04-19-2009 01:43 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 tooMessage Edited by txjohn on 04-19-2009 01:38 PM
The exact same post was placed in another forum, but it included one additional line as follows.
I did not see that that one line had been excluded from this post.
As I have subsequently stated my intention was to lay down a polite word of caution and not make broad assumptions regarding one post based on hearsay representations.
I got it straight from a Senior CSR.
My brother logged on and found his available balance at $0.
25k limit card with 1500 balance, never late, he has an auto loan , personal loan, checking ,savings, direct deposit, and CD with them.
04-19-2009 01:46 PM
It may be possible that he is restating his brother's statement, though seemingly taking ownership of the information.
I think it best if we "assume" mistated or typo rather than unreliable. This particular member has been reliable and around for a while.
I'll ask him to clarify that point maybe so that we can get a better read on the info.
04-19-2009 05:50 PM - edited 04-19-2009 05:51 PM
I copied and pasted it from the other forum.
That line wasn't included by mistake.
It is a grammatical error only, it should have stated 'my brother spoke'.
Maestro, you seem fixated on dismissing the info here and elswhere because of a typo made in haste of posting.
Shame on you for being so nit picky.
We're here to help each other and many here know me from the past and I'm sure will vouch that I've been polite,to the point, and constructive.
I have no reason to lie nor does my brother.
If you have a legitimate reason to call me a liar besides a typo and lack of computer skills copy and pasting the post I apologize .
Otherwise could you please post something constructive instead of coming on two websites and questioning my integrity.
I'm sorry if this is slightly angry, my reputation as a person and a man is based on the fact that I am honest. It is a character trait I was taught to hold in the highest esteem.
The post is correct, it happened to my brother only, not me and is relayed to me from him. He is as honest a man as I know.
04-19-2009 06:01 PM
Hey jax -
Thanks for the clarification.
I think that what maestro may have intended to generally communicate, whether gracefully worded or not, is that we wait for more info before judging PenFed policy as a whole, and based upon possible uncertain elements, to take the information with a grain of salt till more info was available.
The general OP topic is one of special interest to many of us, as PenFed is quite often a long term goal for many up and coming CR's.
It is quite possible that PenFed may be changing it's AR policy in light of possible effects of the economic climate in general. If this is the case, we should begin to see and hear more about it.
I would like to invite everyone to utilize whatever information posted for whatever value you may find in it, but not to reply in such personalized rebuttals that cause the point of topic to be lost in the emotions of offense or insult.
We want this forum to remain an "open dialogue" and not provide disincentives for anyone to share information. If you do not appreciate any particular post, this does not mean it will be unappreciated by everyone else.
Please keep us updated jax
04-19-2009 06:19 PM
I apologize to everyone and especially Maestro.
I'd like this to be infomative and an open dialogue and though I might disagree with a post they have the right to express an opinoin.
I believe my brothers info is correct, the Senior CSR basically stated to him it's a tactic of AR that they have put in motion and are recieving thousands of complaints from affected members. There have been other posts on other sites about closures but no supporting evidence about wholesale closures.
My post is the first that I know of where a policy change was openly discussed with a member, albeit not me but my brother who has no reason to exxagerate.
Until further posts come with PenFed admitting they are doing wholesale AR closures it is only supported by the few posts of late on another board where CC's have been closed due to score drops and derogs during random AR's. No policy change has been discussed with any one else that I know of.
I hope this is a random act of a rogue CSR.
Most times when I add up 1+1+1 it equals 3 though .
In reality I hope I don't see more supporting evidence since like it was said above PenFed is a goal of many here and an achieved goal of many who have worked very hard to obtain their lending services.
04-19-2009 06:27 PM
Just for clarification purposes. You did say that your brother suffered a score drop and derog entry on his CR, correct? And his score dropped below 700...did it happen to go below 680?
The other posts I have found speaking of closures seemed to also have corresponding derogs (such as very high utilization or posted late on CR) with corresponding score drops. In one case the member's score went from 700's to 500's.
Have you found any anecdotal or information which seems to indicate they are closing/cld or other AA where there is no significant change in score or derog entries?
04-19-2009 06:33 PM - edited 04-19-2009 06:35 PM
In my experience PenFed's CSR's are as good as they come. I, personally, have never had a PenFed CSR tell me something was so and it wasn't. On the other hand "wholesale closures" are in the eye (or ear) of the beholder. Given that we have heard of very few PenFed accounts being closed in the past, how many calls regarding account closures would a CSR have to hear per day before he concluded anecdotally that "wholesale closures" were going on? Not that many, I think. And we all know how reliable anecdotal evidence is.
Let's all hope this is a big misinterpretation. We don't need this trouble!
04-19-2009 06:42 PM - edited 04-19-2009 06:46 PM
His score was in the low 700's. It dropped to the 630's due to the erroneous entry. Basically the same across all three CRA's. Within points of each other.
Entriy was in late Nov 2008
TU and EX removed quickly in Dec.
EQ took until the end of March. AR was in early March.
All scores are now back to high 690 and low 700.
Bad timing I guess.
I can't be more specific since I'm going by what he is e-mailing me. He won't post info on these boards but knows I have a great interest in them.
Derog and score drop, using about 20% of available credit, a few new accounts in the past year.
I have no other info about any other types of CLD or closures for any other reasons from PenFed.
To me though it sounds very much like the tactics taken by Citi,Amex,Chase,BoA etc.
Why would all CU's be immune to the same practices. In reality PenFed would be the first suspect with their lending standards, pyramiding, inquiry and new account quirks.
04-19-2009 06:57 PM
Hmmm....hard to say. But, since it was EQ that held the late the longest, and EQ is what the CU's use, and his score dropped to 630 and 20% utilization is $5k just averaged on his PenFed CL.....I don't think it rings quite the same as BoA and others who took AA when there were no known CR/FICO issues prior to the AA.
But, I do hope that now that the error is fixed, the review will restore his account and his CL or at least a healthy portion of it.
I'm very interested to hear the final results
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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.