topic Re: PenFed application denial in Credit Card Applications

PenFed application denial

Anonymous — Thu, 01 Sep 2016 22:08:45 GMT

hello everyone,

this forum is one of the best thing out there i have seen. thanks to all of you for your contributions in many ways.

this is my 1st post ever here.

So while reading all about PenFed i took a shot last week applied for membership over the phone RedCross option worked as i have donated blood recently.

after being approved for membership and basic share account with $5 inital deposit I was offered to apply for a credit card if I'm interested since i read about most members

getting approved I went for it and got rejected because most of my accounts are new from last year.

she said only way i could have better odds by funding my account Max $50/day and take a loan against my balance and then try after 6 months which i think is so wierd never red about it, however i called next day again and i requested recon but no luck i even tried a lower status card as i read some members had luck with that but also got rejected

i just wanted to hear what you guys had to say about this.

thanks to ya all in advance.

My ACCs

Chase Saphire 15k Cap One 15K Citi HHonors 7K Barclay Hawain 5K Discover $1900

Re: PenFed application denial

srloring13 — Thu, 01 Sep 2016 22:35:49 GMT

What are your scores and how new are the accounts you recently opened? If they have not been opened for at least 6 months to a year, then they could just want to see more activity/regular usage on your current accounts. Did the denial letter mention anything else?

Re: PenFed application denial

Anonymous — Thu, 01 Sep 2016 23:08:50 GMT

If you get a survey about your experience, fill it out and make sure you make it known you are disappointed in their decision, given some of your other cards and limits - in a nice way, of course

Re: PenFed application denial

padme — Thu, 01 Sep 2016 23:28:22 GMT

i had left the savings open for like a year, after i was denied for pyramiding debt. what does that mean by funding the account for $50/day?

Re: PenFed application denial

Anonymous — Thu, 01 Sep 2016 23:35:14 GMT

Cap1/Saphire/discover were opened around 11/2015 same time

and barclay and citi around 03/2016/- 04/2016

after the last inq of penfed scores as of today are as followings

they pulled Equifax

Fico score 8 EQuifax 728

Fico score 8 Experian 738

Fico score 8 TransUnion 743

Re: PenFed application denial

Anonymous — Thu, 01 Sep 2016 23:36:49 GMT

meaning i should fund my share account with an external account and $50 max per day i can transfer to this penfed share account and after it reaches above $200 i can take a loan against it some like that she was saying.

Re: PenFed application denial

Anonymous — Thu, 01 Sep 2016 23:41:28 GMT

@ jrenae4

yes i have read about that I'll try that option thanks for your encouragement

Re: PenFed application denial

StartingOver10 — Thu, 01 Sep 2016 23:42:25 GMT

@padme wrote:
i had left the savings open for like a year, after i was denied for pyramiding debt. what does that mean by funding the account for $50/day?

Definition of pyramiding debt: http://www.privatebanking.com/knowledgebase/financial-glossary/pyramid-debt

If true, this is a pretty serious thing. Adding new cards doesn't get you the pyramiding debt label to my knowledge. Charging on those new cards and letting balances sit will get you that label.

Re: PenFed application denial

joltdude — Sat, 03 Sep 2016 02:31:32 GMT

I think the CSR was recommending a secure share loan / creditbuilder loan to the OP...

If you dont have any installment loans or ones about to be paid off .. its not a bad idea.....

(theres multiple threads on the subject)

Re: PenFed application denial

Aduke1122 — Sat, 03 Sep 2016 05:12:45 GMT

Or you could come join us over at NFCU😊

Re: PenFed application denial

Anonymous — Sat, 03 Sep 2016 05:51:08 GMT

@ joltdude
You're right that's exactly what it's.
As jerenae4 said about the survey above I actually followed his lead and it turned out they called me back 30 min later but I was told it's not possible at the moment give at least 6 months.
@ Abuke1122
Thank you for your invitation I'll probably do that.

Re: PenFed application denial

elim — Sat, 03 Sep 2016 06:04:04 GMT

@Anonymous wrote:
meaning i should fund my share account with an external account and $50 max per day i can transfer to this penfed share account and after it reaches above $200 i can take a loan against it some like that she was saying.

I tried to drag 1k over to penfed and got the "$50 a day" message. That was the end of my savings at PenFed. It sits with $80 still.

They are suggesting you open a Share Secured Loan to show payment history. It will be a secured installment loan on your reports. You can probably get the same result from gardening and not take the hit (unless you need an installment loan reporting).

Re: PenFed application denial

Anonymous — Sat, 03 Sep 2016 14:03:10 GMT

@Anonymous wrote:
@ joltdude
You're right that's exactly what it's.
As jerenae4 said about the survey above I actually followed his lead and it turned out they called me back 30 min later but I was told it's not possible at the moment give at least 6 months.
@ Abuke1122
Thank you for your invitation I'll probably do that.

Aww I'm sorry that didn't work! I'm a "she" by the way. So you don't have any installment loans on your account and for this reason you were denied? Interesting data point. Thank you for sharing and I hope you are able to get in in 6 mos! I've been debating NFCU as well.