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PenFed Denied me, but got a USAA AmEx & Question

Valued Member

PenFed Denied me, but got a USAA AmEx & Question

I'm happy and sad!

PenFed said my debt to income ratio is too high.

USAA gave me an 8000 CL

Since I have 60 days until PenFed would do another pull for a Recon, if I pay off my GEMB Bal to zero (owe 2264 of a 15000 cl) and pay off my Citi installment loan (owe 1537 of a 5000 loan), do you think my recon to PenFed would go through????

I'm so new to this, please advise. Smiley Happy As well, i'm really happy that USAA gave me a card!!! Instantly!!!! I have been a member for about 4 years!
FICOs: EQ-780 TU-752 EX-777


Citi TY 12k; RBFCU Preferred MC 12k; USAA AmEx $9200; HomeDepot 16k; Barclays Apple $7700; RBFCU LoC 1k; Kohls 1k; Target Red $700
Message 1 of 11
10 REPLIES
Valued Contributor

Re: PenFed Denied me, but got a USAA AmEx & Question

They would have no way of verifying the balance changes other than to do another pull of your CR, so don't worry about the 60 days or 90 days, whichever it is.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Message 2 of 11
Valued Member

Re: PenFed Denied me, but got a USAA AmEx & Question

even if i get PIF letters from GEMB and Citi?
FICOs: EQ-780 TU-752 EX-777


Citi TY 12k; RBFCU Preferred MC 12k; USAA AmEx $9200; HomeDepot 16k; Barclays Apple $7700; RBFCU LoC 1k; Kohls 1k; Target Red $700
Message 3 of 11
Valued Contributor

Re: PenFed Denied me, but got a USAA AmEx & Question

hmm I dont know.  Might work.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Message 4 of 11
Moderator Emerita

Re: PenFed Denied me, but got a USAA AmEx & Question


deskjockey101 wrote:
I'm happy and sad!

PenFed said my debt to income ratio is too high.

USAA gave me an 8000 CL

Since I have 60 days until PenFed would do another pull for a Recon, if I pay off my GEMB Bal to zero (owe 2264 of a 15000 cl) and pay off my Citi installment loan (owe 1537 of a 5000 loan), do you think my recon to PenFed would go through????

I'm so new to this, please advise. Smiley Happy As well, i'm really happy that USAA gave me a card!!! Instantly!!!! I have been a member for about 4 years!


Don't worry about paying off the installment loan, unless they specifically said it was an issue. That's usually over in a different category.

As for being able to show them an updated statement, that might work.

I'd give them a call and ask specifically whether they're looking at your loan balance as well, and if there's anything besides maybe the loan and the GEMB that bothered them.

Congrats on the USAA card! Love 'em, love 'em, love 'em. If they were the only bank I had, I'd still be fine. Well, if they had the equivalent of the PenFed gas card.

Good luck on the recon!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 11
Valued Member

Re: PenFed Denied me, but got a USAA AmEx & Question

Thanks for the reply! Smiley Happy

As of now, I bought a home in Nov 07 (owe 89500)

I have a 16500 balance on a vehicle loan (24000 starting out)

1550 balance of a 5000 installment loan with Citi

2264 owed on a GEMB card

I make about 42850 a year (reportable income) and am single.

I just don't see how they came back with a debt to income ratio was all jacked up... i'm hoping by PIF'ing the 2264 of GEMB and the 1550 with Citi i can ask for a recon...

:/
FICOs: EQ-780 TU-752 EX-777


Citi TY 12k; RBFCU Preferred MC 12k; USAA AmEx $9200; HomeDepot 16k; Barclays Apple $7700; RBFCU LoC 1k; Kohls 1k; Target Red $700
Message 6 of 11
Senior Contributor

Re: PenFed Denied me, but got a USAA AmEx & Question


deskjockey101 wrote: Thanks for the reply! Smiley Happy As of now, I bought a home in Nov 07 (owe 89500) I have a 16500 balance on a vehicle loan (24000 starting out) 1550 balance of a 5000 installment loan with Citi 2264 owed on a GEMB card I make about 42850 a year (reportable income) and am single. I just don't see how they came back with a debt to income ratio was all jacked up... i'm hoping by PIF'ing the 2264 of GEMB and the 1550 with Citi i can ask for a recon... :/
Hopefully the new account with USAA won't hurt you. While I was denied for a CLI last year due to being Egyptian they did accept a faxed copy of my Equifax Credit Watch Gold report with all the updated balances. Might work for you it can't hurt to ask. They probably will want another pull though. How much did you ask for? New car new house new USAA credit card. Might be tough sledding but good luck.

Message Edited by smallfry on 06-18-2008 04:25 PM
Message 7 of 11
Established Member

Re: PenFed Denied me, but got a USAA AmEx & Question

smallfry, why do you say you were denied because you were Egyptian?
Message 8 of 11
Valued Member

Re: PenFed Denied me, but got a USAA AmEx & Question

pyramiding debt
FICOs: EQ-780 TU-752 EX-777


Citi TY 12k; RBFCU Preferred MC 12k; USAA AmEx $9200; HomeDepot 16k; Barclays Apple $7700; RBFCU LoC 1k; Kohls 1k; Target Red $700
Message 9 of 11
Senior Contributor

Re: PenFed Denied me, but got a USAA AmEx & Question



deskjockey101 wrote:
pyramiding debt


Actually I was pyramiding available credit. My balances were 0. They told me to show 6 months payment history and apply again at that time. Got my CLI increased at the six month mark.
Message 10 of 11