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Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

PenFed Successful Recon!!

[ Edited ]

Here's the update guys ...

 

After apping on 8/12 for a 15K personal line of credit and faxing over MANY documents, I was actually declined at first because they said I was sufficiently obligated on my other accounts and I had enough available credit. Of course, I didn't take no for an answer! So, I called back and spoke to a CSR. He told me to send in a reconsideration letter because my Equifax score meets their standards for approval. My EQ score is nearly 750.

 

I faxed in the RECON letter and today they said I would have a decision. I just called in and the CSR said that the loan officer who was available can approve it immediately for 5K. Otherwise, I would have had to wait until tomorrow for a senior loan officer to review it for the original 15K. I didn't want to risk a decline so I took their counter offer for 5K and I'm happy with that. The funds are already available in my account. :smileyhappy:

 

I just wanted to start the relationship with them. Did I do the right thing by taking the 5K or should I have waited??

 

UM

Equifax Fico 785 as of 01/18/2012
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: PenFed Successful Recon!!

Congrats!  You did the right thing.  Some line of credit is better than a total decline.  You now have your foot in the door. 

Regular Contributor
UpNUp
Posts: 138
Registered: ‎08-20-2008

Re: PenFed Successful Recon!!

 

On the CC apllication where it said Credit Limit , was $5000.00 pre entered and then you increased it to $15000.00? I just left mine at $5000.00 and was approved in six days after sending in a bunch of documents. 

 

I think you did right by accepting the 5K. You can always call tomorrow and plead your case with the senior loan officer to increase your limit to 15K or even 10K. Good luck if you do.

Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

Re: PenFed Successful Recon!!

DI - This is true, I'm just happy to be in the door, thanks!

 

UM

Equifax Fico 785 as of 01/18/2012
Established Contributor
Uncle_Money
Posts: 530
Registered: ‎07-28-2008

Re: PenFed Successful Recon!!

Hey UpNup:

 

No, I originally asked for 15K. Their counteroffer was 5K on the phone so I jumped on it.

 

I will probably just let it be, build a solid payment history w/ them and request an increase in six months.

 

UM

Equifax Fico 785 as of 01/18/2012

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