topic Re: Well that wasn't planned... in Credit Cards

Well that wasn't planned...

Default4 — Tue, 15 Jan 2013 03:23:37 GMT

I ended up joining Penfed today to see about a car loan. I figured while I have another inquiry anyways I will see about the platinum rewards card as well. Both apps are pending review. Fingers crossed!

Re: Well that wasn't planned...

nicholasyud — Tue, 15 Jan 2013 03:27:24 GMT

BEst of luck from all Fico memberrrr :D

Re: Well that wasn't planned...

iloverewards — Tue, 15 Jan 2013 03:29:29 GMT

Good luck!

Re: Well that wasn't planned...

Epcot — Tue, 15 Jan 2013 03:30:27 GMT

Keep us posted, hope for the best!

Re: Well that wasn't planned...

bettercreditguy1 — Wed, 16 Jan 2013 01:21:17 GMT

You will emjoy their team. Great service, friendly and well versed constituents!.

Re: Well that wasn't planned...

chnceit — Wed, 16 Jan 2013 04:23:22 GMT

So far my experience with them is awesome! One hard pull for membership and multiple credit products cannot go wrong.

I hate the whole waiting part! My LOC took two days to get approved.

Best of luck buddy and keep us posted!

Re: Well that wasn't planned...

Default4 — Wed, 16 Jan 2013 04:26:22 GMT

So... They denied both the card and the second auto loan. I did get them to at least refi my current car so it's not a total waste. I went from 60 months @ 5.4% to 36 months @ 1.49%. They have already transferred the funds to VW Credit. My local credit union that I bank with approved me on the second loan earlier today. It's going to be 72 months @ 4.2%. I wish I hadn't needed to get this second loan, but stuff happens...

Re: Well that wasn't planned...

chnceit — Wed, 16 Jan 2013 04:50:21 GMT

Default4 wrote:
So... They denied both the card and the second auto loan. I did get them to at least refi my current car so it's not a total waste. I went from 60 months @ 5.4% to 36 months @ 1.49%. They have already transferred the funds to VW Credit. My local credit union that I bank with approved me on the second loan earlier today. It's going to be 72 months @ 4.2%. I wish I hadn't needed to get this second loan, but stuff happens...

Sorry to hear that, did they mention why they denied you? Did you try to recon with a LO?

Re: Well that wasn't planned...

Default4 — Wed, 16 Jan 2013 04:55:37 GMT

Too many new accounts was the main reason they gave me. Which is completely legitimate. My Delta isn't even reporting yet and the Green and Paypal are both less then six months old. I suspect it also had to do with the amount I was asking for compared to income and existing expenses. Once the letters get here I can post everything they said.

Re: Well that wasn't planned...

chnceit — Wed, 16 Jan 2013 07:06:34 GMT

Default4 wrote:
Too many new accounts was the main reason they gave me. Which is completely legitimate. My Delta isn't even reporting yet and the Green and Paypal are both less then six months old. I suspect it also had to do with the amount I was asking for compared to income and existing expenses. Once the letters get here I can post everything they said.

Yeah wait and see what the letter says and give it another try.

Re: Well that wasn't planned...

Default4 — Wed, 16 Jan 2013 19:08:54 GMT

The denial letters just posted and look identical. AAOA on EQ report is only 11 months with the oldest line being 1 year and 5 months. 8 inquiries in the last two years including Penfed. Only 3 of those in the last year. So I'm not quite sure how 2 inquiries in 12 months is too many. lol. Loan balances amuses me since they refinanced that loan. My Paypal card accidentally reported a high balance this statement at $607/2000. It's already payed off. What do you guys think my chance of a recon on the card is? The csr that I just talked to said that I would need to fax in a letter in order for them to do one and that I couldn't talk to an underwriter.

Your Credit score: 724
Date: 01/14/2013
Scores range from a low of 150 to a high of 950.
Key factors that adversely affected your credit score:
Length of time accounts have been established
Too many inquiries last 12 months
Proportion of loan balances to loan amounts is too high
Amount owed on accounts is too high

Re: Well that wasn't planned...

p- — Wed, 16 Jan 2013 19:35:51 GMT

Default4 wrote:
. My local credit union that I bank with approved me on the second loan earlier today. It's going to be 72 months @ 4.2%.

Congrats on the Refi with Penfed - You should have looked at USAA for the second loan. They are not as low as penfed, but they gave us a good rate in the threes last time. Also, both Penfed and USAA have a car buying service rate discount. If you use the one at penfed they make your rate 0.49, and USAA's goes down into the two's.

Re: Well that wasn't planned...

Default4 — Wed, 16 Jan 2013 23:16:15 GMT

This was a private party purchase so the lower rates with the car buying services didn't matter. I thought about USAA, but part of why I went with my credit union was also that they could use the hp from when I joined. I'll join USAA eventually, but I really want them more for insurance then financial needs. It's just a matter of getting my Dad set up with them first. What I figure is I'll pay the 4.2% for a year or so and then refi. It's really no big deal for me and there is the bonus of building a better relationship with my credit union.

Re: Well that wasn't planned...

Default4 — Tue, 22 Jan 2013 22:59:43 GMT

My recon may have actually worked! It's conditionally approved and they are asking for my last two check stubs. I just faxed them so I'm not expecting an answer until tomorrow.

Re: Well that wasn't planned...

09Lexie — Tue, 22 Jan 2013 23:16:49 GMT

Default4 wrote:
My recon may have actually worked! It's conditionally approved and they are asking for my last two check stubs. I just faxed them so I'm not expecting an answer until tomorrow.

Good luck!

Re: Well that wasn't planned...

Default4 — Sat, 26 Jan 2013 11:49:56 GMT

Alright so I finally heard back from them. It turns out whoever forwards the faxes sent it to the wrong department. They approved the card, but only with a $500 limit. I have no idea what the apr is. I guess I can deal with the limit since the 5% on gas is going to save me a good amount of cash.

Re: Well that wasn't planned...

eviLution — Sat, 26 Jan 2013 12:20:50 GMT

Default4 wrote:
Alright so I finally heard back from them. It turns out whoever forwards the faxes sent it to the wrong department. They approved the card, but only with a $500 limit. I have no idea what the apr is. I guess I can deal with the limit since the 5% on gas is going to save me a good amount of cash.

They only gave you $500?! Wow, I joined DCU with a thin file and they gave me $1500. I thought PenFed would be more generous than that....

Re: Well that wasn't planned...

Default4 — Sat, 26 Jan 2013 21:55:04 GMT

I had to actually recon with them to get it approved. My Cap1 was at $500 and hasn't reported the cli I got yet. I think they were probably just matching that. It just sucks because before they approved me my lowest limit was actually $2,000.