topic Re: Shot down by Penfed again and stumped, any ideas on why? in Credit Cards

Shot down by Penfed again and stumped, any ideas on why?

tehdrizzle — Mon, 12 Nov 2012 19:30:09 GMT

So I applied again with Penfed for their Penfed Promise card since I would like to move everything over to them and was again denied for their card. I have no idea why but they are telling me that I have to short of an account history and I have too much revolving debt.

Credit scores just pulled this month before my inquiry and I have 1 inquiry in the last 12 months, an 825 with TU and an 812 with EX. My WIfe and I combine to make roughly 140k per year and I have just over $50k that I had planned to move over there. I sent in a second opinion request and told them all of this and they shot it down for the same reasons above. Any thoughts or ideas on this? I just figure they don't want any new members or you have to have a solid 850 score and/or ZERO revolving debt.

United Federal Credit Union Visa CL - $1,000 / Owed - $0

Citi Thank You Visa CL - $6,500 / Owed - $1,000 from balance transfer

Citi Simplicity Mastercard CL - $3,000 / Owed - $0

Best Buy store credit card CL - $3,800 / Owed - $0

Chase Mastercard CL - $3,000 / Owed - $0

Summit Racing credit card CL - $2,200 / Owed - $0

Mortgage - Owed - $124,000 / Original amount - $215,000

2012 Hyundai Elantra - Owed - $8750 / Original amount - $16125

Re: Shot down by Penfed again and stumped, any ideas on why?

CreditChampion — Mon, 12 Nov 2012 20:14:10 GMT

Call and speak with a supervisor

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Mon, 12 Nov 2012 21:03:02 GMT

Penfed is a tough cookie to break out all the CU from what I've read here either they like you or they don't there's no middle

Re: Shot down by Penfed again and stumped, any ideas on why?

distantarray — Mon, 12 Nov 2012 21:46:01 GMT

@tehdrizzle wrote:
So I applied again with Penfed for their Penfed Promise card since I would like to move everything over to them and was again denied for their card. I have no idea why but they are telling me that I have to short of an account history and I have too much revolving debt.

Credit scores just pulled this month before my inquiry and I have 1 inquiry in the last 12 months, an 825 with TU and an 812 with EX. My WIfe and I combine to make roughly 140k per year and I have just over $50k that I had planned to move over there. I sent in a second opinion request and told them all of this and they shot it down for the same reasons above. Any thoughts or ideas on this? I just figure they don't want any new members or you have to have a solid 850 score and/or ZERO revolving debt.

United Federal Credit Union Visa CL - $1,000 / Owed - $0
Citi Thank You Visa CL - $6,500 / Owed - $1,000 from balance transfer
Citi Simplicity Mastercard CL - $3,000 / Owed - $0
Best Buy store credit card CL - $3,800 / Owed - $0
Chase Mastercard CL - $3,000 / Owed - $0
Summit Racing credit card CL - $2,200 / Owed - $0
Mortgage - Owed - $124,000 / Original amount - $215,000
2012 Hyundai Elantra - Owed - $8750 / Original amount - $16125

only thing that make me question your statement is your credit limits are ridiculously low for your scores / income. Did things fall off recently? or did you dispute somethingsoff? cause they could use a company like innovis or few other reporting bureaus that are not mainstream who could have documentations of derogs that was removed from the top 3 but not the side ones.

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Mon, 12 Nov 2012 21:53:42 GMT

"cause they could use a company like innovis or few other reporting bureaus that are not mainstream who could have documentations of derogs that was removed from the top 3 but not the side ones."

However: Isn't it illegal for a company to evaluate you using information from a CRA that they won't/don't disclose to you? If you are turned down for credit, aren't you entitled to a letter stating what report was used, so that you have an opportunity to obtain a free report, review it, and verify that the contents are valid?

Re: Shot down by Penfed again and stumped, any ideas on why?

distantarray — Mon, 12 Nov 2012 21:59:09 GMT

@Anonymous wrote:
"cause they could use a company like innovis or few other reporting bureaus that are not mainstream who could have documentations of derogs that was removed from the top 3 but not the side ones."

However: Isn't it illegal for a company to evaluate you using information from a CRA that they won't/don't disclose to you? If you are turned down for credit, aren't you entitled to a letter stating what report was used, so that you have an opportunity to obtain a free report, review it, and verify that the contents are valid?

it's not illegal cause you can still get reports from them, innovis corelogic etc are out there. but then if your talking about illegal or not shouldn't it be illegal that people sell us useless scores which are what people THINK our scores should be and not relatable to what is actually used? we should be able to obtain ANY form of score that is used to deterime our worthiness or the lack of without having to run around in circles and buying tons of useless scores before we figure things out..

The world isn't fair especially in credit. There is NO valid reason why anyone paying my 4-5year old debts last year dropps credit scores. Remember scores is a business, and they willdo anything to keep you down.

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Mon, 12 Nov 2012 22:14:30 GMT

I know that it's not "fair," and that the deck is stacked in favor of the various companies, etc, and is stacked against the consumer.

If PenFed is using another CRA's report(s) to make their credit decisions, but they aren't telling the rejected consumer which one they're using, the consumer is effectively denied a means to have access to these data. For even if they are free, how would the consumer know where to go and what to ask for, without this information being provided to them?

I'm just wondering why Innovis would be able to get a pass, but not EQI, TU, and EXP.

Re: Shot down by Penfed again and stumped, any ideas on why?

llecs — Tue, 13 Nov 2012 02:46:32 GMT

OP, util was too high!

j/k of course, but in the eyes of Penfed, it might not be too far off. IME, they'll pull EQ only. I've been turned down with FICOs above 750 and util in the teens. They are really uber-sensitive to inquiries inside a year and they like to label everyone as a debt pyramider, whatever that means.

Re: Shot down by Penfed again and stumped, any ideas on why?

webhopper — Tue, 13 Nov 2012 02:55:07 GMT

Those are bizarre denials! I would move to a different credit union. There are better organizations out there....

Re: Shot down by Penfed again and stumped, any ideas on why?

TNTransplant — Tue, 13 Nov 2012 04:08:32 GMT

To echo what distantarray said, PenFed is apparently also extremely inquiry/new account sensitive, in addition to the other things. I've read that they don't like any inquiries within the past year, and if they think you've been balance transferring/opening new accounts they'll use the "pyramiding debt" excuse as ilecs mentioned.

OP, I agree that your card limits don't reflect what one would typically see with your scores/income; this may have caused them to decline you when they did their review. Have any of your accounts been opened within the past year? And as an aside, they exclusively pull Equifax (they use a different FICO version - Pinnacle 2.0, and it rates revolving debt more heavily); score range is 150-900. Weird.

Re: Shot down by Penfed again and stumped, any ideas on why?

tehdrizzle — Tue, 13 Nov 2012 13:28:21 GMT

I just have never wanted credit line increases so never opted to have them. I had one auto CLI with my Citi Thank you and I called them up to tell them no more and did the same with everyone else. I'm actually going to be closing all but the Best Buy and United FCU credit cards shortly since I never use credit anyway.

Only 1 inquiry in the last year and no derog at all, I've got a perfect history with no missed payments, nothing bad at all.

Re: Shot down by Penfed again and stumped, any ideas on why?

TNTransplant — Wed, 14 Nov 2012 05:54:39 GMT

@tehdrizzle wrote:
I just have never wanted credit line increases so never opted to have them. I had one auto CLI with my Citi Thank you and I called them up to tell them no more and did the same with everyone else. I'm actually going to be closing all but the Best Buy and United FCU credit cards shortly since I never use credit anyway.

Only 1 inquiry in the last year and no derog at all, I've got a perfect history with no missed payments, nothing bad at all.

Well, if it's any consolation at all, they hate me, too.

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Tue, 18 Dec 2012 18:40:14 GMT

Well there are 2 questions here to complette the answers you need

1-Are you a self employ

2-What is your annual income

As far as your credit score is fantastic if is fico and i would think if you were denied unfairly and you need to ask for a supervisor base on that factor that in my 15 yrs studing fico scores and credit reports computer models in that regard i would really think that with your credit you should had an instant approval for at least 10k

One other thing i wanted to mention to you would be the age of these accounts u currently have.Are they newer than 6 months cause that could be another reason for penfed to be concerned.

Re: Shot down by Penfed again and stumped, any ideas on why?

jsucool76 — Tue, 18 Dec 2012 20:50:07 GMT

@Anonymous wrote:
Well there are 2 questions here to complette the answers you need
1-Are you a self employ
2-What is your annual income
As far as your credit score is fantastic if is fico and i would think if you were denied unfairly and you need to ask for a supervisor base on that factor that in my 15 yrs studing fico scores and credit reports computer models in that regard i would really think that with your credit you should had an instant approval for at least 10k
One other thing i wanted to mention to you would be the age of these accounts u currently have.Are they newer than 6 months cause that could be another reason for penfed to be concerned.

You're about a month late xD

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Wed, 19 Dec 2012 00:40:36 GMT

LoL @jsucool76

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Wed, 19 Dec 2012 00:49:53 GMT

I'm not one for resolutions but literally had to vow PenFed would never get another hard pull on my credit report unless the gold bar came up.

I've been app-free of them over two years, LOL!

Re: Shot down by Penfed again and stumped, any ideas on why?

swpopham — Wed, 19 Dec 2012 01:29:28 GMT

I say we start a group/class action, phone call and close our accounts and memberships!! ill go first. we can do it on a conference call!

1. swpopham

.......

Re: Shot down by Penfed again and stumped, any ideas on why?

Fenerbahce — Wed, 19 Dec 2012 03:57:13 GMT

The inquiry thing isn't true...PenFed pulled all 3 bureaus for my CC and I had over 10 inquiries on each one of them. Most are from a mortgage and auto purchase last year, but a couple from CC's and such. So, Inquiries is not the biggest worry here, I got an instant 20K approval with FICO scores in the 750's and income over 100K.

Re: Shot down by Penfed again and stumped, any ideas on why?

Anonymous — Wed, 19 Dec 2012 04:14:53 GMT

Strangely, My wife opened an account with limited credit history, 740 score a few inquiries past year, Her biggest line was 4K. Approved her for 20K! Later gave her a second card for another 10K and I too have a 20K limit with them. Wife's income was 120K little debt. Didn't have to prove income. I had to ave a supervisor raise my initial line of $2500 to 20K to match my wife's. When Pen Fed gave my wife her second card, She had carried a balance of close to max off and on for 9 months but had recently paid down to zero.