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Penfed Denied me with a 737 score?


ppenguin
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They gave a reason as being in adequate credit history but I have over 15 years of

established credit and less then 20% utilization. Only cards I have are Walmart, Credit

One and an installment loan with Conns. Previously have tons of car leases paid off

so I am really confused why the denied. Another thing is strange that I can't even see

that they made an inquiry on EQ and my other 2 are locked. Is this worth a recon ?

 

 

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They gave a reason as being in adequate credit history but I have over 15 years of

established credit and less then 20% utilization. Only cards I have are Walmart, Credit

One and an installment loan with Conns. Previously have tons of car leases paid off

so I am really confused why the denied. Another thing is strange that I can't even see

that they made an inquiry on EQ and my other 2 are locked. Is this worth a recon ?

 

 

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They gave a reason as being inadequate credit history but I have over 15 years of

established credit and less then 20% utilization. Only cards I have are Walmart, Credit

One and an installment loan with Conns. Previously have tons of car leases paid off

so I am really confused why the denied. Another thing is strange that I can't even see

that they made an inquiry on EQ and my other 2 are locked. Is this worth a recon ?

 

 

They selectively hit upon limited experience managing revolving credit over 15 years.

 

Credit One can be 86ed and another couple of cards approved, you've outgrown it assuming 737 FICO.

 

Recon sounds promising, there's been a number of successful PenFed recons reported in recent years...can't hurt to post an outline of how you intend to approach it, if interested in f/b.

Edited by virtualtreasure
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They gave a reason as being in adequate credit history but I have over 15 years of

established credit and less then 20% utilization. Only cards I have are Walmart, Credit

One and an installment loan with Conns. Previously have tons of car leases paid off

so I am really confused why the denied. Another thing is strange that I can't even see

that they made an inquiry on EQ and my other 2 are locked. Is this worth a recon ?

 

 

 

Inadequate REVOLVING credit history.

 

Always recon.

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If they didn't do an inquiry on Equifax and the other two are locked, maybe they are saying that they don't see anything? Credit Unions will sometimes say "applicant couldn't be found at bureau" or "no history", instead of saying that the file is blocked.

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They gave a reason as being inadequate credit history... Only cards I have are Walmart, Credit

One

They might have something in their initial screen that looks for a minimum of three open revolving lines. On the other hand, it is also odd that you didn't get a hard pull and maybe they weren't able to access the report for some reason. As others suggested, I would try recon because you do have a long history, it's just thin on revolving lines. How long have the Walmart and Credit One cards been open?

Edited by Tyra
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Try the Cap1 prequalifier. If it returns a pre qualified card with EQ only un-frozen I'd jump on it then ditch that Credit One card. Discover would probably welcome you with open arms assuming you have no negs. They generally like clean reports and few cards to compete with.

 

Are you already a member of Penfed and they denied a card? Or did they deny membership? My first app with Penfed was denied with a 780 EQ. So while 737 is a good score, there's other factors other than score that are considered. You should ask for reconsideration regardless, you have nothing to lose.

Edited by GobBluth
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You will need additional revolving accounts with decent credit limits and low utilization (at least 6 months worth). The revolving accounts weighs heavy in their decision. Similar to getting an anuto loan, your auto loan history will factor more heavily in their formula.

Edited by mikewilkes
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I got the membership with them no problem it's just the card that is the issue. The score is from the Equifax complete thing so as far as I know it's accurate and it would have also shown an inquiry had they actually pulled it. This leads me to think they never actually

reviewed it. I don't really see how they would say I have a thin credit history considering I have 6 years of BMW leases paid in full plus other car loans & cards. I also applied for Amex, Overstock and Citi, all of those came back with a 10 day wait and I have yet to

see an inquiry from them either. My guess is they will request me to unfreeze EX and TU.

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I got the membership with them no problem it's just the card that is the issue. The score is from the Equifax complete thing so as far as I know it's accurate and it would have also shown an inquiry had they actually pulled it. This leads me to think they never actually

reviewed it. I don't really see how they would say I have a thin credit history considering I have 6 years of BMW leases paid in full plus other car loans & cards. I also applied for Amex, Overstock and Citi, all of those came back with a 10 day wait and I have yet to

see an inquiry from them either. My guess is they will request me to unfreeze EX and TU.

If they haven't been able to pull a cbr, then that explains the results with all those apps, regardless

only two revolving credit card accounts = thin file, this is actually a good thing in many ways--that there is room to grow, don't sweat it.

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I got the membership with them no problem it's just the card that is the issue. The score is from the Equifax complete thing so as far as I know it's accurate and it would have also shown an inquiry had they actually pulled it. This leads me to think they never actually

reviewed it. I don't really see how they would say I have a thin credit history considering I have 6 years of BMW leases paid in full plus other car loans & cards. I also applied for Amex, Overstock and Citi, all of those came back with a 10 day wait and I have yet to

see an inquiry from them either. My guess is they will request me to unfreeze EX and TU.

2 cards = thin file. They care about your revolving history, not installment loans.

 

Amex and Citi both probably want EX. Amex does for sure. You should call the backdoor numbers if you want to continue your apps.

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The score is from the Equifax complete thing so as far as I know it's accurate and it would have also shown an inquiry had they actually pulled it.

PenFed uses EQ FICO NextGen. mendelssohn mentioned this above. I don't see an Equifax product with "Complete" in the name that offers FICO's but their products that offer FICO's come with FICO 8's, not NextGen.

 

I don't really see how they would say I have a thin credit history considering I have 6 years of BMW leases paid in full plus other car loans & cards.

As stated above multiple times they're concerned about revolving experience. You have 2 revolvers. That's thin.

Edited by takeshi
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So other then Penfed what is something good to apply for. I already tried Bank of America & Amex but they both want EX scores and I refuse to unlock them. Capital one made me send in a copy of DL but now they are asking for a SS Card too(which i have not had in 20 years)

I am battling Barclays, HSBC & Citi on my other 2 reports yet so I am guessing they would be a waste of time to apply for at this time. Waiting on the results of the Overstock MC as I applied and got the 10 day message.

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So other then Penfed what is something good to apply for. I already tried Bank of America & Amex but they both want EX scores and I refuse to unlock them. Capital one made me send in a copy of DL but now they are asking for a SS Card too(which i have not had in 20 years)

I am battling Barclays, HSBC & Citi on my other 2 reports yet so I am guessing they would be a waste of time to apply for at this time. Waiting on the results of the Overstock MC as I applied and got the 10 day message.

 

NASA FCU pulls EX, but it's a soft.

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Tried NASA but they insist on EX an I am not going to unlock it for them. One thing I am assuming even if I am getting denials at least I will be on their mailing lists for possible pre-approvals in the future. I may have luck with Citi simplicity as I got them to pull EQ instead of EX and I would think with a 737 they would at least give me something.

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Tried NASA but they insist on EX an I am not going to unlock it for them. One thing I am assuming even if I am getting denials at least I will be on their mailing lists for possible pre-approvals in the future. I may have luck with Citi simplicity as I got them to pull EQ instead of EX and I would think with a 737 they would at least give me something.

 

Why not? It's a soft pull...zero effect on your score.

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So other then Penfed what is something good to apply for. I already tried Bank of America & Amex but they both want EX scores and I refuse to unlock them. Capital one made me send in a copy of DL but now they are asking for a SS Card too(which i have not had in 20 years)

I am battling Barclays, HSBC & Citi on my other 2 reports yet so I am guessing they would be a waste of time to apply for at this time. Waiting on the results of the Overstock MC as I applied and got the 10 day message.

How do you get a job if you do not have a required SS Card? You can get a replacement by walking into a local SS office and making a request. They will give you a print out and then mail a new card. Takes up to two weeks to receive it.

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