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They sent me a letter which says:
"Pyramiding debts -presently have maximum open-ended credit."
"Utilization of 0% of open ended credit lines."
"Increase utilization or reduce open ended credit"
"increase uti or reduce open ended credit"
so they're instructing you to show more debt or kill some accts.? pen fed speak, wow i'm confuzzled.
hobojon wrote:
They sent me a letter which says:
"Pyramiding debts -presently have maximum open-ended credit."
"Utilization of 0% of open ended credit lines."
"Increase utilization or reduce open ended credit"
hobojon wrote:
They sent me a letter which says:
"Pyramiding debts -presently have maximum open-ended credit."
"Utilization of 0% of open ended credit lines."
"Increase utilization or reduce open ended credit"
@Anonymous wrote:They sent me a letter which says:
"Pyramiding debts -presently have maximum open-ended credit."
"Utilization of 0% of open ended credit lines."
"Increase utilization or reduce open ended credit"
Thanks for posting the info...what a bunch of malarky (sp?). Pyramiding is basically a catchall reason for them to deny an application. But it does prove what some of us were saying, they view open (available) credit as a negative. Simply ridiculous! Oh well, guess thats one cash rewards card I'll never carry.
@haulingthescoreup wrote:
Interesting --before, it has meant that people had lots of open accounts, especially new accounts, but not reducing their debt.
As far as Penfed is concerned I don't believe it has ever meant that. Penfed has always believed available credit is future debt.
I used to think that account age was a factor. Not any longer.
@haulingthescoreup wrote:
@Anonymous wrote:They sent me a letter which says:
"Pyramiding debts -presently have maximum open-ended credit."
"Utilization of 0% of open ended credit lines."
"Increase utilization or reduce open ended credit"
So it sounds like they're saying that in their opinion, you already have plenty of credit, and you don't need any more.
Sort of an inverted pyramid!
Interesting --before, it has meant that people had lots of open accounts, especially new accounts, but not reducing their debt.
A couple of years ago you might have been able to secure a card if you stayed under the radar for 6 months or so but now nope. I am glad I got in when I did.