Penfed defined their Pyramiding debt response

[pattycake]

Smallfry, what were your FICOs when you got in?

[Anonymous]

That is the second time I have got the pyramiding debt response after accepting their preapproval online. This time I had my EX and TU reports froze so they couldn't pull a second bureau. I wonder if the preapproval will show back up online again like before.

My first preapproval was for $8600.00. When I accepted they pulled TU (had already pulled EQ for a car loan which they approved) then they denied the preapproved card for pyramiding. The 2nd preapproval was for $14,200.00 which they denied again for pyramiding when I accepted it. My EQ fico this time was 798.

Message Edited by hobojon on 07-21-2009 06:49 PM

[ocheosa]

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@Anonymous wrote:

That is the second time I have got the pyramiding debt response after accepting their preapproval online. This time I had my EX and TU reports froze so they couldn't pull a second bureau. I wonder if the preapproval will show back up online again like before.

My first preapproval was for $8600.00. When I accepted they pulled TU (had already pulled EQ for a car loan which they approved) then they denied the preapproved card for pyramiding. The 2nd preapproval was for $14,200.00 which they denied again for pyramiding when I accepted it. My EQ fico this time was 798.

Message Edited by hobojon on 07-21-2009 06:49 PM

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Wow, those folks are nuts! 798 and denied. Unbelievable. I use my Chase Perfectcard for 3% gas cashback (this qtr Discover 5%).  May not be as much as penfed but atleast they don't ding me for open credit.

[smallfry]

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@pattycake wrote:
Smallfry, what were your FICOs when you got in?

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May 2007 my EQ was 698. It was the 2nd card I got during an app frenzy. Reported utilization was 16%. AAofA was 5 years oldest account was 11 years. 3rd inquiry within a year at the time. Approved for 5K bumped to 15K within a week. 7 year old BK7 at the time and a 5 year old paid tax lien still showing at the time. So they have tightened up. I did have to provide 2 weeks pay stubs as well. Decent income probably saved my hide.

Message Edited by smallfry on 07-22-2009 05:30 AM

[dannydannyFICO]

oh wow. first time i've ever seen a company ding someone for having too much credit available.

[bs6054]

That's a very old thread, still in credit crunch times.   But I'm surprised more lenders don't do the same.  If you have so much open credit, a) there is a risk that you might suddenly use it all beyond your means to repay, and b) why do you need more, specifically mine!

[FutureBillionaire]

I'm glad I got my penfed cards early.  They did a soft pull increase for me once.  I used that pull to split my limit between two 5% cards.  I love my Penfed cards and highly recommend them.