08-29-2012 10:55 AM
Scratching head...... I don't get it either. I hope that they'll reconsider, you have great scores and looks like history is in check to boot. What gives!?
08-29-2012 11:11 AM
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........
Personally, what struck me was that you were going for the UPromise card and I bet struck the underwriter as well. I bet if you had gone for the Platinum Rewards card, you might have been accepted. Why did you want the UPromise card anyway? The Plat Rewards is way better and similar interest rate. BTW, you should have apped online as the online engine would have given an immediate decision (mostly likely approval) which would have gone to manual underwriter afterwards with its recommendation.
BTW, did you join earlier and apped later? If you joined earlier, did you have your high balances on your credit file at time of joining. You know that PenFed uses any credit report pulled for any credit decisions for 3 months.
In any case, I would not talk about severing your relationship with your current Credit Union. Instead, just say you are looking to use PenFed as your primary financial institution. But this should not be the theme of your letter. You want to reiterate all the positives on your credit report. You also want to talk about your ability to pay and attach your last two pay stubs. Something like below:
I think there was some misunderstanding on the CSR who took my application who listed my reason for applying for a credit card as credit card consolidation. (unless this is not true). The reality is I have very little credit card debt to consolidate. I believe I have a strong credit history. Ever since I got my first credit card in XXXX, I have always paid my bills on time. Attached are my last pay stubs. As you can see, I have more than enough ability to meet any obligations.
Hope that helps. PenFed likes documentation so give it to them. Pay Stubs, bank statements if they look positive, etc.
08-29-2012 11:25 AM
Thanks I'll try that and see what happens!
Why did you go for UPromise card?
Also, I didn't hear answer on whether or not you joined and apped at same time or different times question.
08-29-2012 12:08 PM
Weird. Do you have any new accounts?
I just got approved with an AAoA of around 5 years, but I don't have any new accounts in the past 3 years, nor any inquiries in the past 2.
08-29-2012 05:10 PM - edited 08-29-2012 05:13 PM
So I just checked with them and it was turned down again. I just called and here's what they had to say: "Too short of credit history, and credit utilization is too high." I closed my accounts and am putting all of my funds back into my current Credit Union. Oh well.....
Sorry I didn't see that earlier butI applied at the same time I opened deposit accounts and put 10k in a standard savings, and 1k in a checking to get things started.