Penfed Recon success story!

[Anonymous]

Major congrats. I love Penfed. They treat me like a BIG boy. Wishing you the best success with them. Here you go 🎉🎊🍾🎈. I feel a PLOC coming. 🤑

[AverageJoesCredit]

Lol Miesterbro, i dont think so on the Ploc. Its been quite an adventure trying to get $1500 out of them, i dont think my income/profile would support a ploc, maybe if it was a cloc, Coffe,Lots Of Coffee)

[AverageJoesCredit]

Just wanted to update this story. Got a call from Penfed today concerning my recent application and subsequent reconsideration and figured id let you guys know how it went. Who knows maybe helps someone out later on.

So i get a call from Brunie wishing to talk to me about my recent comments and experience with regards to this app. I explained abit about my goals etc but main thing is she said they are very happy with the progress ive made so far in my short time with them. She then explained to me the main reason i was denied and i really appreciated it as now i know what to have in order for my next fo around.

Basically what it was is my dti, or debt to income ratio. I knew my income isnt that great but i do see their point. She said in second review they took into consideration my great payment history and my responsible paying of my loan. That ive shown how responsible i am so they decided to exyend me some more credit. I asked and she said that most definitely i can get more credit extended when my debt is at a better level which i plan on doing . Im pretty happy right now, was alittle confused as i think she mentioned my original apr rate would remain the same and not the lower one i was told id have.( ill have to check on that).

Moral of the story be cautious of your dti as they really do take that into consideration.

[Anonymous]

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@AverageJoesCredit wrote:
Just wanted to update this story. Got a call from Penfed today concerning my recent application and subsequent reconsideration and figured id let you guys know how it went. Who knows maybe helps someone out later on.

So i get a call from Brunie wishing to talk to me about my recent comments and experience with regards to this app. I explained abit about my goals etc but main thing is she said they are very happy with the progress ive made so far in my short time with them. She then explained to me the main reason i was denied and i really appreciated it as now i know what to have in order for my next fo around.

Basically what it was is my dti, or debt to income ratio. I knew my income isnt that great but i do see their point. She said in second review they took into consideration my great payment history and my responsible paying of my loan. That ive shown how responsible i am so they decided to exyend me some more credit. I asked and she said that most definitely i can get more credit extended when my debt is at a better level which i plan on doing . Im pretty happy right now, was alittle confused as i think she mentioned my original apr rate would remain the same and not the lower one i was told id have.( ill have to check on that).

Moral of the story be cautious of your dti as they really do take that into consideration.

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I've been told that PenFed never changes APR's, similar to the way they don't do product changes.  If you want a lower APR or a different card, you have to reapply.

[AverageJoesCredit]

Kinda makes sense if she told me that. I guess maybe since they almost treated it like a new app i got the lower apr but in hindsight, they realized im average not just joe

[AverageJoesCredit]

Quick update, after about 2 weeks, FINALLY have my credit limit showing correctly at $1500 when i sign in. Looks much nicer especially with my loan amount decreasing .

Sometimes apenfed's a little slow in responding to a sm but thankfully they finally did