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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: pen fed credit card app. denied with 775 tu and 746 eq


haulingthescoreup wrote:

smallfry wrote:
You can be an Egyptian with no revolving debt.

Really? I knew they were kind of nutty that way, but what do they call it? "Pyramiding credit?" You can't be pyramiding debt if you have no debt to pyramid. * scratches head *

They could have called me stupid. And they'd have been right. When I first got the card 2 years ago I asked for too small of an initial line. At the time things were a lot easier as you know. So within the month I asked them to triple the limit. They did. A month later I asked for more. Egyptian with 1% utilization across the board. Pyramiding debt? No. Stupid? Yep.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: pen fed credit card app. denied with 775 tu and 746 eq

I hate it when people/ businesses use illogical language in this way. :smileymad:

It's like the sim implying that you should take two years to reduce your debt, when it means get rid of the debt and then behave yourself for the next two years.

I'd rather them call it "seeking too much credit" than "pyramiding." :smileytongue:

I don't understand how on earth I've gotten away with everything, other than applying with them before anyone else. But they still saw all that new credit before I asked for a CLI, and then before they offered a second CLI, and then the other stuff. It just really doesn't make any sense whatsoever.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
jjmcc323
Posts: 57
Registered: ‎12-17-2008

Re: pen fed credit card app. denied with 775 tu and 746 eq

only two apps. in last year, total cl of all cards about 150000.00 am using 23 % got letter today from them

said my credit obligation is to high, told them i wanted to do bt at 2.99 and get rid of boa card no help

Senior Contributor
score_building
Posts: 3,501
Registered: ‎01-10-2008

Re: pen fed credit card app. denied with 775 tu and 746 eq

pen fed reportedly looks at how many new accounts in the last 24 months.  accounts less than 24 months old are apparently considered 'new'.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: pen fed credit card app. denied with 775 tu and 746 eq


jjmcc323 wrote:

only two apps. in last year, total cl of all cards about 150000.00 am using 23 % got letter today from them

said my credit obligation is to high, told them i wanted to do bt at 2.99 and get rid of boa card no help


23% way too high for them. Pay it off maybe next time Egyptian. Who knows?

Frequent Contributor
hobojon
Posts: 261
Registered: ‎01-20-2009

Re: pen fed credit card app. denied with 775 tu and 746 eq

I didn't even apply cold. I responded to a pre-approval for their card. They pulled EQ and TU then denied me for pyramiding. I have 0 debt. Clean reports and 780 scores. After they denied me the pre-approvals were posted again for me. Lame.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: pen fed credit card app. denied with 775 tu and 746 eq


jjmcc323 wrote:

only two apps. in last year, total cl of all cards about 150000.00 am using 23 % got letter today from them

said my credit obligation is to high, told them i wanted to do bt at 2.99 and get rid of boa card no help


23% of $150,000 = $34,500. You also neglected to state what you asked for as a CL. Do you seriously think that PenFed was unfair to you in not offering you credit? I don't. Specially when you told them your intent in obtaining the new credit was to pyramid.

 

I am sure your total available revolving CL's to income and total revolving debt to income are very high. PenFed does not like this at all and so stated in their response to you. The days of huge revolving credit lines are pretty much over. Why on earth would you expect PenFed to want to finance $35K for you at 2.99%? and grant you signifcantly increased available revolving credit in doing so? You need to move a good deal of that revolving debt to installment debt. Do it soon before inflation/interest rates increase. It is only a matter of time.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: pen fed credit card app. denied with 775 tu and 746 eq

[ Edited ]

Why is it that everytime there is a thread opened up regarding PenFed the same hardcases feel obligated to post their personal gripe? Is it in any way contributory to the OP's topic?

 

There may indeed be a window of opportunity to approach PenFed. Perhaps you have to get your credit with them before you have a whole lot of other revolving credit or revolving debt. I know I did. I cringe at the thought of app'ing them now. I have less revolving debt than I did when I app'ed them, but over triple the amount of available revolving credit lines (including theirs). Somehow I cannot imagine them digging on that too much.

Message Edited by creditwherecreditisdue on 04-30-2009 06:09 AM
Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008

Re: pen fed credit card app. denied with 775 tu and 746 eq


jjmcc323 wrote:

tried to get visa with 2.99 bt offer , sent proof of income no bad items on credit report ever, was told my credit

obligation was over what they consider acceptable, utl, is at 23 % on my credit cards, if this is the new

standard, we are all in for a rough ride.


Yep! Seems to me that the 'hardcases' responses were spot on.  Sometimes, it's comforting to see that others have experienced similar treatment from a creditor in similar situations.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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New Contributor
jjmcc323
Posts: 57
Registered: ‎12-17-2008

Re: pen fed credit card app. denied with 775 tu and 746 eq

never said penfed was unfair just putting info out what there standards are now, i like to know who got what

card and what there score was so i know weather to stay away from that card and not waste inq on it,

asked them for 25k cl , i was going to replace my boa card with thiers and drop boa since they just raised

my rate from 9.9 to 14.2 that card had cl of 51000.00 so i shot for half that amount


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