PenFed doesn't want to do business with me

For just about anything you want to get off your chest about credit cards.
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DGenerateKane
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PenFed doesn't want to do business with me

Postby DGenerateKane » Fri Apr 05, 2013 6:11 pm

I applied for the Platinum Visa Cash Rewards Card last year, and was denied. The reasons listed were low income, and length of credit history. After checking with Equifax and finding they screwed up the opening dates on almost every one of my cards (they were ok 5 months earlier when I got my free annual report) I tried to get the decision reversed, but failed. I reapplied this week, and was denied again. Five reasons were listed this time, and two are the same as before.

Income insufficient for amount of credit requested - Same as before. It's not like I actually requested a specific limit either, I would have been fine with $300.

Length of time accounts have been established - Same as before, haven't checked to see if Equifax is screwing with me again

Too many inquiries last 12 months - I have three inquiries from last year, don't know if any new ones were there when I applied (Applied for two other cards same day, and the CSR at U.S. Bank put through two applications because she applied for the wrong card the first time so I probably got two inquiries just from that)

Lack of recent installment loan information - I love that I'm being penalized for having enough money so I don't have to get a loan for anything.

Lack of recent retail account information - I haven't got a clue what this means, doing a search online found nothing at all on it. Anyone know what it means? Only thing I can think of is I don't have any cards from retailers, but why should that matter?

So while PenFed denied me Capital One instantly approved me for the Cash Card with a $5000 limit. I have the Sony Card with them already that was transferred from Chase, and I barely used it since then. After getting denied from PenFed I applied for the Sallie Mae Platinum Mastercard which gives 5% on gas/groceries/books. I wasn't instantly approved but got an email stating approval about 14 hours later with a $4400 limit. I've never had a Sallie Mae card or anything issued from Barclaycard before.

So, why is PenFed so stingy with credit? My score is even higher than it was last time, it was 817 (Equifax) in August, and now it is 824. Honestly I don't see myself reapplying for that card or applying for any of their other cards now that I have a card that gives 5% on gas year round. I'm just annoyed they don't want my business.


Gamma
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Postby Gamma » Fri Apr 05, 2013 6:30 pm

Sorry to hear about that. I too have been instant declined by PenFed last year when I applied for their Rewards card for length of time accounts established, many inquiries, lack of installment loan history, and some other reason I forgot. Score they pulled was about 710-ish (Not fico they use their own scoring system ranging from 150-950.) I recently applied for them again being the first one of my mini app spree, and got instant denied again for 3 reason, length of time accounts established, amount owed on revolving account is high, proportion of balances to credit limits on bank/national revolving accounts is too high (I think this is same reason as #2). I do admit, I have about 75% utilization on my Citi card, but overall UT is about 9%. My AAoA is currently 2.3 years. I don't plan to recon as I think they will think I plan to do something they call "debt pyramiding" or something like that. I will just reapply again when my Citi card is paid off and see what happens. Score this time came out to 744.

fearlessdragon
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Postby fearlessdragon » Fri Apr 05, 2013 8:16 pm

I applied for penfed last month and and declined but my score is non scorable still and have AAoA just 3 months. I need a good gas card. Have Bank Ameri card for that which gives 3%. Since penfed is very stingy how about applying for Fortknox..

VISA

I am planning to apply to SalliMae for grocery and gas card. I wont cross $500 per month for these needs.. Please tell me whether my profile will get me SalliMae.

My Profile: I am not a citizen
Got my 1st CC in Dec end 2012. Bank of America $500 limit
Discover IT $750 : got in Jan 2013.
DCU $3000 : Got in Jan 2013
Cap one $500 : Got in Feb 2013 end

My CK score: 675. EQ and EX are non scorable.

I am sorry to not create a new post. Thought posting here will help..
Bank of America 123 Secured card - $500. - $39 AF - 01/13
Discover IT -$750 - 01/13
DCU Platinum Visa-No rewards -$3000 -01/13
CapOne Cash Rewards for
Newcomers -$500 -03/13

No scores in EQ and EX because of Thin file
CK score is 698 as of 04/22/2013

Sevenfeet
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Postby Sevenfeet » Sat Apr 06, 2013 8:49 am

DGenerateKane wrote:So, why is PenFed so stingy with credit? My score is even higher than it was last time, it was 817 (Equifax) in August, and now it is 824. Honestly I don't see myself reapplying for that card or applying for any of their other cards now that I have a card that gives 5% on gas year round. I'm just annoyed they don't want my business.


Because it's their prerogative. Penfed is well known for being conservative with credit. Getting a card from them is not that easy, and they are fine with that. When I joined Penfed earlier this year, I specifically planned for the best way to approach them since I had heard the Penfed stories here and at MyFico. I applied at the early part of my app spree, not the later part since I didn't want to know I was doing an app spree. And I applied by phone since I wanted them to know why I applying and why I had asked for a specific amount...i.e., I wanted to take advantage of their (then) 0% balance transfer promotion. I knew my application was not going to be a slam dunk even though I have no baddies but my utilization was high and I wanted them to know that I wanted Penfed to help me with that. Since Penfed applications are done by real people and not computers, I was hoping that my pitch would be received positively, and it was.

So to recap:

1. Penfed is conservative by nature (but not impossibly so)
2. Penfed likes people with established, well rounded credit histories
3. Potential customers are graded more broadly then just looking at a credit score
4. They don't like lots of inquiries. When I applied, I had 0 in 12 months.
5. Once you're in, they do like selling you other stuff.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

hematino
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Postby hematino » Mon Apr 08, 2013 12:00 am

Sevenfeet wrote: When I joined Penfed earlier this year, I specifically planned for the best way to approach them since I had heard the Penfed stories here and at MyFico.


Amen to having a plan. When I joined PenFed, I had a little different of a plan. I opened a savings and checking account right off the bat, and the guy on the phone was really nice and helpful. I specifically didn't open a card immediately so they didn't think I was only joining for the card, even though the guy on the phone asked two or three times throughout the process if I was interested in their credit products. After almost two months of having direct deposit into the checking account, but before the 60 day window requiring them to do another pull expired, I tried for the cash rewards visa and got an instant $6000 approval. They didn't ask for any financial statements from me. I'm not saying that the method I used is why I got approved, but all I know is it worked. I'm coming up in another month on my one year anniversary of joining PenFed, and am interested in their Amex branded travel card, but they've been good to me so far and I don't want to press my luck with them just yet.
Now she's eyeless.
The snakes she held once
Eat up her hands.

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Calipso
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Postby Calipso » Mon Apr 08, 2013 2:47 pm

PenFed denied me years ago. I don't really care. Check the credit in my signature. Getting in with them would be nice, but I have NFCU so I don't really care.

OP should get over it. It's not a big deal.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

nvtech
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Postby nvtech » Mon Apr 08, 2013 3:04 pm

For the Penfed app, one have to be very careful and go with a plan of action. I agree with what "Hematino" says.


Below was my plan of action for my opening of Penfed cards.

I made sure, I have $0 debt on all of my credit cards. I do have a student loan.


Around Feb opened a membership.
In the same month opened checking account with Direct Deposit.
On the 80th day, applied for a car loan. (approved on 83rd day, However I was to submit my prior year W2 and Tax returns)
On the day of my car loan approval, I was offered for a credit card with 7k credit line and was asked to choose one.

I chose the Penfed platinum rewards card. The next day, I called in and requested for the Amex Travel Card and I was told its mandatory to have 5k min on an Amex card.
Was able to successfully get the memebership, Car Loan, Penfed Platinum Rewards and Penfed Amex with one HP.

hematino
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Postby hematino » Tue Apr 09, 2013 10:15 am

nvtech wrote:Was able to successfully get the memebership, Car Loan, Penfed Platinum Rewards and Penfed Amex with one HP.


Wow, that's impressive-- you really made the most out of one pull!!
Now she's eyeless.
The snakes she held once
Eat up her hands.

DGenerateKane
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Postby DGenerateKane » Wed Apr 10, 2013 7:08 pm

Calipso wrote:PenFed denied me years ago. I don't really care. Check the credit in my signature. Getting in with them would be nice, but I have NFCU so I don't really care.

OP should get over it. It's not a big deal.


I'm over it. I'd still really like to know what Lack of recent retail account information means though. Anybody know?



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