Well that wasn't planned...

[Exonumist]

The denial letters just posted and look identical. AAOA on EQ report is only 11 months with the oldest line being 1 year and 5 months. 8 inquiries in the last two years including Penfed. Only 3 of those in the last year. So I'm not quite sure how 2 inquiries in 12 months is too many. lol. Loan balances amuses me since they refinanced that loan. My Paypal card accidentally reported a high balance this statement at $607/2000. It's already payed off. What do you guys think my chance of a recon on the card is? The csr that I just talked to said that I would need to fax in a letter in order for them to do one and that I couldn't talk to an underwriter.

Your Credit score: 724
Date: 01/14/2013
Scores range from a low of 150 to a high of 950.
Key factors that adversely affected your credit score:
Length of time accounts have been established
Too many inquiries last 12 months
Proportion of loan balances to loan amounts is too high
Amount owed on accounts is too high

[p-]

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@Default4 wrote:

@. My local credit union that I bank with approved me on the second loan earlier today. It's going to be 72 months @ 4.2%.

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Congrats on the Refi with Penfed - You should have looked at USAA for the second loan.  They are not as low as penfed, but they gave us a good rate in the threes last time.  Also, both Penfed and USAA have a car buying service rate discount.  If you use the one at penfed they make your rate 0.49, and USAA's goes down into the two's.

[Exonumist]

This was a private party purchase so the lower rates with the car buying services didn't matter. I thought about USAA, but part of why I went with my credit union was also that they could use the hp from when I joined. I'll join USAA eventually, but I really want them more for insurance then financial needs. It's just a matter of getting my Dad set up with them first.  What I figure is I'll pay the 4.2% for a year or so and then refi. It's really no big deal for me and there is the bonus of building a better relationship with my credit union. 

[Exonumist]

My recon may have actually worked! It's conditionally approved and they are asking for my last two check stubs. I just faxed them so I'm not expecting an answer until tomorrow.

[09Lexie]

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@Default4 wrote:

My recon may have actually worked! It's conditionally approved and they are asking for my last two check stubs. I just faxed them so I'm not expecting an answer until tomorrow.

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Good luck!

[Exonumist]

Alright so I finally heard back from them. It turns out whoever forwards the faxes sent it to the wrong department. They approved the card, but only with a $500 limit. I have no idea what the apr is. I guess I can deal with the limit since the 5% on gas is going to save me a good amount of cash.

[eviLution]

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@Default4 wrote:

Alright so I finally heard back from them. It turns out whoever forwards the faxes sent it to the wrong department. They approved the card, but only with a $500 limit. I have no idea what the apr is. I guess I can deal with the limit since the 5% on gas is going to save me a good amount of cash.

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They only gave you $500?! Wow, I joined DCU with a thin file and they gave me $1500. I thought PenFed would be more generous than that....

[Exonumist]

I had to actually recon with them to get it approved. My Cap1 was at $500 and hasn't reported the cli I got yet. I think they were probably just matching that. It just sucks because before they approved me my lowest limit was actually $2,000.