topic Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied in Credit Card Applications

Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Sun, 17 Jun 2018 22:48:58 GMT

I have fairly good scored and was denied to credit to debt ratio which is 60k to 882 on a installment loan

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Sun, 17 Jun 2018 23:30:18 GMT

@Shahrazmm

Just to be clear: Your internal PenFed score (NextGen) is 797.

Your ficos are TU 763 EQ 762 EX 757, but PenFed denied you

credit because of your credit to debt ratio on an installment loan,

which is $882 on 60K? Are you serious right now???

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

AverageJoesCredit — Sun, 17 Jun 2018 23:45:17 GMT

I believe it. Penfed doesnt want to extend me any credit ,ANYWHERE, and I've been a member 2 years, excellent payment history and my NextGen score reached 810 this past month. If you aren't showing them the $ it's like they want nothing to do with you. Scores mean squat with PF.All that's my personal opinion of course so be nice to me Gmood1

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Sun, 17 Jun 2018 23:55:52 GMT

Dead serious right. Nor 882 is for a tv thats paid off soon, 182 or 170 is on my other cards put together lol and denied i emailed then my cct fico scores with debit to credit ratio showing that i litterally have nothing negayive the rep was like yeah if you have a true fico score showing your balances send that in it should influence the decision but gid dang this is booooty

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Sun, 17 Jun 2018 23:56:41 GMT

But but i apploed on my birthday ... you cant say no to a request on a birthday

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 00:01:42 GMT

@Shahrazmm

On second thought, here's what I think:

With FICOS across the board in the mid 700s

and a debt to credit ratio of < 1.5% on a $60,000

installment loan, Pen Fed turning you down for

credit means they're telling you they don't want

your business. So stop trying to give it to them.

Never waste one nanosecond of your valuable time

trying to give your business to a financial institution

that doesn't want your business. It's an exercise in

futility, and there's entirely too much money out there

elsewhere to be stressing over a Pen Fed denial.

So the best thing you can do is move on and say "Next!!!!"

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 00:04:32 GMT

I agree it was my last ditch effort as a bday gift to myself
Also that 60k is all my credit combined then theres the 882 installment loan then a measly 1something over all my creditcards yes 3 hard pulls for nothing this was it i sent those documents in but if i dont get anything imm officially done with them entirely

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 00:13:50 GMT

@Shahrazmm

First things first: Happy Birthday!

And Second: Pen Fed turning you down for credit is a blessing

because when one door closes, another one opens. So like I said,

the best thing you can do is put Pen Fed in your rear view and move

on to other cards on your list. And when Pen Fed realizes that you

won't come back and beg them for a second chance, don't be surprised

if they try and reach out to you after you've moved on. Human nature is

funny: all of us want what we know we can't have. So you leaving Pen Fed

behind will create that feeling within them and make them realize what they

lost. You're much better off, Shahrazmm.

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 00:12:24 GMT

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 00:14:16 GMT

I like the way you think lol however i just heard so much good stuff about them i was super excited about them but whatever i also love nfcu but i cant get them lol

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

AverageJoesCredit — Mon, 18 Jun 2018 02:12:09 GMT

Lol, we always here good things when they give out high limits as they used to do. My beef isnt about getting high limits with them but how they should treat all members with some respect and actually stick by their word when they say they want to see some history built up. How you manage your credit with them and other lenders should count for something. That's one reason we get scores to show how credit worthy we can be considered. In my experience this is not the case with PF, again, this is just my personal opinion.

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Gmood1 — Mon, 18 Jun 2018 02:30:53 GMT

I agree, sometimes they confuse me by how they treat some members. Must be a different person running that department compared to a few years ago.
Although Navy is just as wacky.😂
They'll give a member with a 600 score a $17k SL with the best rate. While the individual with near 800s will get a higher rate and lower SL. 🤣

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 10:36:56 GMT

@Shahrazmm

Since you're qualified to join Pen Fed and Navy Fed but both of them

turned you down, you might want to give USAA a try if your goal is to

get in with a financial institution catering to military/vets/DOD civilians.

A quick heads up: I called USAA a couple of days ago and spoke to one of

their loan officers in the personal loan/credit card dept. USAA now HPs Experian,

not Equifax. Your scores are solid, so you shouldn't have any problems. But then

again, Pen Fed and Navy Fed shouldn't have given you any static either. Their loss,

your gain. Should you decide to app with USAA, please let us know how it turns out.

Like I said earlier, when one door closes, another one opens. Hang in there!!!

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

AverageJoesCredit — Mon, 18 Jun 2018 12:16:42 GMT

I'm not sure Op qualifies for Navy, said they love them but cant get them so not sure if Op is Military affiliated. You dont need any with Penfed

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 12:42:18 GMT

Sadly not military affiliated so dont qualify for either of those i had been hoping to get with penfed and finally just happily garden amd watch over my accounts as they grow lol but penfed gave me a slap on the wrist and said please try again sadface but i appreciate all the insight on what to do and thanks for everyone saying dont let it bother you to much lol

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

Anonymous — Mon, 18 Jun 2018 21:01:14 GMT

Never seen it phrased this way love it just had to share NOT GIVEN BY A PENFED REP

It wasn’t actually the score that underwriting is looking at. They actually look at the entire report itself and from what I see on here it was due to escalating debt, so basically too many account recently opened. Usually that can be under 2 years, they like to see 2+ years of payment history. The score for the most part will decide on the rate which is actually the lowest we offer

So overall the score is perfect its just the new accounts opened

Re: Penfed, internal score 797 tu 763 eq 762 ex 757 denied

AverageJoesCredit — Tue, 19 Jun 2018 00:54:53 GMT

Lol 2 years of payment history. Done and done, but I guess I can understand their view on debt but still they should be more willing to help their members. Ok I'm good haha