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Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Shot down by Penfed again and stumped, any ideas on why?

[ Edited ]

So I applied again with Penfed for their Penfed Promise card since I would like to move everything over to them and was again denied for their card.  I have no idea why but they are telling me that I have to short of an account history and I have too much revolving debt.

 

Credit scores just pulled this month before my inquiry and I have 1 inquiry in the last 12 months, an 825 with TU and an 812 with EX.  My WIfe and I combine to make roughly 140k per year and I have just over $50k that I had planned to move over there.  I sent in a second opinion request and told them all of this and they shot it down for the same reasons above.  Any thoughts or ideas on this?  I just figure they don't want any new members or you have to have a solid 850 score and/or ZERO revolving debt.

 

United Federal Credit Union Visa CL - $1,000 / Owed - $0

Citi Thank You Visa CL - $6,500 / Owed - $1,000 from balance transfer

Citi Simplicity Mastercard CL - $3,000 / Owed - $0

Best Buy store credit card CL - $3,800 / Owed - $0

Chase Mastercard CL - $3,000 / Owed - $0

Summit Racing credit card CL - $2,200 / Owed - $0

Mortgage - Owed - $124,000 / Original amount - $215,000

2012 Hyundai Elantra - Owed - $8750 / Original amount - $16125

Frequent Contributor
CreditChampion
Posts: 267
Registered: ‎03-15-2012
0

Re: Shot down by Penfed again and stumped, any ideas on why?

Call and speak with a supervisor

Fico Scores: 763 EQ(12/11/12) 768 TU(12/11/12) ? EX(TBD)
Citi Double Cash 10K PenFed Plat Rewards 8.5K Citi Forward $7.1K AMEX BCE 6K AMEX Zync NPSL(AU) Discover it 5K Wells Fargo Cash Back $2.3K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed)
Regular Contributor
mr_postman
Posts: 179
Registered: ‎01-17-2008
0

Re: Shot down by Penfed again and stumped, any ideas on why?

Penfed is a tough cookie to break out all the CU from what I've read here either they like you or they don't there's no middle
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Shot down by Penfed again and stumped, any ideas on why?


tehdrizzle wrote:

So I applied again with Penfed for their Penfed Promise card since I would like to move everything over to them and was again denied for their card.  I have no idea why but they are telling me that I have to short of an account history and I have too much revolving debt.

 

Credit scores just pulled this month before my inquiry and I have 1 inquiry in the last 12 months, an 825 with TU and an 812 with EX.  My WIfe and I combine to make roughly 140k per year and I have just over $50k that I had planned to move over there.  I sent in a second opinion request and told them all of this and they shot it down for the same reasons above.  Any thoughts or ideas on this?  I just figure they don't want any new members or you have to have a solid 850 score and/or ZERO revolving debt.

 

United Federal Credit Union Visa CL - $1,000 / Owed - $0

Citi Thank You Visa CL - $6,500 / Owed - $1,000 from balance transfer

Citi Simplicity Mastercard CL - $3,000 / Owed - $0

Best Buy store credit card CL - $3,800 / Owed - $0

Chase Mastercard CL - $3,000 / Owed - $0

Summit Racing credit card CL - $2,200 / Owed - $0

Mortgage - Owed - $124,000 / Original amount - $215,000

2012 Hyundai Elantra - Owed - $8750 / Original amount - $16125


only thing that make me question your statement is your credit limits are ridiculously low for your scores / income. Did things fall off recently? or did you dispute somethingsoff? cause they could use a company like innovis or few other reporting bureaus that are not mainstream who could have documentations of derogs that was removed from the top 3 but not the side ones.

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Regular Contributor
trishdadish
Posts: 123
Registered: ‎01-15-2009
0

Re: Shot down by Penfed again and stumped, any ideas on why?

"cause they could use a company like innovis or few other reporting bureaus that are not mainstream who could have documentations of derogs that was removed from the top 3 but not the side ones."

However: Isn't it illegal for a company to evaluate you using information from a CRA that they won't/don't disclose to you? If you are turned down for credit, aren't you entitled to a letter stating what report was used, so that you have an opportunity to obtain a free report, review it, and verify that the contents are valid?

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Shot down by Penfed again and stumped, any ideas on why?


trishdadish wrote:

"cause they could use a company like innovis or few other reporting bureaus that are not mainstream who could have documentations of derogs that was removed from the top 3 but not the side ones."

However: Isn't it illegal for a company to evaluate you using information from a CRA that they won't/don't disclose to you? If you are turned down for credit, aren't you entitled to a letter stating what report was used, so that you have an opportunity to obtain a free report, review it, and verify that the contents are valid?


it's not illegal cause you can still get reports from them, innovis corelogic etc are out there. but then if your talking about illegal or not shouldn't it be illegal that people sell us useless scores which are what people THINK our scores should be and not relatable to what is actually used? we should be able to obtain ANY form of score that is used to deterime our worthiness or the lack of without having to run around in circles and buying tons of useless scores before we figure things out..

 

The world isn't fair  especially in credit. There is NO valid reason why anyone paying my 4-5year old debts last year dropps credit scores. Remember scores is a business, and they willdo anything to keep you down.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Regular Contributor
trishdadish
Posts: 123
Registered: ‎01-15-2009
0

Re: Shot down by Penfed again and stumped, any ideas on why?

[ Edited ]

I know that it's not "fair," and that the deck is stacked in favor of the various companies, etc, and is stacked against the consumer.

 

If PenFed is using another CRA's report(s) to make their credit decisions, but they aren't telling the rejected consumer which one they're using, the consumer is effectively denied a means to have access to these data. For even if they are free, how would the consumer know where to go and what to ask for, without this information being provided to them?

 

I'm just wondering why Innovis would be able to get a pass, but not EQI, TU, and EXP.

All 3 bureaus (per Amex CreditSecure FAKO) are still 748 (as of 12/19/13). Cards: Discover It, $12,100, Chase Freedom $3,300, Chase Amazon $1,500, Walmart store $11,000, AMEX Zync NPSL, Costco Amex $14,700. US. Bank Cash +, $5,000. AMEX SPG $6,000, PenFed Plat. Cash Rewards $17,500, PenFed P-LOC $10,000, Citi Forward $5,100, Chase Slate $5,000, Old Navy, $2,200.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Shot down by Penfed again and stumped, any ideas on why?

[ Edited ]

OP, util was too high! :smileyvery-happy:

 

j/k of course, but in the eyes of Penfed, it might not be too far off. IME, they'll pull EQ only. I've been turned down with FICOs above 750 and util in the teens. They are really uber-sensitive to inquiries inside a year and they like to label everyone as a debt pyramider, whatever that means. 

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Shot down by Penfed again and stumped, any ideas on why?

Those are bizarre denials! I would move to a different credit union. There are better organizations out there....

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Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012
0

Re: Shot down by Penfed again and stumped, any ideas on why?

To echo what distantarray said, PenFed is apparently also extremely inquiry/new account sensitive, in addition to the other things.  I've read that they don't like any inquiries within the past year, and if they think you've been balance transferring/opening new accounts they'll use the "pyramiding debt" excuse as ilecs mentioned.

 

OP, I agree that your card limits don't reflect what one would typically see with your scores/income; this may have caused them to decline you when they did their review.  Have any of your accounts been opened within the past year?  And as an aside, they exclusively pull Equifax (they use a different FICO version - Pinnacle 2.0, and it rates revolving debt more heavily); score range is 150-900.  Weird. :smileyindifferent:


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
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