PenFed Promise Visa Recon SUCCESS - Approved

[Anonymous]

I have been having a great credit recovery, and now I am in with PenFed!  Some background information: I have multiple charged off accounts from 2015 that were paid off in October 2016.  In October 2016, my credit scores were around 540 across the board.  I applied for a few credit cards a couple months ago, and I was approved for an Amex Platinum, Marvel Mastercard ($1.5K SL), Amex Everday ($500 SL), and Discover Miles ($5k SL) credit card.  I have also been added as an authorized user to two accounts (one $4K and one $11K), which are reporting on all three reports. 

On Monday, I decided that I wanted to become a member of PenFed and use the hard pull to get a credit card with them.  I applied for the Promise Visa card and was told that it was being reviewed by a Loan Officer.  One hour later, the status went from pending review to declined.  I called PenFed and spoke with a Loan Officer, who told me that I would need to submit a formal reconsideration.  I drafted a reconsideration letter, emailed it to the email address the Loan Officer provided me with, and I waited two days.  Today, I called into PenFed again, and I was sent to a Loan Officer who reviewed my application, as well as the letter.  After reviewing everything, he told me that he was pleased to approve me for a $5K SL!  I was blown away.  He said that he wanted to give me a chance, considering my entire story.  

Long story short, always give recon a chance with PenFed, as long as you believe that your credit profile is more than what the papers in front of the Loan Officer show!  I hope my story can help other people trying to re-establish their credit. 

Here are my current stats:

EQ FICO: 676 (EX FICO 690, TU FICO 709) - PenFed pulls EQ

PenFed Credit Score: 623 (not sure how they calculate it)

Inquiries: 11

AAoA: 3 years

Utilization: 12% of 27,000

7 paid charge offs from 2015, still reporting

[Anonymous]

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@Anonymous wrote:

I have been having a great credit recovery, and now I am in with PenFed!  Some background information: I have multiple charged off accounts from 2015 that were paid off in October 2016.  In October 2016, my credit scores were around 540 across the board.  I applied for a few credit cards a couple months ago, and I was approved for an Amex Platinum, Marvel Mastercard ($1.5K SL), Amex Everday ($500 SL), and Discover Miles ($5k SL) credit card.  I have also been added as an authorized user to two accounts (one $4K and one $11K), which are reporting on all three reports. 

On Monday, I decided that I wanted to become a member of PenFed and use the hard pull to get a credit card with them.  I applied for the Promise Visa card and was told that it was being reviewed by a Loan Officer.  One hour later, the status went from pending review to declined.  I called PenFed and spoke with a Loan Officer, who told me that I would need to submit a formal reconsideration.  I drafted a reconsideration letter, emailed it to the email address the Loan Officer provided me with, and I waited two days.  Today, I called into PenFed again, and I was sent to a Loan Officer who reviewed my application, as well as the letter.  After reviewing everything, he told me that he was pleased to approve me for a $5K SL!  I was blown away.  He said that he wanted to give me a chance, considering my entire story.  

Long story short, always give recon a chance with PenFed, as long as you believe that your credit profile is more than what the papers in front of the Loan Officer show!  I hope my story can help other people trying to re-establish their credit. 

Here are my current stats:

EQ FICO: 676 (EX FICO 690, TU FICO 709) - PenFed pulls EQ

PenFed Credit Score: 623 (not sure how they calculate it)

Inquiries: 11

AAoA: 3 years

Utilization: 12% of 27,000

7 paid charge offs from 2015, still reporting

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Congrats on the approval! 

[Anonymous]

I tried to recon and wasn't even given the time of day, let alone a loan officer or any kind of email. Is it a generic email or was this specific to him? If it's their recon email, can you PM it to me?

Thanks,

[fltireguy]

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@Anonymous wrote:

I tried to recon and wasn't even given the time of day, let alone a loan officer or any kind of email. Is it a generic email or was this specific to him? If it's their recon email, can you PM it to me?

Thanks,

Did you speak with a LO?

[fltireguy]

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@fltireguy wrote:

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@Anonymous wrote:

I tried to recon and wasn't even given the time of day, let alone a loan officer or any kind of email. Is it a generic email or was this specific to him? If it's their recon email, can you PM it to me?

Thanks,

Did you speak with a LO?

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Did you speak with a LO? Pm me for the phone if needed

[Anonymous]

Thank you for the congrats!  

I sent both of you PMs with the email address that I used to send in the formal letter.  To answer your questions, I called into PenFed's regular customer service number immediately after being denied on Monday, 8/21/17.  I requested to speak with a Loan Officer.  After speaking with her, she told me that the application was still denied, but she gave me the option to send a formal letter to PenFed.  She gave me an email address for loan consideration letters.  I drafted a formal letter directed at PenFed GENERALLY (not at a specific Loan Officer), and the letter explained justifications for the reasons I was denied.  The letter also explained why I believe I should be approved.  Today, 8/23/17, I called into PenFed and asked to speak with a Loan Officer about the reconsideration.  They put me on hold, confirmed that they had the letter, and forwarded me to a Loan Officer.  He reviewed the letter, as well as my application.  He then told me that I was approved for $5K!  I hope this information helps.  Always push to have your story heard by Loan Officers.

Let me know if you want me to PM the email address or if you want me to clarify anything else. 

[shoegal]

Congrats! I had no luck with Penfed. I became a member on Monday too. They don't even communicate at all. My app for the PC when into the loan officer, then pending and on the third day pending, it switched to denied. The Promise Visa went to pending, then denied. I filled out the membership survey and no calls back or anything. My score on the denial letter is 659 and the reason 6 paid charge offs from 2012. I don't get them.

[Anonymous]

Could you send me the email address to send the letter?  Also what did you include in the letter if you don't mind providing? 

[Anonymous]

Shoegal, I'm sorry to hear that you didn't have any luck.  It sounds like your situation is similar to mine.  Maybe you can try and draft a letter and send it to PenFed for a recon with a Loan Officer.  From your sig, it looks like you already have some great cards! 

Tywonefe79, I sent you a PM!

[shoegal]

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@Anonymous wrote:

Could you send me the email address to send the letter?  Also what did you include in the letter if you don't mind providing? 

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