PenFed....the worst....so much regret

[RonM21]

Sorry about your experience with them. I know every situation js different, but I will say that a month or two ago I got Penfed, Alliant, and NFCU CC's. Penfed by far was the least giving. Maybe they are just tougher in the way they do things.

[Anonymous]

First off I am going to preface this by saying i work in loan operations at a bank. 

Secondly, if i had a customer calling me every few weeks for a CLI I would probably be like WTH. I personally would not budge.

Maybe step away for at least 6 mos. and revisit it after you somehow improve your score?

Good luck.

[lindsaydruart]

No where in anything I posted did I say I was calling every few weeks....gotta love folks adding to the story to try to prove a point or make themselves feel important.

[lindsaydruart]

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@Anonymous wrote:

First off I am going to preface this by saying i work in loan operations at a bank. 

Secondly, if i had a customer calling me every few weeks for a CLI I would probably be like WTH. I personally would not budge.

Maybe step away for at least 6 mos. and revisit it after you somehow improve your score?

Good luck.

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So I guess by your assumption and subsequent adding to the story things I didn't say, it's perfectly fine for a bank to use an almost 4 month old credit report that includes issues of identity theft to make a judgment, approve the credit line, then decline it, just because my credit score isn't where you think it should be? Thanks for the advice. My issue of identity theft and having to sue Equifax for corrections is all my fault because my credit score is lower than you want it..

[Anonymous]

For *most* people.. a 4 month old credit report is still good for most situations (except maybe a mortgage). We do not relish pulling someones credit time and time again. My guess is they see you as a Incessant Credit Seeker and they've put you on the back burner to cool off. Just my opinion of course. Honestly - to a lot of people here credit is some sort of game. People make up weird rules to challenge themselves and then blame the bank when it does not go as planned. Just food for thought. 

[Anonymous]

"No where in anything I posted did I say I was calling every few weeks....gotta love folks adding to the story to try to prove a point or make themselves feel important."

Not trying to be a smart a$$ or anything but TBH reading your post made it hard to decipher exaclty how many times you called them, the feeling I got after reading it was, "a lot". Just trying to give an alternative point of view, instead of the usual "rah rah" and/or the "banks suck" response. 

FWIW.... Attitude counts.

Case in point when people call me to make a late car payment - I am much more likely to waive a fee for someone who is polite than someone who is blaming me for their car payment being late.

[ojefferyo]

I've never had any issues with PenFed, joined over a year ago. My reports are clean, Gotten a car loan, $20k PLOC, and a credit card with them. About 1 month ago I applied for another car loan because I was getting ready to purchase another car well into the $90k range. They asked for proof of income which I supplied and was approved. In the mean time I also applied for a CLI on my card since they had already pulled my report. Next day it was approved from $5k to $15k. 

Income and a clean report may have been a determining factor for the approvals. I'm wondering if the report and or income had anything to do with your decline. 

[gdale6]

Lets all remember to keep our comments on the friendly, supportive and respectful side. Thank you to those who are.

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/td-p/2905196

[lindsaydruart]

I have stated several times now that the EQ report is incorrect and has instances of identity theft, which some were removed during that 4 month time but they refused to pull EQ again, decided to pull TU, approved, never updated, then went back in and reprocessed against the 4 month old report and the system auto declined. In 6 months I've only tried the CLI 3 times. I've never called because the system auto declined the app each time because of the outdated and incorrect report. They called me after reading my survey. I sent an email about their emailed instructions not working. I've never called them until I got the decline email this morning.

If I, the customer, am telling you and even have proof that what you have is wrong and outdated, I would think, if you want my business, you would listen.

[Anonymous]

What reason did they give you in the denial letter? And, I'm not sure if you are aware but they just did a SP AR review on 5/31 (their quarterly review cycle). I would bet the uw has access to the very recent sp and might feel that a couple of weeks won't make a significant enough difference to perform another HP.

There's something that is bothering them in your reports, it could be anything, usually something we find trivial but they zone in on. With PenFed, I've found its best to show some payment history with them, and lay low for 6 months before trying anything else again.

Good luck with your next steps! They are a good CU and have great rates, just way more conservative than others like NFCU. They have come a long way in lending to dirty profiles, which is good news.