topic Re: Tried again after 3 months NFCU approved, Penfed still declined on recon in Credit Card Approvals

Tried again after 3 months NFCU approved, Penfed still declined on recon

lexus829 — Fri, 09 Jun 2017 07:19:13 GMT

I just wanted to thank this forum really... last year I joined NFCU and while rebuilding credit...

Been in Penfed awhile, but due to some negative on my acredit seems like my score never made it up

mid 500s..lol... so i tried some credit repair and paid my new accounts on time....

Ive had Thirfty for $500 , my own cedit union with secured card for $1000 and Capital One card for $1000..

this was around December 2016... after some credit1 repair my score on TU finally reached 620, 590 EQ , 600 EXp..

Credit1 was able to delete my tax lien, some old collections and a few inquiries...

In March I tried applying at Penfed for Promise and NFCU Cash rewards, i was declined on both even with recon... all my creidt above

was high utilization.. .. so yesterday I tried to apply again for Promise and NFCU Cash rewards...

Was declined again with Penfed explained my situation that my score now is in low 600s, but they keep referring to NG score from 3/24

they said its showing the same status? on FICO my score went up an average of 40 points since March... plead my case but still got denied

good news is they told me they will be switching to FICO so might be good news for us...

Now just heard from NFCU that the cash reward was approved for $7000+ i was in heaven...lol!! so what I did is I replied thru the application

status portion while it was on review... I stated what I did, what I was doing with my credit , how a new card can improve my DTI and working

on aiming 700+ by end of this year... I literally line by line wrote the negatives on my credit and explained it on the message; to my surprised its approved.

Just wanted to thank this forum and the contributing members here....

there's a refresh on myfico score on 6/29... but right now it says FICO 8 home dashboard 564 EQ (or credit karma is 622) , TU 586 (same as Karma), EXP 612 (645 when i bought a car 2 moths ago) my creidt utillzation is at least 90% (this might be what killing me on penfed but now with the new card it'll be at 30%)

So with that, should I apply for something else? i do have the normal checking overdraft should i apply for CLOC? or wait?

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

padme — Fri, 09 Jun 2017 11:14:59 GMT

you might want to try Alliant CU for a shared secured loan, deposit 500 then app for that, don't app for CCs. should get a good bump then after a few months

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Anonymous — Fri, 09 Jun 2017 12:22:19 GMT

My suggestion is to pay down some of that utilization unless I read something wrong. You shouldn't be seeking new credit lines to lower utilization. PIF and watch the benefits. I think once you get that down and keep it down you will see a nice jump in your scores and can then seek out some more credit. Just my 2 cents

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Anonymous — Fri, 09 Jun 2017 14:52:44 GMT

Penfed tends to be pretty conservative, especially compared to NFCU, I still cannot get a CC approval from them. My suggestion is to focus your energy on your NFCU relationship. I would use the new CC and pay in full or substantially each month and then in 91 days apply for a CLI versus using inquiries on smaller limits and risking denials. For Penfed I would give it at least 6 months before you apply for anything with them, perhaps even a year, I have wasted several HP's on them. On the CLOC you might want to give that a shot with NFCU, it will cost you another HP but CLOC is nice to have.

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

padme — Fri, 09 Jun 2017 15:14:40 GMT

you need an installment loan to report even a small one

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

AverageJoesCredit — Fri, 09 Jun 2017 16:46:20 GMT

Congrats on an amazing approval from Navy. They truely are the best.

I would not apply anymore. Start concentrating on bringing down your utilization as that alone will open more doors as your score will rise. No lender likes to see 90's no matter the circumstances. In 6 to 12 months, youll be suprised at the difference lenders view you especially if you continue to make progress. Best of luck

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

lexus829 — Fri, 09 Jun 2017 17:30:31 GMT

Thanks for the suggestions everyone...

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

mrldp40 — Fri, 09 Jun 2017 18:48:21 GMT

Lexus. Did they tell u what version of fico they was switching to and when? Thanks

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Anonymous — Sat, 10 Jun 2017 13:12:59 GMT

Great job. Self lender ar Alliant credit builder loan, then to the garden til you pay down youe debt. :-) Dont want to get more debt than you can afford to pay off immediately. Building is fun, but not if it puts you in debt.

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

805orbust — Sun, 11 Jun 2017 08:29:47 GMT

Dude... you should not be applying for anything with 90% utilization. You got a nice card with NFCU, let it age and keep your total utilization under 10%. Continue cleaning up negatives on your report and you will be very pleased in 6 months to a year.with your progress.

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Anonymous — Sun, 11 Jun 2017 10:12:22 GMT

What is your current jon situation?

90% is way too much. No offense but unless you change the way you use your cards, even you NFCU $7000 SL may no help you on the long run.

My 2 cents. Do not use your new card. Work on reducing your current UT to at least 30%.

Use your card wisely.

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Anonymous — Sun, 11 Jun 2017 10:28:39 GMT

@lexus829 wrote:
I just wanted to thank this forum really... last year I joined NFCU and while rebuilding credit...
Been in Penfed awhile, but due to some negative on my acredit seems like my score never made it up
mid 500s..lol... so i tried some credit repair and paid my new accounts on time....
Ive had Thirfty for $500 , my own cedit union with secured card for $1000 and Capital One card for $1000..
this was around December 2016... after some credit1 repair my score on TU finally reached 620, 590 EQ , 600 EXp..
Credit1 was able to delete my tax lien, some old collections and a few inquiries...
In March I tried applying at Penfed for Promise and NFCU Cash rewards, i was declined on both even with recon... all my creidt above
was high utilization.. .. so yesterday I tried to apply again for Promise and NFCU Cash rewards...
Was declined again with Penfed explained my situation that my score now is in low 600s, but they keep referring to NG score from 3/24
they said its showing the same status? on FICO my score went up an average of 40 points since March... plead my case but still got denied
good news is they told me they will be switching to FICO so might be good news for us...
Now just heard from NFCU that the cash reward was approved for $7000+ i was in heaven...lol!! so what I did is I replied thru the application
status portion while it was on review... I stated what I did, what I was doing with my credit , how a new card can improve my DTI and working
on aiming 700+ by end of this year... I literally line by line wrote the negatives on my credit and explained it on the message; to my surprised its approved.
Just wanted to thank this forum and the contributing members here....
there's a refresh on myfico score on 6/29... but right now it says FICO 8 home dashboard 564 EQ (or credit karma is 622) , TU 586 (same as Karma), EXP 612 (645 when i bought a car 2 moths ago) my creidt utillzation is at least 90% (this might be what killing me on penfed but now with the new card it'll be at 30%)
So with that, should I apply for something else? i do have the normal checking overdraft should i apply for CLOC? or wait?

Congratulations on your NFCU approval ;-)

I would say it would be better to let NFCU age some before applying for any new credit. Also as others have stated, pay down your current credit line quite a bit. Your goal should be 29% or less with that credit line. This way you can show two things: positive repayment history over time, as well as show on credit scores that you have a boost. Although I do understand that you want to lower your overall credit utilzation, but sometimes we put ourselves in a bind by masking it with additional credit.

Also another thing I would mention, and I say this from personal experience and what I currently do and have been doing for quite some time, is to treat any credit card line as if it is a debit card. Unless you have 0% interest. This way you never exceed your means and also aways have positive payment history as well.

Just my two cents... please let us know what you decide.