Joined Pentagon... now what?

[wmarat]

That's true. On the other hand, they do not have bad morgages, they are not about to file BK and they are not looking for bailout.

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@creditreformer wrote:

Penfed HATES new accts

 

Penfed HATES inquiries

 

Penfed HATES public records

 

Penfed is, in THEIR own words, “VERY/EXTREMELY CONSERVATIVE.”

 

My own experience was EQ of mid 600s, NO baddies since 2003, several $k on deposit w/them, yet DENIED for their $500 SECURED cc.  why? JUST b/c of a tax lien…from 2003.  @oh well, @ least they let me have a savings acct.

 

Good luck w/your recon.

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[Creditaddict]

Run and kick myself very hard.... Ouch

Okay thanks. I'm so mad at myself, I had a plan and I changed from it. and this is exactly what i get from changing my plan

[creditreformer]

True, penfed is not having the same problems as other banks, but I also think they’re a bit overly conservative.  Seriously, do I really pose such a HUGE risk that w/ficos nearing 700, NO baddies for nearly SIX YEARS, several $k on deposit w/Penfed, etc. that I’m NOT worthy of a $500 SECURED cc w/penfed?  the credit analysts were very nice and even a bit apologetic when I asked ‘so tell me the logic of denying me for a $500 SECURED cc when you already have several THOUSAND $ of MY $ on deposit w/YOUR institution?’  makes me wonder just how long penfed punishes you for PAST mistakes.

 

Oh well, @ least BA decided I was an ‘ok risk’ for their 99/500 cc.

 

As for your plan creditaddict, it’s tempting to ‘fall off the wagon’, but I find that sometimes you just have to ‘chill’ on going app happy.  Get your # of inqs down.  I’m @ 0 on EQ and TU (EX is frozen b/c they’re evil) and I’m just sitting tight as I’ve had some new ccs this year (april 08) and want to let things age.  Penfed may never love me, but BA has and by early 09, my lowly BA 99/500 will unsecure and perhaps other lenders (hi, citi, chase, usaa, etc.) will love me.

 

If you have military affiliation, consider nfcu- supposedly they’re just as great as penfed yet NOT quite as hung up on PAST baddies.

[wmarat]

Penfed is overly conservative. I do not blame them. We live in very scarry time and at the beginning of Great Depression 2.

As for your particular situation, it indeed does not make any sence, to hold thounds of $$ on savings account and refuse $500 secured card.

BOA is great.

I have not made mistakes in the past (creditwise).

Message Edited by wmarat on 10-23-2008 09:33 PM

[recoverychick]

Don't kick.  At least you know what not to do.

Wait and let the inquiries drop off. When you get down to 3 (maybe) try again.  I had 2 when I applied and they were 9 months apart.  I do think they recognize when you're refinancing to a better mortgage and don't rate that the same as seeking credit.   Don't move your debt around because they're quick to deny for pyramiding. 

Still, you seem to be headed in the right direction with your plan.  Stick to it. (it's tough sometimes, though.  Isn't it?)

[TangMeister]

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@creditreformer wrote:

Penfed HATES new accts

 

Penfed HATES inquiries

 

Penfed HATES public records

 

Penfed is, in THEIR own words, “VERY/EXTREMELY CONSERVATIVE.”

 <snip>

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++1 and nodding in agreement.  Let me add to the above:

Penfed HATES high debt to income ratios.

Penfed HATES revolving debt on multiple CCs (pyramiding).

You can sometimes get away with one of the above factors (perhaps) if the rest of your credit is pristine.  Othewise, forget it.

Sorry you guys got turned down for credit.  I hope you can get in sometime in the future, though.  They ARE a great CU.

Message Edited by TangMeister on 10-23-2008 10:05 PM

[haulingthescoreup]

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wmarat wrote:

Penfed is overly conservative. I do not blame them. We live in very scarry time and at the beginning of Great Depression 2.

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I like my banks and CU's to be conservative!

Saves future heebie-jeebies.

[Creditaddict]

okay went and got all my scores since all my new accounts and stuff like that:

TU 583 10-24-08ouch! - 541 7-24-08

EQ 651 10-24-08 - 598 7-7-2008

EX 601 10-24-08 - 615 7-24-08 not sure why it went down.

all my accounts that were included in BK now report $0 balance and included in bk

I got my 1 collection removed from all but EX, they won't work with me

Got all my debt to under 50% on each card and 26% overall, it's just my one big card, everything else is paid off monthly, so shouldn't be to to much longer before I can get that down even more

now I sit back and WAIT! I want a new car in April