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Member
Posts: 17
Registered: ‎09-15-2013
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Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?

[ Edited ]

So I just got turned down for a personal line of credit from Penfed with no counter offer (applied for $14k, hoping for a counter offer if not), and the denial letter shows an EQ FICO score they pulled of 807. Their justification  reasons were:

 

Length of time accounts have been established.
Proportion of balance to limit on accounts is too high.

 

At the time they pulled my credit, I had an AAoA of 4 years 9 months, and oldest account 7 years 9 months old, newest open revolving account was from Feb 2011. I had only a single credit inquiry on my account, and that single inquiry was from them when they opened the account a couple of months earlier.  My revolving credit utilization was 6.9%, or 18.85% if you include a 2700 student loan.  No deragatories or lates. $61k/year income, minimal debt responsibilities (under $700/month, including rent and cards published minimum).

 

Have you ever heard of someone with 800+ FICO score and no glaring negatives get straight up denied for simple revolving credit line?  I'm at a little bit of a loss, other than just knowing of Penfed being notorious prudes.  What's the highest FICO score denial you've heard of (for a reasonable TL)?

 

Edit: Found out below that it wasn't a FICO score on their denial letter. My EQ FICO at the time was, however, 760 (and TU FICO 777)

 

Super Contributor
Posts: 5,062
Registered: ‎09-22-2012
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Re: Highest FICO Score Ever Denied Simple Credit?

They denied me with a 797 for pyramiding debts - aka lots of new accts.  Some people are approved with a 715 FICO, others like us are not.  Everyone says they're ultra-conservative, but I think their approval/denial process has something more to do with shooting darts.

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Posts: 6,937
Registered: ‎01-15-2009
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Re: Highest FICO Score Ever Denied Simple Credit?

I agree with you guys.. it's insanity.

What is the recon with PenFed? Nonexistent?
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:779(1/05/15) - EQ04:761(12/26) - EQ08:797(1/07/14) - TU08:800(1/2/15)
Goal Score: 800+ on each bureau
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Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
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Re: Highest FICO Score Ever Denied Simple Credit?

I applied for the Platinum Rewards card more than a year ago, and was approved with a low CL.

 

Since then, I have maintained scores above 800, with low utilization and no inquiries and perfect payment history.  I have not gotten any preapprovals or CLIs or anything.

 

I recently decided that it's not worth chasing after this, and put the card in the SD, and got another card with a much higher CL to replace it.

 

Penfed can break your heart if you let them, but there are many other opportunities out there.

 

Frequent Contributor
Posts: 357
Registered: ‎09-17-2012
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Re: Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?

Unless they changed it within the past month, AFAIK, PenFed only uses FICO NextGen scores which range from 150-950 not 300-850 like the classic FICO scores. I know these are two different scoring systems and can't really be compared but where it stands from top to bottom range, 807 FICO NextGen is roughly the same as 752 Classic score.

 

I have gotten denied credit from BOA and t heir letter stated my EX FICO 08 Classic score was 757.

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Member
Posts: 17
Registered: ‎09-15-2013
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Re: Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?

[ Edited ]

Ahh, just looked at the letter again and it does state the different range.  It's not a FICO, my bad.  Makes a tiny bit more sense, but still seems like a crapshoot. I am a subscriber to myFICO, and my  EQ FICO through them was 760 at the time (TU FICO from a different app was 777 at the time).  So still pretty crazy of a denial (though not 800+ crazy).

Member
Posts: 17
Registered: ‎09-15-2013
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Re: Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?

I've got some killer success stories to share as well though :smileyhappy: I plan on making a thread detailing all of my journey from the past few months (went from ~650 FICO and ~$10,500 CL to 777 FICO and ~$85k CL).

Valued Contributor
Posts: 1,954
Registered: ‎01-24-2012
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Re: Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?

Keep in mind that a score doesn't determine everything. It's possible to get declined with an 850 and approved with a 500. I don't know if it will work, but you can try ringing and asking to be transferred to a credit analyst.

Valued Contributor
Posts: 7,025
Registered: ‎10-21-2012
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Re: Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?


navigatethis12 wrote:

Keep in mind that a score doesn't determine everything. It's possible to get declined with an 850 and approved with a 500. I don't know if it will work, but you can try ringing and asking to be transferred to a credit analyst.


+1

 

Score is just one component of many factors that a lender considers for creditworthiness.

Regular Contributor
Posts: 248
Registered: ‎02-16-2013
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Re: Is This the Highest FICO Score You Have Ever Heard Denied for Simple Credit (800+)?


maddox74 wrote:

I've got some killer success stories to share as well though :smileyhappy: I plan on making a thread detailing all of my journey from the past few months (went from ~650 FICO and ~$10,500 CL to 777 FICO and ~$85k CL).


I'm going to go ahead and guess this is why you were denied.  If you've acquired $75,000 worth of credit in the past few months, you look like a HUGE risk.  It looks like you're going to go on a spending spree and take them for all they're worth.

 

Don't let it get you down, however.  PenFed is conservative and doesn't fit the needs of everyone :smileyhappy:

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