04-19-2009 09:32 AM
04-19-2009 09:40 AM
Hey jax -
I saw your thread and put a copy in a thread we have been discussing possible CLD action from CU's. Here is where I put a copy.....hope you don't mind:
04-19-2009 09:44 AM
Not at all.
Sharing info is what this is all about.
There are posts about other PenFed closures on other credit sites.
It was assumed these were random, the phone call with the Senior CSR is what is scary. They are now AR'ing with a specific target........ closures.
04-19-2009 09:49 AM - edited 04-19-2009 10:18 AM
sorry to hear this Jax. it sounds like he will have the decision reversed based on what transpired. i hope they work it out for him quickly, this has got to be a rather jarring scenario for a member. they should have an intermediate step before closure in my opinion where they request full balance or something and alert the member to the change in status. they appear to be using an acct closure model for AA, not unlike some big bank lenders.
04-19-2009 12:19 PM
Sorry, but this doesn't sound legitimate.
OP, first indicates that he was told by a CSR, but goes on to explain that his brother was told, which is it.
They are probably fielding thousands of calls as a response to their 2.99 BT Offer, not due to any large scale closures.
No doubt they are reviewing thousands of accounts, probably millions, but this is likely the normal course of business.
04-19-2009 12:25 PM
04-19-2009 12:44 PM
PenFed approved $25k initially or that was due to CLI's over time? How long did he have this account?
PenFed really doesnt laddle out auto-CLI's "just because". You pretty much have to ask for what you want with them, either initially or later. In my case it was $5K with the initial app and another $5K about a month later.
04-19-2009 01:04 PM
I have googled some other sites as well as re-read jax, and it appears that I can only find PenFed posts on AA that relate to a drop in score and derog item in CR (though several say it was an "error").
Also, it appears the accounts that received AA had scores that dropped below 700 in addition to the derog CR entry.
Being that PenFed is "conservative" and the CL's in question were quite high ($10k - $25k) it seems that this may be semi-expected....except I would have appreciated seeing that PenFed possibly put the accounts on hold and asked for some verification or "intermediate step" as others stated.
Has anyone else found anywhere that shows CLD/AA/Closure for where no CR derog existed and no significant drop in score (one post went from 700's to 500's due to putting a 2000 square foot home expansion project on across several cards).
04-19-2009 01:38 PM - edited 04-19-2009 01:38 PM
I can't see where OP stated that he personally spoke to the CSR. I interpreted the post to say this is all info he received from his brother. I think this is what jm was trying to infer, though the manner in which is was stated was not appropriate.
Can you re-read the OP and confirm if you still get the same from it?
I want to make sure I got it right too
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.