PenFed Platinum Cash Rewards Card Review: They Denied Me

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
3 posts
commdiver
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Location: USA

PenFed Platinum Cash Rewards Card Review: They Denied Me

Postby commdiver » Thu Dec 08, 2011 7:11 pm

I was declined for the PenFed Platinum Card Rewards card two days ago. I am not surprised, considering that I am only 20 years old and only have 2.5 years of credit history (short, but excellent, I pay in full every month).

The reason they gave me for declining my application was that my credit history is not long enough and that I do not have enough accounts. What does that last part mean? Are they looking for more credit cards or do they want loans or mortgages on there?
Current credit cards:
American Express: Blue Cash Everyday, Fidelity Investment Rewards
Discover: It
MasterCard: Chase Ink Cash
Visa: BB&T Visa Signature, Capital One Business Platinum, Chase Freedom, Citi Forward


FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Thu Dec 08, 2011 7:43 pm

They want to see you managing different accounts. It is good to have a mix for revolving credit and installment loans. I would try a card somewhere else. Also, you can take a secured loan out and pay that off over a period of 6 months or so to show that you are responsible. I had to do that to rebuild my credit many years ago.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

CC Deville
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Location: Phoenix

Postby CC Deville » Fri Dec 09, 2011 7:37 pm

commdiver wrote:I was declined for the PenFed Platinum Card Rewards card two days ago. I am not surprised, considering that I am only 20 years old and only have 2.5 years of credit history (short, but excellent, I pay in full every month).

The reason they gave me for declining my application was that my credit history is not long enough and that I do not have enough accounts. What does that last part mean? Are they looking for more credit cards or do they want loans or mortgages on there?


Call them for a recon to see if you would qualify for their student version (assuming you are a student). PenFed makes absolutely no sense sometimes. They have a word they like to use called "pyramiding" for declining people. I have seen people with top FICO scores and excellent credit history being declined while they will approve someone with a 660 score. Go figure.



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