topic Re: Penfed denial in Credit Cards

Penfed denial

Anonymous — Mon, 26 May 2008 02:53:16 GMT

Do I recon? How is the best way to recon?

Re: Penfed denial

Anonymous — Mon, 26 May 2008 03:05:15 GMT

You can fax them a letter. What reasons did they give you for the denial?

Re: Penfed denial

Anonymous — Mon, 26 May 2008 03:25:40 GMT

Your chances at recon depend on how well you can explain the reasons for denial. What were the reasons? Could you explain them to a credit analyst?

Re: Penfed denial

Anonymous — Mon, 26 May 2008 17:44:10 GMT

You fax them a letter with "Attention Loan Desk" on top.

I added the application number as well below that. And as the others said address their concerns in your letter.

Once that is complete they will open a new application with new number. Check this periodically because they may add that they need something from you in the details.

In my case they requested income verification which I also faxed. My app didn't end well but didn't hurt to ask.

Re: Penfed denial

Anonymous — Mon, 26 May 2008 22:09:03 GMT

What is the fax number?

Re: Penfed denial

Anonymous — Tue, 27 May 2008 01:31:20 GMT

1-800-557-7328 you asked so I provided but I'm a paranoid git and wouldn't fax financial data to some number posted in an online forum.

Quick phone call to Penfed to verify what I say is true is in order I think lol.

Re: Penfed denial

jmbfl — Tue, 27 May 2008 02:15:02 GMT

They have 24hr customer service. Just make a call - they are very nice!

Re: Penfed denial

Anonymous — Wed, 28 May 2008 02:04:14 GMT

I just faxed my recon letter in today they said call tommarrow everyone cross your fingers!!!!!!

Re: Penfed denial

Anonymous — Wed, 28 May 2008 02:16:31 GMT

What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.

Re: Penfed denial

Anonymous — Wed, 28 May 2008 02:17:28 GMT

Goodluck!

Re: Penfed denial

Anonymous — Wed, 28 May 2008 02:24:16 GMT

@Anonymous wrote:
What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.

Is that a polite way of saying too many new accounts?

Re: Penfed denial

Anonymous — Wed, 28 May 2008 02:33:46 GMT

Guess so!

*rofl*

@Anonymous wrote:

@Anonymous wrote:
What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.

Is that a polite way of saying too many new accounts?

Re: Penfed denial

Anonymous — Wed, 28 May 2008 02:41:29 GMT

@Anonymous wrote:

Guess so!

*rofl*

@Anonymous wrote:

@Anonymous wrote:

What was the denial reason? If it was "pyramiding debt", they will NOT recon--regardless of your score. I was denied for this reason and I was told that my new accounts have to be at least 6 months old in order to try again.

Is that a polite way of saying too many new accounts?

Penfed doesn't understand the difference between credit and debt?

Having a lot of new credit is not even close to the same thing as "pyramiding debt."

This amazes me. I always thought "pyramiding debt" referred to the practice of opening new accounts while not paying off existing debt at the same time.

Re: Penfed denial

smallfry — Wed, 28 May 2008 02:51:23 GMT

It's a catch all denial. Once they see you can handle your new lines they will approve you all things being equal.

Re: Penfed denial

jmbfl — Wed, 28 May 2008 03:02:01 GMT

It does and they fully understand. They are just very sensitive about new accounts.