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PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?

Contributor

Re: PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?

Being an "Egyptian" is when PenFed denies you for Pyramiding Debt.  I don't know who here started saying it, but it's cute! *chuckles*

Pyramiding Debt can mean various things, but one of the definitions is having too many recent trade lines.

*shakes fist at PenFed* Smiley Mad

 



molly73 wrote:
hi brooklyngal.....i was wondering about that "Egyptian" part! what does that mean? thanks again!


I'm in the 700 club now! Smiley Happy
1/9/10 scores: TU: 766 | EX: YOU SUCK! | EQ: 736
Message 21 of 26
Established Contributor

Re: PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?



brooklyngal wrote:
They won't send a letter. Login to your account and go to application status. There should be a link that you can click on and it will give a reason for denial. If it's "pyramiding debt" AKA being an Egyptian, odds aren't good for a recon.

molly73 wrote:
hey smallfry -

if you mean did they send me a letter....i have not received one yet.







You most definitely can successfully recon PenFed for being an Egyptian. I did.
Message 22 of 26
Contributor

Re: PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?

How'd you do it?  All they told me was that they wanted to see my new accounts age more (at least 6 months). 

FaircreditguyFL wrote:


brooklyngal wrote:
They won't send a letter. Login to your account and go to application status. There should be a link that you can click on and it will give a reason for denial. If it's "pyramiding debt" AKA being an Egyptian, odds aren't good for a recon.

molly73 wrote:
hey smallfry -

if you mean did they send me a letter....i have not received one yet.







You most definitely can successfully recon PenFed for being an Egyptian. I did.


I'm in the 700 club now! Smiley Happy
1/9/10 scores: TU: 766 | EX: YOU SUCK! | EQ: 736
Message 23 of 26
Established Contributor

Re: PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?

Sent recon by fax and indicated their assessment of my credit was not a fair or accurate depiction of my credit. I was approved 15 minutes later and no docs where requested. Have since been approved for a LOC and car re-fi. They are really a great CU. You just have to get past their tough exterior.
Message 24 of 26
Frequent Contributor

Re: PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?

FaircreditguyFL -

what were your scores when you faxed over a recon?

what did you say in the fax?

when i called today they said that they would have to do a hard pull to get my score...which i guess makes sense if my score changed.....or can they see the without doing a hard pull? they pull from EQ right?
Message 25 of 26
Highlighted
Established Contributor

Re: PenFed denied me 2 weeks ago.....but EQ reported a 40 point increase today..apply again?

705. Yes, they are an exclusive puller of EQ, but they look at the entire picture. I was miffed when I was called an Egyptian and considered closing my account, but I recon'd and was approved as previously stated. With their 4.25% re-fi, their LOC, and their platinum rewards card, I find it hard to beat their services. With that said, I consider Navy my top banking institution. Their CSR are 1st rate. PenFed is 1A.

Message Edited by FaircreditguyFL on 06-18-2008 08:46 PM
Message 26 of 26