@baller4life wrote:
Man Myfico is full of Egyptians!! 😂😂
Where are the rest of your cards in your sig Baller... Surely you didn't close them, just making it look pretty 
@CreditCuriousity wrote:
@Anonymous wrote:So, I did call Penfed yesterday to ask for CLI for my $500 Thrifty credit and it went to a loan officer for review, but it's a NO GO
. The denial reasons I got were:
Pyramiding Debts
Presently have maximum open - end credit
Got the Egyptian denial which is common with Penfed but I do not quite understand with the second denial reason. Can anyone share what's "Presently have maximum open - end credit"?
Should I call and ask for Recon? or thar's pretty much it for Penfed's $500 Thrifty credit? I am quite hesitant calling and asking them for a Recon since they just gave me a CLI about 3-4 weeks ago for my Platinum Rewards Visa.
Thanks.
Not sure about second reason as not to familiar with penfed, but guessing it is similiar to first excuse of pyrmading debts.. meaning alot of credit opened in a short amount of time.. Yet to get that from them, but they find other reasons to deny me for things in profile
They used the same initial HP last 9/18/15 and I only have 2 inquiries and no new opened CC and that's why I got approved of their Platinum Rewards Visa and about 30+ days later I applied for CLI and was approved. ... Is this maybe a computer generated review? I know it says Review by Loan Officer when I applied but just wondering . Should I call and Recon?
Now, I am hesitant applying for the Travel Amex card since I got shut down with this denial reasons. It may be the same denial reasons when I will try to app for their Travel Amex
Certainly doesn't hurt to write a recon letter if you want to get the the thrfity credit up to a higher limit or if you want the amex wait till the HP is about to expire and go for that.. Got to keep in mind you are fairly new to them so they are getting to know you and possibly only willing to extent x amount of credit in a short time frame.. I would either recon the LOC or go for the Amex in whatever amt of time before it is a new HP, probably not both.. Just my thoughts at this point.. You very well could of been auto declined by the computer and if you explain it to recon which they are known to be good at get it raised... Game of chess with lenders, especially when stuff is manualy being looked at
@CreditCuriousity wrote:Certainly doesn't hurt to write a recon letter if you want to get the the thrfity credit up to a higher limit or if you want the amex wait till the HP is about to expire and go for that.. Got to keep in mind you are fairly new to them so they are getting to know you and possibly only willing to extent x amount of credit in a short time frame.. I would either recon the LOC or go for the Amex in whatever amt of time before it is a new HP, probably not both.. Just my thoughts at this point.. You very well could of been auto declined by the computer and if you explain it to recon which they are known to be good at get it raised... Game of chess with lenders, especially when stuff is manualy being looked at
Good point CreditCuriosity! Thank you. I was planning too of app'ing the Travel Amex closer to my 90 days and hopefully I can get that card. I will just wait for my app for the travel Amex and will see the result and maybe Recon if it goes the other direction
I can't speak for Penfed obviously but if I was the lender I would wonder why a client would think it necessary to have in excess of $500 overdraft protection as if they would know or presume they would be writing instruments in excess of their available balance + above and beyond the $500 coverage.
This would concern me.
If the client still seemed fearful of the limited coverage I would direct them to the PLOC which would give them adequate coverage in the same scenario.
I would see no need to have a Thrift acct in excess of their standard allocation.
@Cmikul wrote:I can't speak for Penfed obviously but if I was the lender I would wonder why a client would think it necessary to have in excess of $500 overdraft protection as if they would know or presume they would be writing instruments in excess of their available balance + above and beyond the $500 coverage.
This would concern me.
If the client still seemed fearful of the limited coverage I would direct them to the PLOC which would give them adequate coverage in the same scenario.
I would see no need to have a Thrift acct in excess of their standard allocation.
Good point. Never thought of that ... Thanks for the input
@CreditCuriousity wrote:
@baller4life wrote:
Man Myfico is full of Egyptians!! 😂😂Where are the rest of your cards in your sig Baller... Surely you didn't close them, just making it look pretty
Haha no I haven't closed anymore. Only Barclays so far. More to come 2016. Just wanted to simplify my siggy with my starting five and my benchwarmers lol. My other cards are in the bleachers! 😂
i had been approved for the Promise and the PLOC....
took a chance and app'd for the Amex Travel and got denied.
Haven't recieved my reason yet.....just says "Turned Down"
@Cmikul wrote:i had been approved for the Promise and the PLOC....
took a chance and app'd for the Amex Travel and got denied.
Haven't recieved my reason yet.....just says "Turned Down"
Sorry to hear about you denial too. For sure "Pyramiding debt" will be on that denial letter. It's very tempting to app for more products from Penfed to take advantage of the same 90 day HP. I'm quite lucky I guess that Penfed showed me some love in this past 2 and half months coz they approved me for their Platinum Rewards Visa with CLI, PL, Acces America Checking account and the Thrifty credit (overdraft service). But I am still wanting for more and wanting to get their Travel Amex Card . ... getting too greedy ...lol.