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New Contributor
Posts: 70
Registered: ‎06-26-2017
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Pondering PenFed

[ Edited ]

I apped for the PenFed Power Cash Rewards card 6 weeks ago.  They pulled my Equifax FICO 9 at 700.  I was rejected over an old $56 nuisance medical collection.  I paid off all my old collections that day.  I just checked my EQ FICO 9 and it came in at 731.  My 4 old nuisance collections are all showing paid.  Every other account is perfectly clean.  I am a PenFed member already and their Power Cash Rewards card is the next up on my list (to replace the Indigo).  Any guidance on whether I should ask for a recon on the 6 week old app, app again or let my spade change a few more colors first?  I love my BCP for groceries, but I would like a little more reward for my every day spend. 

Starting June 2017 EQ-629, TU-636, EX-637
Current as of October 2017 EQ-665, TU-691, EX-662
Community Leader
Valued Contributor
Posts: 1,903
Registered: ‎11-19-2016

Re: Pondering PenFed

Call and speak with one of their loan officers to recon.  I would specifically mention your drastically improved score and give them permission to pull a new HP if they insist on using the previous pull for a decision.  (There has been some talk of PenFen no longer going 90 days on a pull recently; in your case that may not be desirable anyway.)

$500k+ club. | FICO 08 [Oct 2017]: EQ 746 EX 738 TU 733 | World's worst gardener.
New Contributor
Posts: 70
Registered: ‎06-26-2017

Re: Pondering PenFed

Thanks, K.  I have stepped out of the garden.  They said they could not recon without a signed letter, so I wrote a recon letter this morning, signed it, scanned it and emailed them.  We'll see where it goes from there.

 

Starting June 2017 EQ-629, TU-636, EX-637
Current as of October 2017 EQ-665, TU-691, EX-662
New Contributor
Posts: 70
Registered: ‎06-26-2017

Re: Pondering PenFed

[ Edited ]

The recon worked.  They were concerned about my new credit lines over the summer so they only approved me for $500, but I am in the door at PenFed!

Starting June 2017 EQ-629, TU-636, EX-637
Current as of October 2017 EQ-665, TU-691, EX-662
Valued Member
Posts: 154
Registered: ‎09-20-2017

Re: Pondering PenFed

Congratulations on your successful recon! That credit line will grow soon enough!
Community Leader
Valued Contributor
Posts: 1,903
Registered: ‎11-19-2016

Re: Pondering PenFed

[ Edited ]

Great news!  It's certainly a foot in the door with the lending side and more proof that recon does work in a lot of cases!

It also nicely complements the blue-grey aesthetic you have going in your signature.

$500k+ club. | FICO 08 [Oct 2017]: EQ 746 EX 738 TU 733 | World's worst gardener.
New Contributor
Posts: 70
Registered: ‎06-26-2017

Re: Pondering PenFed


K-in-Boston wrote:

Great news!  It's certainly a foot in the door with the lending side and more proof that recon does work in a lot of cases!

It also nicely complements the blue-grey aesthetic you have going in your signature.


The indigo is gone before my next yearly is due.  Then I can get that darn splash of color out of my Amish motif.  

Starting June 2017 EQ-629, TU-636, EX-637
Current as of October 2017 EQ-665, TU-691, EX-662
Established Contributor
Posts: 602
Registered: ‎08-26-2016

Re: Pondering PenFed

Great job getting in with Penfed. I'm considering joining them. Dv
Established Contributor
Posts: 921
Registered: ‎10-12-2016

Re: Pondering PenFed

Congrats

Valued Contributor
Posts: 1,891
Registered: ‎06-05-2015

Re: Pondering PenFed

wot wot!! Congrats!! Smiley Wink


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