topic Re: How does one get off the "Egyptian" list at PenFed? in Credit Cards

How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 00:51:33 GMT

Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 00:59:06 GMT

Arlo, how many credit cards do you have with Penfed?

Re: How does one get off the "Egyptian" list at PenFed?

myjourney — Sun, 10 Jan 2016 01:03:46 GMT

I think PenFed also looks at other lenders you have and at available credit overall with all lenders

Not to mention recent INQ's

Balances with all lenders

Time usually heals with them going new credit and HP free seems to help

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 01:05:51 GMT

@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?

The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 01:28:04 GMT

@Anonymous wrote:
Arlo, how many credit cards do you have with Penfed?

Two. Amex at 11k and Visa at 7k.

Re: How does one get off the "Egyptian" list at PenFed?

core — Sun, 10 Jan 2016 01:29:02 GMT

@Ysettle4 wrote:
"Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs."

They use this excuse on people who have $0 total in reported balances too, and few new accounts, so that's not quite it.

I think what it really means is the underwriter is jealous of your cards.

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 01:31:22 GMT

@Ysettle4 wrote:
@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?

Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 01:52:44 GMT

@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?
Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.

What is the current limit on this card that has the $4k+ balance?

Also, penfed looks at utilization per card, not necessarily overall util.

I hope you are taking this as my answer to your original question/goal and not as anything else. You asked "how"...I'm telling you how.

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 01:55:52 GMT

@core wrote:
@Ysettle4 wrote:
"Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs."
They use this excuse on people who have $0 total in reported balances too, and few new accounts, so that's not quite it.

I think what it really means is the underwriter is jealous of your cards.

Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.

Re: How does one get off the "Egyptian" list at PenFed?

core — Sun, 10 Jan 2016 02:02:29 GMT

@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.

You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 02:07:47 GMT

@Ysettle4 wrote:
@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?
Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.
What is the current limit on this card that has the $4k+ balance?

Also, penfed looks at utilization per card, not necessarily overall util.

I hope you are taking this as my answer to your original question/goal and not as anything else. You asked "how"...I'm telling you how.

Limit on the Discover is 8.4k, so yes, I'm at 49% utilization on that card. None of my other accounts have more than 5% util.

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 02:19:27 GMT

@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.
You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.

Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).

But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 02:30:07 GMT

@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?
Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.
What is the current limit on this card that has the $4k+ balance?

Also, penfed looks at utilization per card, not necessarily overall util.

I hope you are taking this as my answer to your original question/goal and not as anything else. You asked "how"...I'm telling you how.
Limit on the Discover is 8.4k, so yes, I'm at 49% utilization on that card. None of my other accounts have more than 5% util.

Take that down, to under 20% util. Let it report, then either wait for the quarterly SPs or take a HP. I would suggest waiting for the quarterly pulls (3/1, 6/1, 9/1, 12/1 of the given year) beause if you should the low util before one of these take place, it's quite possible they will offer you credit products or offers to increase credit limits.

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 02:33:24 GMT

@Ysettle4 wrote:
@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?
Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.
What is the current limit on this card that has the $4k+ balance?

Also, penfed looks at utilization per card, not necessarily overall util.

I hope you are taking this as my answer to your original question/goal and not as anything else. You asked "how"...I'm telling you how.
Limit on the Discover is 8.4k, so yes, I'm at 49% utilization on that card. None of my other accounts have more than 5% util.
Take that down, to under 20% util. Let it report, then either wait for the quarterly SPs or take a HP. I would suggest waiting for the quarterly pulls (3/1, 6/1, 9/1, 12/1 of the given year) beause if you should the low util before one of these take place, it's quite possible they will offer you credit products or offers to increase credit limits.

I can do that. Thanks for the great advice!

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 02:33:43 GMT

@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.
You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.

Well, I certainly did not state that I was an expert with penfed. Just stated that I understood the termonology which took many trials and talks with UW to somehat get a grasp on. I've had many denials with them until I understood what they were looking for. Every's sitution is different and not one size fits all - this is with any lender.

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 02:34:37 GMT

@Ysettle4 wrote:
@Anonymous wrote:
Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?

LMAO!!! I love it. I did not know there was a technical term for this! I AM GUILTY! GUILTY AS CHARGED! :-D I have done this with tons of friends and family as well and it has really boosted their scores too. I am shocked that penfed would do this. I guess they are pretty awesome with their penfed promise, and are probably one of the most flexibile lenders out there if you are in financial hard times (making late payments and them not reporting as such to your CRs). Well, at least thats what the guy said on MSNBC regarding the penfed promise

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 02:37:42 GMT

@Anonymous wrote:
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.
You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.
Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).

But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....

You may just have the kind of profile that warranted such an increase based on your situation. Your increase was amazing, btw.

Re: How does one get off the "Egyptian" list at PenFed?

pizza1 — Sun, 10 Jan 2016 02:38:06 GMT

@myjourney wrote:
I think PenFed also looks at other lenders you have and at available credit overall with all lenders
Not to mention recent INQ's
Balances with all lenders

Time usually heals with them going new credit and HP free seems to help

shoot...I just want in with a CC with them. Itll take an act of God im sure. Ill have to drop down to 1 CC, with a $1kCL in order to even get an initial one, LMAO!!!

Re: How does one get off the "Egyptian" list at PenFed?

Anonymous — Sun, 10 Jan 2016 02:40:09 GMT

@Ysettle4 wrote:
@Anonymous wrote:
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.
You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.
Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).

But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....
You may just have the kind of profile that warranted such an increase based on your situation. Your increase was amazing, btw.

your profile aint too shabby. I'd take it. We need Sams Club MC upgrades!

Re: How does one get off the "Egyptian" list at PenFed?

Ysettle4 — Sun, 10 Jan 2016 02:46:40 GMT

@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.
You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.
Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).

But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....
You may just have the kind of profile that warranted such an increase based on your situation. Your increase was amazing, btw.
your profile aint too shabby. I'd take it. We need Sams Club MC upgrades!

Thanks! On the Sams MC: I'm awaiting this "elusive" offer for synch to upgrade me. I hear it's like spoting the loch ness monster