Credit Card Forum
  1. #1
    commdiver
    commdiver is offline
    Green Member
    Join Date
    Nov 2011
    Location
    USA
    Posts
    22

    Default PenFed Platinum Cash Rewards Card Review: They Denied Me

    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 cards:
    American Express: Blue Cash Everyday, Fidelity Investment Rewards
    Discover: More
    Visa: Chase Freedom, Citi Forward
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Dec 8, 11, 5:11 pm
  2. #2
    FutureBillionaire
    FutureBillionaire is offline
    Centurion Member
    Join Date
    Jun 2011
    Location
    Down South
    Posts
    201

    Default

    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.
    Cards
    Visa: BofA Cash rewards Visa Signature (1% on everything)
    Kroger 123 Rewards Visa, Ascend FCU Platinum Visa (1% back), Penfed Platinum Cash Rewards Visa (5% on Gas)
    BofA Cash Reward Platinum Plus (1% on everything, 2%on groceries, 3% on gas), Penfed Platinum Rewards Visa ( 5 points on gas, 3 points on groceries, 1 point on everything else)


    Discover: Discover More (5% back rotating categories), Discover Miles (2% on travel and restaurants, double miles on phone, internet, and tv

    Amex: Gold Card, BofA Accelerated Cash Rewards (1.5% on everything)

    Express Store card (points for gift certificates and special deals)
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Dec 8, 11, 5:43 pm
  3. #3
    CC Deville
    CC Deville is offline
    Centurion Member
    Join Date
    Aug 2011
    Location
    Phoenix
    Posts
    398

    Default

    Quote Originally Posted by commdiver View Post
    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.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote     Dec 9, 11, 5:37 pm
« Previous Thread | Next Thread »