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Tried to get a PLOC through PenFed, got denied, any tips/pointers?

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Tried to get a PLOC through PenFed, got denied, any tips/pointers?

I have a credit score of ~789 and almost no debt, about $4000 total spread across 6-7 cards. I got a rejection letter the other day for these stated reasons:

 

Amount of credit available on revolving account(s).
Number of retail/revolving accounts.

 

I assume it's because I have a high number of cards (About 15, was churning) , and about $170k of available credit. I tend to keep my cards open to maintain credit history length. I know PenFed is pretty strict but I've never got denied for these specific reasons(first time I applied, got denied because of a baddy that's already dropped off all 3 bureaus). What's my next play here to try and get this approved?

 

Message 1 of 9
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Community Leader
Mega Contributor

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?


@slayerbizkit wrote:

I have a credit score of ~789 and almost no debt, about $4000 total spread across 6-7 cards. I got a rejection letter the other day for these stated reasons:

 

Amount of credit available on revolving account(s).
Number of retail/revolving accounts.

 

I assume it's because I have a high number of cards (About 15, was churning) , and about $170k of available credit. I tend to keep my cards open to maintain credit history length. I know PenFed is pretty strict but I've never got denied for these specific reasons(first time I applied, got denied because of a baddy that's already dropped off all 3 bureaus). What's my next play here to try and get this approved?

 


 

Your next play to get that approved is to stop applying for a year or longer 

EX 754 EQ 774 TU 752


Message 2 of 9
Community Leader
Senior Contributor

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?

Penfed really dislikes high available credit like that, they are very quirky. I honestly think one could have an 800+ score and penfed would  still deny. 

 

I would look elsewhere. 

 

 

 

Message 3 of 9
Community Leader
Super Contributor

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?

Your denial reasons are Penfeds bread and butter. Lots of credit and cards, great score is a receipe for denial with them. Happened to me one too many times i just closed shop snd left them to systematically deny other good credit holders at their peril. Honestly, with your stats, go elswhere, plenty of other fish in the seaSmiley Wink
#ChaseCreditCardHobby Enthusiast
Message 4 of 9
Community Leader
Mega Contributor

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?

I get it, AJC, but you could have made that same post describing Discover, and not a word would be out of the place, except there is very little hate towards Disco.
There isn't even "Never Disco club"
Not every lender works for everyone, we all know that.
I dont think Penfed is the odd one out when it comes to credit unions. A lot of them are exactly as you described.
It's my opinion that comparing them to NFCU (the actual odd one out), is what's causing most heartbreak around here.




EX 754 EQ 774 TU 752


Message 5 of 9
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Established Member

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?

Lol, I just did a CLI with Discover. Went from 9k to 19k , auto-approved/soft pull. Penfed has earned their rep. 

Message 6 of 9
Established Member

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?

Thanks. Any recommendations? This will be my first PLOC ever. Just trying to knock out the checkboxes Smiley Happy .

Message 7 of 9
Super Contributor

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?


@slayerbizkit wrote:

I have a credit score of ~789 and almost no debt, about $4000 total spread across 6-7 cards. I got a rejection letter the other day for these stated reasons:

 

Amount of credit available on revolving account(s).
Number of retail/revolving accounts.

 

I assume it's because I have a high number of cards (About 15, was churning) , and about $170k of available credit. I tend to keep my cards open to maintain credit history length. I know PenFed is pretty strict but I've never got denied for these specific reasons(first time I applied, got denied because of a baddy that's already dropped off all 3 bureaus). What's my next play here to try and get this approved?

 


PenFed has a tendency to deny applications for those types of reasons. 

 

But you can recon.

 

If I were you, I would recon by email, showing them that you don't have excessive debt.

 

If they send you a customer survey email, treat it as an opportunity for a further recon, because with PenFed it is. Explain that you were disappointed in their credit decision, explain and demonstrate why, and ask them to reconsider.


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 8 of 9
Established Member

Re: Tried to get a PLOC through PenFed, got denied, any tips/pointers?

I'll try this when they're open, thnx for the advice.

Message 9 of 9
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