I had a question about pyramid debt, recently i asked affinity credit Union in NJ for a CLI and was declined and got the letter today saying the reason was for pyramid debt. I understand the term, and why they feel that. It is true I am applying for new credit and have built a Alot of credit cards in the past. My oldest account is 2 years old. I have a Aaoa of 1 year. And about 20 credit credits. I use my credit cards for my business and this is why I have applied for so much personal credit. As earlier it was hard to get business credit cards. I currently charge between 30-40k a month. And in the next few months I will charge between 50-70k a month. I always PIF, and have 2 business credit cards right now.
But I have a Penfed promise I got back in NOV 2011. I was wanted to ask them for a CLI in Oct, I use this card Alot. I have charged over 60k so far and PIF every month. I was wondering can I speak directly to the analyst when asking for a CLI and explain the reason for applying for so much credit and using it is because of my business and not personal. I did this with Chase when they asked me. I was honest and truthful with them. I told them I need credit for the business and since it's harder to obtain business credit versues business credit. This is the reason why I was applying so much. My income is nearly 6 figures. I was thinking If I could explain this to Penfed directly they will understand. Can I speak to them directly ??
LIMITS IN CARD DESCRIPTIONS