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Credit report background: 819 Experian FICO, 23 years is oldest account, perfect payment record, no late or missed payments. Very low utilization, 1%, out of total credit lines of close to $300,000 (mix of credit cards, charge cards and 4 other personal lines of credit with other banks, including conservative ones such as Wells Fargo and US Bank, a local credit union I've been a member since 1997, and Citibank).
Opened a checking, savings, and got approved for a PenFed Promise Visa 3 weeks ago.
I also applied for a Personal Line of Credit. Got turned down. Strike one.
I faxed in a recon citing my stellar credit report and my creditworthiness, got turned down. Explanation: pyramiding. Strike two.
I was planning to wait 6 months and use my PenFed CC to show I pay my debts and build a relationship. Then I started thinking I hate wasting this hard pull they have on me. I decided to recon once more.
This time I also faxed in a statement I got from Amex Platinum with a signature that my account is in good standing with a zero balance (credit balance actually) and a verification of deposit from my local credit union with a signature that shows my savings and checking account with them was opened 1997 (17 years ago), it shows my checking balance (cash balance) is $70,000+ and 2 month average balance of $70,000+ (meaning it is stable and sitting there, that is $70,000+ cash sitting in my checking account), and it also shows a line of credit I have of $20,000 with zero balance and zero delinquencies and explained I don't use it because the 15% rate is too high and that is why I am requesting a PenFed line of credit with a just under 10% rate. I previously faxed in pay stubs, and income tax statements as well. I just called in and the rep said a senior lender is looking at it right now and to check the website in a few minutes. What did I see after all of this expose of my financial life: "Turned down". Strike three, I'm out.
Explanation: must have satisfactory repayment history with penfed before additional credit will be considered. (I did use their credit for a dozen transactions and paid it off in full this month, and even cited that on my recon to them, saying my checking, savings, and Promise CC I have with them are all paid and up to date/current).
Boy, no one here is kidding when they say penfed is conservative/tough!!!!!
Strategy: Make PenFed promise my primary non AMEX card and show I pay my PenFed cc bills and reapply in 6 months to show a "satisfactory repayment history".
Unbelievable!
Why are you so hell-bent on the PLOC if you don't mind my asking?
@Involver wrote:Why are you so hell-bent on the PLOC if you don't mind my asking?
^^^^^^
I don't like my interest rates of the current PLOCs, the lowest is 13% whereas PenFed's is 9. something %
@youdontkillmoney wrote:
@Involver wrote:Why are you so hell-bent on the PLOC if you don't mind my asking?
^^^^^^
I don't like my interest rates of the current PLOCs, the lowest is 13% whereas PenFed's is 9. something %
What is the use case for the PLOC at 9% when you have 70k in a checking account (least that's what I assumed skimming your message).?
You are neither the first or last person to have such a hard time with penfed.
My credit score is 588, and no it's not good. But Penfed told me when I got an account that I wouldn't even qualify for a checking account. I can get a checking account a Chase (have one there now), Wells Fargo, or pretty much any other bank or credit union.
Can't at penfed. They look at credit history before opening a checking account, because they are too paranoid you will overdraft.
What's even worse is that they said if I deposited money into savings, there would be a 9 day hold. That's BS. I have savings accounts at Sallie Mae, American Express and Fidelity and Sallie Mae even sent me a free box of checks for the account!
I mean I guess it's good to be conservative to cover your bases, but as you and many others find out, they are just too conserative for their own good. By playing that game they will loose out on good customers who will go to other banks/cu's for their products.
They need to loosen up a little.
To succeed in credit management you must separate risk management from your personal feelings.
PenFed is not a giant international banking organization like Chase. Yes they have assets. Yes they are secure. But the fact of the matter is that their requirements are a HP for a checking account. They are allowed to specify the standards of their membership. It has nothing to do with paranoia, and it has everything to do with them mitigating the risk of loss.
Youdontkillmoney,
"What is the use case for the PLOC at 9% when you have 70k in a checking account?"
Your profile looks GREAT but this is a good question posed by Revelate. This has to be a red flag for them, unless you have a good explaination for it.
Fixmycredit,
"Because they are too paranoid you will overdraft".
It is their product, how can someone else judge them as "too paranoid"?
"What's even worse is that they said if I deposited money into savings, there would be a 9 day hold. That's BS. I have savings accounts at Sallie Mae, American Express and Fidelity and Sallie Mae even sent me a free box of checks for the account!"
FMC, it's a SAVINGS account, you are supposed to put money in there and leave it there. If you have a problem with a hold on your deposits, then you are not understanding the purpose of a savings account and they know this.
If anything sounds like "BS" it is Sallie Mae giving you a "free box of checks" for a SAVINGS account. I could be wrong of course, but it sounds questionable to me.
"I mean I guess it's good to be conservative to cover your bases, but as you and many others find out, they are just too conserative for their own good. By playing that game they will loose out on good customers who will go to other banks/cu's for their products.
They need to loosen up a little."
How can a guy that can't manage $1000 in credit without constant issues, tell a credit union or bank what is in their best interest or what they "need to" do?
@Revelate wrote:
@youdontkillmoney wrote:
@Involver wrote:Why are you so hell-bent on the PLOC if you don't mind my asking?
^^^^^^
I don't like my interest rates of the current PLOCs, the lowest is 13% whereas PenFed's is 9. something %
What is the use case for the PLOC at 9% when you have 70k in a checking account (least that's what I assumed skimming your message).?
^^^^^^
I don't want to touch my cash and just let it sit there as emergency cash. I just want acces to the line at a lower rate than what I have now for options. The four lines I have now I don't use, I may use $100 two times a year to keep it active and then pay it back the next month
@FixMyCredit1992 wrote:You are neither the first or last person to have such a hard time with penfed.
My credit score is 588, and no it's not good. But Penfed told me when I got an account that I wouldn't even qualify for a checking account. I can get a checking account a Chase (have one there now), Wells Fargo, or pretty much any other bank or credit union.
Can't at penfed. They look at credit history before opening a checking account, because they are too paranoid you will overdraft.
What's even worse is that they said if I deposited money into savings, there would be a 9 day hold. That's BS. I have savings accounts at Sallie Mae, American Express and Fidelity and Sallie Mae even sent me a free box of checks for the account!
I mean I guess it's good to be conservative to cover your bases, but as you and many others find out, they are just too conserative for their own good. By playing that game they will loose out on good customers who will go to other banks/cu's for their products.
They need to loosen up a little.
^^^^
yes even with m stellar credit profile I have to wait 9 days for deposits to clear and ACH is limited at $50 a day I think....in 6 months I can call to have it lifted
That just makes no sense man....
No one will believe that you would walk straight past an available 70K cheking account to borrow money with an APR on it because you don't want to touch it.
It boggles the mind. I would not even try to tell them that one. They will likely assume all kinds of things about you based on that claim.
@youdontkillmoney wrote:
@Revelate wrote:
@youdontkillmoney wrote:
@Involver wrote:Why are you so hell-bent on the PLOC if you don't mind my asking?
^^^^^^
I don't like my interest rates of the current PLOCs, the lowest is 13% whereas PenFed's is 9. something %
What is the use case for the PLOC at 9% when you have 70k in a checking account (least that's what I assumed skimming your message).?
^^^^^^
I don't want to touch my cash and just let it sit there as emergency cash. I just want acces to the line at a lower rate than what I have now for options. The four lines I have now I don't use, I may use $100 two times a year to keep it active and then pay it back the next month