topic Should I Recon Penfed Denial in Credit Card Applications

My chances with PenFed (DP Included)

Anonymous — Mon, 05 Apr 2021 16:19:14 GMT

Good Morning Family,

I got a lil antsy this morning and pulled the trigger on the PenFed PCR card. I was trying to wait for a collection to be removed but the agency switched it to paid instead of removal and said it could take 3 - 4 weeks to process a removal. So I pulled my 1B from MyFico and let it rip. I applied and it went to review, and I am hoping you guys can give me some insight on if I wasted a HP or not.

Product: PenFed Power Cash Rewards
EQ 08 Fico: 679
EQ 09 Fico: 691
AAOA: 6yrs 1month
Derogs?: 3 30-day / March 2020 - 3 60-day / April 2020 - $0 Collection / October 2016
Total EQ Inquiries: 5 (4 Auto last week - 1 Card Dec 2020)

Last 12 months: 5
Last 6 months: 5

New Accounts in last 12 months: 1

Last 6 months: 1

Util: 24%
DTI: 9%

*Sidenote* Can I use this same HP to do an auto refi?

Re: My chances with PenFed (DP Included)

Bradac56 — Mon, 05 Apr 2021 16:39:47 GMT

While nothing is impossible I don't see that as likely to happen with the info you supplied.

I would suspect it will be to many derogs and inquiries

Re: My chances with PenFed (DP Included)

Anonymous — Mon, 05 Apr 2021 16:56:56 GMT

@Bradac56 wrote:
While nothing is impossible I don't see that as likely to happen with the info you supplied.

I would suspect it will be to many derogs and inquiries

Thanks for your reply...Fingers crossed...

Those lates are all from my Commenity cards SMH! When the world went sideways the Autopay with my bank crapped out and I didn't catch it until a month later. Comenity will not remove them no matter how nicely I ask. If I can get them removed the credit world will be so much clearer...

Re: My chances with PenFed (DP Included)

FinStar — Mon, 05 Apr 2021 18:18:48 GMT

@Anonymous, it'll be a separate HP if you decide to apply for any other PenFed product.

Should I Recon Penfed Denial

Anonymous — Tue, 13 Apr 2021 13:37:32 GMT

Good Morning Fam,

After a what seemed like forever ( 2 business days to be exact) I was denied by PenFed. I was going to let sleeping HPs lie then the last 2 days I got "More Rewards, More Opportunities" emails taunting me to apply for a PCR, SMH! So do you guys think a LO will give me a chance where the algorithim wouldn't? Any insight would be greatly appreciated, here are my DPs:

Product: PenFed Power Cash Rewards
EQ 08 Fico: 679
EQ 09 Fico: 691
AAOA: 6yrs 1month
Derogs?: 3 30-day / March 2020 - 3 60-day / April 2020 - $0 Collection / October 2016
Total EQ Inquiries: 5 (4 Auto 2 weeks ago week - 1 Card Dec 2020)

Last 12 months: 5
Last 6 months: 5

New Accounts in last 12 months: 1

Last 6 months: 1

Util: 24%
DTI: 9%

Denial Reason:

Serious Delinquincy - That d@mn collection that was paid but said would take 3 -5 weeks to remove
Length Of Time - Confused on this one AAoA is 6years
Number Of Accounts with delinquincy - My 3 Comenity store cards all with 60day lates during the pandemic due to Autopay going haywire at my bank and my not checking them SMH...All are PIF
Porportion of loan balances to loan amounts is too high - Loan balance is at 62% $2816.00/$4500.00 thought I paid it down enough to get under the 60% *FacePalm* Is the 60% loan threshold a Fico Fantasy?

Re: Should I Recon Penfed Denial

M_Smart007 — Tue, 13 Apr 2021 14:35:08 GMT

Sorry for your denial

With a serious delinquency I doubt Penfed would entertain a recon?

I would work on getting that removed.

Possibly try down the road, when your loan is paid down and new inqs/accts. have aged a little more.

Length of time = is probably "~~new accounts age~~" time since lates?

ETA: Also those "60day lates" are going to hurt for a while .. should lessen with age.

I am sure other poster's will offer some good advice.

Re: Should I Recon Penfed Denial

Anonymous — Tue, 13 Apr 2021 14:38:53 GMT

@M_Smart007 wrote:
Sorry for your denial

With a serious delinquency I doubt Penfed would entertain a recon?
I would work on getting that removed.
Possibly try down the road, when your loan is paid down and new inqs/accts. have aged a little more.

Length of time = is probably "new accounts age"

ETA: Also those "60day lates" are going to hurt for a while .. should lessen with age.

I am sure other poster's will offer some good advice.

Thanks for the reply, I will just take my ball and go play in the garden.

That "serious delinquency" should be gone in the next few weeks.

60 day lates I am GW lettering them to death. Never carried a balance with any Comenity card before or after this incident. They are basically there for utilization purposes and didn't want them reduced/closed for inactivity but it backfired 😔😔

Re: Should I Recon Penfed Denial

Anonymous — Tue, 13 Apr 2021 15:23:35 GMT

That serious delinquency may be referring to the 60s. They're only a year old, which in credit terms means it happened right after breakfast this morning. I think after two years the sting will lessen enough that your odds will improve, provided no more lates or other derogs occur.

Re: Should I Recon Penfed Denial

Anonymous — Tue, 13 Apr 2021 16:32:06 GMT

@Anonymous wrote:
That serious delinquency may be referring to the 60s. They're only a year old, which in credit terms means it happened right after breakfast this morning. I think after two years the sting will lessen enough that your odds will improve, provided no more lates or other derogs occur.

Thanks I am looking for the Comenity CEO email/snail mail now, gonna keep sending GW until something sticks.