU 685
Message 4 of 11
Tazman81
Established Contributor

Re: PenFed Cash Rewards Recon Turned Approval

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.


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 5 of 11
thummel
Established Contributor

Re: PenFed Cash Rewards Recon Turned Approval

Congrats on your recon!
Message 6 of 11
GiJane007
Established Contributor

Re: PenFed Cash Rewards Recon Turned Approval

Congratulations vicsingh05 on your successful PenFed recon approval! You'll ❤️ the rewards card I know I do! 😊
Message 7 of 11
Federalist
Regular Contributor

Re: PenFed Cash Rewards Recon Turned Approval

 


@vicsingh05 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.

1 Timothy 6:10
Message 8 of 11
vicsingh05
Contributor

Re: PenFed Cash Rewards Recon Turned Approval

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.
6/10/2017
EX 677 EQ 685 TU 705
Message 9 of 11
GiJane007
Established Contributor

Re: PenFed Cash Rewards Recon Turned Approval

@ vicsingh05 I think Federalist meant PM (which means send him a private message) if I'm not mistaken?...🤔
Message 10 of 11
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