Credit Cards

[tehdrizzle]

Okay this one baffles me.  I just recently paid down almost all of my debt and my credit score is now up to 785 with TU and 798 with EQ and I have the cards below.  I bring in 65k per year and my credit history is just over 8 years old on average.  I was hoping to close my accounts at my current credit union and move over to Pen Fed and had applied for their Pen Fed Promise card to replace my current credit union card.  They turned me down because my credit history is too short, really?  Everything else is solid and that was the only reason that I got from them.  Has anyone else had this happen to them?  They told me they like to see 10+ years on average for account history to extend credit.

My cards:

United Federal Credit Union Visa Platinum Limit $1,000 / Bal $0

Best Buy Limit $3,400 / Bal $0

Citi Finiancial Visa Limit $6,500 / Bal $1,630

Chase Visa Limit $3,500 / Bal $450

Summit Racing Limit $2,200 / Bal $0

[emptypockets]

When you say your history is over 8 years old, do you mean that is the age of your oldest account, or that is your AAOA? Do you have an installment or mortgage? Pen Fed can be quirky. The seem to like well-established (long) histories.

[tehdrizzle]

I've current got an installment loan on my 2012 Elantra but other than that nothing on there.  The AAOA is right at 8 1/2 years and my oldest account is 12 years old.

[improvingmycredit]

WOW!!  According to FICO, 10 years is the avg AAOA for those typically with excellent credit but I'm very surprised that with an AAoA of 8.5 years you were denied for having too short a credit history.  Bonkers!  With your scores, I'd think you'd be able to pretty much get any cards you want.  I'm very surprised.  

[tehdrizzle]

Yeah I don't get it.  8 years for an average is pretty darn good or at least I thought it was...

[SpiceIslander]

That's weird! I was planning to apply but I guess I'd better avoid them.

[tehdrizzle]

I'm submitting a reconsideration letter so we'll see what happens.  I was told reconsiderations take 48-72 hours so I should check back on Tuesday for an update.  We'll see what they say......

[Crashem]

What are you putting in the letter?  Need any advice?

[tehdrizzle]

Absolutely!  I'm open to advice or thoughts, I was just going to let them know that I am simply trying to sever the relationship with my current Credit Union and move everything over to Penfed.  The person that took my application at first put me down as requesting the credit card as debt consolidation........

[CruzImperial]

Wow! So I better forget all my ilusions and made like they never existed.