Finally a Penfed Survey!!!

[Anonymous]

So everytime I apply for anything with Penfed its a pain in the behind. Yesterday I applied for a cli due to a 0% offer I received. I currently owe $6,000 on my card against a $10,000 limit (from another 0% balance transfer I did 10 months ago). I have a $4,000 payment scheduled for tomorrow. Id love to take advantage of a balance transfer as Ive recently completed an $80,000 home rehab ($55,000 which went on credit cards). It routed to review, and was declined over 24 hours later for "overextended" now mind you I have $250,000 in available credit and am borrowing $55,000 at the moment against an income of near $200,000. Im really kind of upset about it but an hour ago I received a survey that I filled out and provided 0's on everything so I cant wait for the call to see if they are willing to do anything. This is the first survey ive ever gotten from them

[CreditCuriosity]

55k just in CC debt although that is still considerable even with close to 200k income.  Do you also have other debt such as car/house/student loan payments that is factoring into DTI ratio?   I don't think 1 or 0's are really fair as you are using 60% of the CL they gave you on the CC, not sure if you are using their LOC.  Are the scores current in your signature as well?  Any baddies on your CR?  Ifs no them what is suppressing your scores? utilization?  Just trying to get some insight and give some thoughts, not really advise.

[Anonymous]

I do, my auto loans and my mortgage and such put my monthly payments around $3750 with my income before taxes being over $10,000. The LOC, has a few hundred dollars left used on it from the $3000 counter top that i bought a few months back they see that I make sizeable payments on everything with them. The score suppression is from a bk 7 years ago

[Anonymous]

And for the record 55k isnt a lot comparatively. One of the things I do as a hobby is rehab homes. (If you keep them for 24 months theres no cap gains tax). I bought it for $113k put $80k in and the realtor wants to list it in the $255-$265k range leaving me huge profit and since I only owe $105k on the mortgage ill walk away with $125k cash. Ill pay off the cards, and then start the process all over again. This is the 4th project in 6 years ive done. Ive made at least 50k off all but one lf the projects.

[CreditCuriosity]

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@Anonymous wrote:
And for the record 55k isnt a lot comparatively. One of the things I do as a hobby is rehab homes. (If you keep them for 24 months theres no cap gains tax). I bought it for $113k put $80k in and the realtor wants to list it in the $255-$265k range leaving me huge profit and since I only owe $105k on the mortgage ill walk away with $125k cash. Ill pay off the cards, and then start the process all over again. This is the 4th project in 6 years ive done. Ive made at least 50k off all but one lf the projects.

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Flipping houses is good money if you can do it right and on budget and actually sell them and don't run into any issues which can and do happen as I am sure you are aware and whether the housing market softens to rate increases etc..  I certainly don't know the business, but can only speculate at some of the risks.  Anyways that is your thing and none of my business.  I wish you the best and hopefully you aren't paying a high APR or an APR at all on the 55k+ as obviously that starts to chomp into profilts, but if you are making 50k per flip after all that is taken into account kudo to you.  

W/regards to the 0 and 1's on the survery, still don't believe that is right, but to each and their own if you think that will get you the CLI... Which is possibly could.  I actually did a survery and gave them in the middle, but certainly not the bottom and was honest on the comments and got a call and got another 25k out of them across two cards.

[Anonymous]

Few things:

1- I got the call today, and they met me half way! Bumped my line to $20,000 which will capture most of the transfer.

2- god no 55k at an apr would eat into my margin as well as boost those payments a ton. All but 20k is at 0%. Which will now be at 0%.

3- yes, It can be very volitile and while I havent been burned yet, when I look at a deal I look at it from the perspective of "if I have to do a total gut" which is what I mostly do. So if there are suprises they are already factored. But I also give my self a over kill budget of 25%. If I cant turn at least a 50k profit on top of expenses +25% I wont buy. And to be honest ive put bids in on 2-3 dozen properties to land 4. So I do try to stay somewhat conservitive.

4- the reason for the 0's was actually a plethra of things, they double pulled me a few months back and then sent me a letter saying they didnt after I sent them proof. Took 4 months to resolve. Every time I have ever applied for a CLI or app Ive been declined, yet I call in and within 2-3 minutes I get something... its frustrating constantly having to beg...

[Anonymous]

Oops! Just signed on to my online banking and noticed they opened a second card for me for $20,000 instead of just increasing the credit line to $20,000. Called they made a mistake in communication to me what they approved. There fixing it now and I will have a $30,000 total credit line 👍👍

[Aduke1122]

Congrats Sean that's awesome recon

[AverageJoesCredit]

Sure glad those 0's and 1's came in handy

[Anonymous]

except, after completing the balance transfer (which I stated was the reason why I applied) I got a call back and a manager said the $30,000 credit line was an error they only meant to approve me for $20,000... I am rather angry at the situation to be honest. the approval was there. I seen my card for several hours at $30,000 and when I completed the balance transfer they call me and say "just kidding"... are you kidding me... They are suppose to be escalating and getting back to me tomorrow morning with what they have decided. When I sell the house I was going to drop the extra $100k with them until I find a new house to flip but after this ill likely just close everything out.