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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: PenFed Visa yes, Costco AMEX no.

PenFed has inflicted AA on a small number of accounts where circumstances warranted. These actions seem to be targeted and not a blanket pogrom. If your credit standing slips it could happen with them following an AR just like it could with any other issuer. No great cause for concern here.
Established Member
partsworks
Posts: 35
Registered: ‎01-25-2008
0

Re: PenFed Visa yes, Costco AMEX no.

Penfed- 45K dropped to 3K. EQ score 807. No negative info on my reports ever. Utilization less than 2%. Always PIF every card.
Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
0

Re: PenFed Visa yes, Costco AMEX no.


partsworks wrote:
Penfed- 45K dropped to 3K. EQ score 807. No negative info on my reports ever. Utilization less than 2%. Always PIF every card.
There has to be more to the situation. That's a big CLD for someone with that score and in the least if everything is as kosher as you say it's a big mistake on their part. DId they every say (or did you ever ask) why? 

 

Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
0

Re: PenFed Visa yes, Costco AMEX no.

[ Edited ]

So an update on my quest for the elusive Costco Amex. Compared to last October when they declined my app I'm now more in debt with a $650k mortgage, $110k business loan and just for kicks I just purchased a more expensive car. Oh yeah I use my PenFed for business now and so my utilization is up too and my scores are all down 30-40 points across the board. With all that going on they approved me last week. I'm still waiting to see my CL.

Established Contributor
wollepopolle
Posts: 545
Registered: ‎09-12-2010
0

Re: PenFed Visa yes, Costco AMEX no, Update: USAA AMEX yes

 


Personally (and I only bring this up due to the anonymity) I have approximately $200K in education debt, another $75K in auto loans. I gross approximately $25-35K per month. I was initially turned down for the Platinum card (had a gold card already) when I applied online. I ended up calling AMEX, they did another application and immediately told me I was approved with no questions asked. 

 

My question is what should I do next?


 

Personally, why don't you pay down your education debt and your auto loan and the reapply. With such high obligations, a creditor might see you as a risk. True, your income counters that. In this day, though, banks know that if someone loses their job, they lose their income but not their debt. Not that this is anything new, it's just that these days many more people lose their jobs and cannot handle their obligations if that happens.

 

I've had an application turned down recently by Chase. They said that I didn't have enough debt! Sometimes, lenders come up with willy-nilly arguments.Personally, the platinum Amex is overrated anyway. That steep annual fee is a waste of money for most card users (I am not saying that some might enjoy the benefits of that card). I think it's more of a status symbol than anything else ("Hey, look, I can pay for the annual fee"). I think the Costco card is a much, much better deal than Amex Platinum.

 

Established Contributor
wollepopolle
Posts: 545
Registered: ‎09-12-2010
0

Re: PenFed Visa yes, Costco AMEX no.

 


idmd wrote:

So an update on my quest for the elusive Costco Amex. Compared to last October when they declined my app I'm now more in debt with a $650k mortgage, $110k business loan and just for kicks I just purchased a more expensive car. Oh yeah I use my PenFed for business now and so my utilization is up too and my scores are all down 30-40 points across the board. With all that going on they approved me last week. I'm still waiting to see my CL.


 

Oh, I just read that. Congratulations. Yes, these applications are completely random, aren't they.There is no rationale to them, is there.

Good luck with all these obligations. I'd be scared to death with so many obligations. I wish your continued success in your job so that you can handle the debt.

 

 

Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
0

Re: PenFed Visa yes, Costco AMEX no.

Nice I just got the card today . CL is $20k.

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