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.