Denied with PenFed...should I try to recon?

Mistykins777 · ‎09-09-2014

I opened a PedFed checking account so that I could apply for a personal loan. I got the 7-10 day message. Called customer service and they said I was declined. Asked if I could apply for a credit card with same HP and they told me I was denied for the Visa also. I got my denial letter with a score of 710. Should I try and recon the denial again, thoughts/suggestions?

baller4life · ‎09-09-2014

Any baddies? What's denial reasons? Don't tell me they said "pyramiding." They don't like Egyptians.

1GaDawg85 · ‎09-09-2014

@baller4life wrote:
Any baddies? What's denial reasons? Don't tell me they said "pyramiding." They don't like Egyptians.

they must hate seeing bigger cards than they are willing to give

FICO 5 ,4, 2 - 10/2023 FICO 8 - 10/2023 FICO 9 - 10/2023 FICO 10 - 10/2023

Mistykins777 · ‎09-09-2014

Nothing negative in my reports...

"Length of time accounts have been established
Amount owed on revolving accounts is too high
Amount owed on retail accounts
Proportion of balances to credit limits on revolving accounts is too high
Too many inquiries last 12 months"

I just PIF 5 cards and the rest are carrying really small balances with the exception of 2 that are around 30%.

Mistykins777 · ‎09-09-2014

I was approved for 10K with a local CU, and approved for Chase Freedom and CS after they denied me.

Anonymous · ‎09-09-2014

IMHO it looks like you pulled the trigger too soon. The PIF accounts probably haven't reported yet.

Mistykins777 · ‎09-09-2014

They have, I have the 3 bureau Fico monitoring from here...

Anonymous · ‎09-09-2014

@Mistykins777 wrote:
They have, I have the 3 bureau Fico monitoring from here...

Oh, well never mind then.

Anonymous · ‎09-09-2014

PenFed tends to be conservative according to a lot of information on the boards. They have a tendency to look at a lot of information that normal banks don’t, like income to debt ratio, rent vs. own and employment stability. There may be factors making them nervous that the other banks don’t consider or give equal weight to.

What card did they deny you for? The Visa Promise is easier to get than their Visa Platinum Siggy.

If your military, retired military or national guard or reserve, try applying by phone for the Defender card and let the CSR know you would like it for balance transfer purposes. That will get your foot in the door.