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Penfed denial

Senior Contributor

Re: Penfed denial



brooklyngal wrote:
What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.





Is that a polite way of saying too many new accounts?
Here we go again...
Message 11 of 15
Contributor

Re: Penfed denial

Guess so!
 
*rofl*

FretlessMayhem wrote:


brooklyngal wrote:
What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.





Is that a polite way of saying too many new accounts?


I'm in the 700 club now! Smiley Happy
1/9/10 scores: TU: 766 | EX: YOU SUCK! | EQ: 736
Message 12 of 15
Moderator Emeritus

Re: Penfed denial



brooklyngal wrote:
Guess so!
 
*rofl*

FretlessMayhem wrote:


brooklyngal wrote:
What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.





Is that a polite way of saying too many new accounts?




Penfed doesn't understand the difference between credit and debt?
 
Having a lot of new credit is not even close to the same thing as "pyramiding debt."
 
This amazes me.  I always thought "pyramiding debt" referred to the practice of opening new accounts while not paying off existing debt at the same time.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 13 of 15
Senior Contributor

Re: Penfed denial

It's a catch all denial. Once they see you can handle your new lines they will approve you all things being equal.
Message 14 of 15
Valued Contributor

Re: Penfed denial

It does and they fully understand. They are just very sensitive about new accounts.
Message 15 of 15