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Established Contributor
Posts: 647
Registered: ‎07-03-2012
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Re: Well that wasn't planned...

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


Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Well that wasn't planned...


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%.


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.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Posts: 647
Registered: ‎07-03-2012
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Re: Well that wasn't planned...

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. 


Established Contributor
Posts: 647
Registered: ‎07-03-2012
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Re: Well that wasn't planned...

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.


Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Well that wasn't planned...


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.


Good luck!

Established Contributor
Posts: 647
Registered: ‎07-03-2012
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Re: Well that wasn't planned...

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.


Established Contributor
Posts: 712
Registered: ‎06-11-2012
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Re: Well that wasn't planned...


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.


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....


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
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Established Contributor
Posts: 647
Registered: ‎07-03-2012
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Re: Well that wasn't planned...

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.


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