What kind of history do you need for PenFed?

[score_building]

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@swpopham wrote:

anyone have a backdoor number for pen fed? I would like to get my truck refinanced

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They don't have one.

[swpopham]

Yes, I am a member signed up this morning and lady asked me about a credit card and auto loan, I asked to refinace and she said it was turned down due to high uti and recent number of accounts. They pulled eq witch is my best score at 703

[Crashem]

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@swpopham wrote:

Yes, I am a member signed up this morning and lady asked me about a credit card and auto loan, I asked to refinace and she said it was turned down due to high uti and recent number of accounts. They pulled eq witch is my best score at 703

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you can ask for reconsideration.  I think you need to fax it in.  Ask for fax number for loan reconsideration.Your best bet is to write a nice letter and attach proof.  I don't see a lot of accounts for you and if you have a lot of new accounts, I would guess most of those cards are new and therefore you have kind of newish history with revolving debt.  If you are carrying significant balances on your card, I wouldn't bother with recon letter.  If you aren't carrying balances, I would put in letter that you don't really have high utilization as you pif and with your salary you can easily make payments.  You should attach a couple of pay stubs and proof that you are pif on the cards showing balances.  This will make a strong case for recon.  Give me some details on what is going on with credit file such as when cards opened, limits, what balances are and if pif, and any baddies.  I'll give you more advice on what to put in letter or to even bother.

[iDShaDoW]

Do you all think outstanding student loans will play a factor in their decision?  My current revolving utilization is like maybe 10-15% but I can easily pay it down to <5% or zero it out before I apply.

Also, how far back does PenFed ask for in paystubs?

Just curious because I just started working and won't have much of a pay history (last job was years ago before I went back to college full-time).

Will probably buy an EQ FICO before I pull the trigger though.  Think the main reason I got denied first time around a few years ago was because I was a full-time student and unemployed at the time.

[RockinRay]

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@iDShaDoW wrote:

Do you all think outstanding student loans will play a factor in their decision?  My current revolving utilization is like maybe 10-15% but I can easily pay it down to <5% or zero it out before I apply.

Also, how far back does PenFed ask for in paystubs?

Just curious because I just started working and won't have much of a pay history (last job was years ago before I went back to college full-time).

Will probably buy an EQ FICO before I pull the trigger though.  Think the main reason I got denied first time around a few years ago was because I was a full-time student and unemployed at the time.

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When we joined, I over-killed them with documentation:

1. Last 2 years 1040 returns.

2. 2 paystubs from both my Wife and myself.

3. Two USAA Checking statements.

I wanted the to see all of this and it resulted in a $20k line on their Cash Rewards Visa.

They like documentation so flood them and they will be happy.

[Crashem]

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@iDShaDoW wrote:

Do you all think outstanding student loans will play a factor in their decision?  My current revolving utilization is like maybe 10-15% but I can easily pay it down to <5% or zero it out before I apply.

Also, how far back does PenFed ask for in paystubs?

Just curious because I just started working and won't have much of a pay history (last job was years ago before I went back to college full-time).

Will probably buy an EQ FICO before I pull the trigger though.  Think the main reason I got denied first time around a few years ago was because I was a full-time student and unemployed at the time.

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it's okay.  Just be accurate with job length and salary.

[emptypockets]

They do not always ask for extra documentation for credit card apps. I didn't have to submit anything, and was instantly approved. However, it should  go without saying, that whatever you list as income, you should be able to prove/document.