I just got DECLINED with 816 EQ with PenFed

Anonymous · ‎06-23-2021

So I sure won't deny.....that I'm dissapointed as the letter stated that have 816 EQ ( score increased a few points )

* Length of time revolving accounts have been established

* Proportion of loan balances to loan amounts is too high (NOT quite, just two car loans which are in great standing and all my CC's have 0-1% balance if that)

*Length of time accounts have been established

*Time since most recent account opening is too short

HOWEVER, I know I'm in the right place to continue learning from all of you GURUS outhere..... I'm sure my inquiries don't help either.... (25-30)

Chin up and continue working on that credit....

dragontears · ‎06-23-2021

@Anonymous wrote:
So I sure won't deny.....that I'm dissapointed as the letter stated that have 816 EQ ( score increased a few points )

* Length of time revolving accounts have been established
* Proportion of loan balances to loan amounts is too high (NOT quite, just two car loans which are in great standing and all my CC's have 0-1% balance if that)
*Length of time accounts have been established
*Time since most recent account opening is too short

HOWEVER, I know I'm in the right place to continue learning from all of you GURUS outhere..... I'm sure my inquiries don't help either.... (25-30)
Chin up and continue working on that credit....

Sounds like a stay in the garden is what you need right now.

KLEXH25 · ‎06-23-2021

Sorry for the denial. This just goes to show that credit applications are so much more than just a credit score. The reasons they list aren't necessarily listed in order or actual importance. My take away is that you've applied for a lot recently and need to take a long break.

FinStar · ‎06-23-2021

Sorry to hear about the declined application, but it's also worth noting that even with such a decent high score, it's not always a slam dunk -- all things considered.

Algorithms are very quirky. I'm assuming since you didn't list any rebuttal reasons for the other 3 statements, the presence of new accounts and/or inquiries in the past 12 months didn't help.

Anonymous · ‎06-23-2021

@FinStar wrote:
Sorry to hear about the declined application, but it's also worth noting that even with such a decent high score, it's not always a slam dunk -- all things considered.

Algorithms are very quirky. I'm assuming since you didn't list any rebuttal reasons for the other 3 statements, the presence of new accounts and/or inquiries in the past 12 months didn't help.

That's what I believe, yes prolly have 6 new inquiries this month.. (just bought a new car-though it was almost a year and half since I last had my credit pulled as for a loan, although I do notice have a lot of inquiries...any great pointer on how to DELETE inquiries but that doesn't necessary take 12 months to do? lol....I read somewhere, that FICO retains 1 yr of inquiries while Vantage retains 2 yrs? NOT sure if that's accurate?

KLEXH25 · ‎06-23-2021

Legitimate inquiries cannot be deleted. They will remain on your reports for 2 years (FICO and Vantage), but after a year it won't weigh on your score.

FinStar · ‎06-23-2021

@Anonymous wrote:
@FinStar wrote:
Sorry to hear about the declined application, but it's also worth noting that even with such a decent high score, it's not always a slam dunk -- all things considered.

Algorithms are very quirky. I'm assuming since you didn't list any rebuttal reasons for the other 3 statements, the presence of new accounts and/or inquiries in the past 12 months didn't help.
That's what I believe, yes prolly have 6 new inquiries this month.. (just bought a new car-though it was almost a year and half since I last had my credit pulled as for a loan, although I do notice have a lot of inquiries...any great pointer on how to DELETE inquiries but that doesn't necessary take 12 months to do? lol....I read somewhere, that FICO retains 1 yr of inquiries while Vantage retains 2 yrs? NOT sure if that's accurate?

Legitimate inquiries, in this case for the lending products you have applied, stay on your reports for 2 years. Then, they go *poof*. Having said that, they stop counting in FICO scoring metrics after 1 year. So, don't let this denial set you back. If you plan a good strategy, you can eventually get approved for PenFed. Just let things age and time do its thing.

Btw, congrats on the new car👍

Wavester64 · ‎06-24-2021

@Anonymous wrote:
So I sure won't deny.....that I'm dissapointed as the letter stated that have 816 EQ ( score increased a few points )

* Length of time revolving accounts have been established
* Proportion of loan balances to loan amounts is too high (NOT quite, just two car loans which are in great standing and all my CC's have 0-1% balance if that)
*Length of time accounts have been established
*Time since most recent account opening is too short

HOWEVER, I know I'm in the right place to continue learning from all of you GURUS outhere..... I'm sure my inquiries don't help either.... (25-30)
Chin up and continue working on that credit....

I feel your pain @Anonymous

May of last year I was DECLINED. Here is what they said to me:

PENFED - DECLINED MAY 3, 2020 (EQUIFAX FiCO 08 SCORE : 772)

-Proportion of loan balances to loan amounts is too high
-Length of time revolving accounts have been established
-Time since most recent account opening is too short
-Ratio of balance to limit on bank revolving or other rev accounts is too high

...I haven't tried since (I am still a member with 2 savings accounts).
But hey, if I ever need 20% off Turbo Tax, Penfed is my hero

Potential Future Cards

PicoFico · ‎06-25-2021

@Wavester64 wrote:
@Anonymous wrote:
So I sure won't deny.....that I'm dissapointed as the letter stated that have 816 EQ ( score increased a few points )

* Length of time revolving accounts have been established
* Proportion of loan balances to loan amounts is too high (NOT quite, just two car loans which are in great standing and all my CC's have 0-1% balance if that)
*Length of time accounts have been established
*Time since most recent account opening is too short

HOWEVER, I know I'm in the right place to continue learning from all of you GURUS outhere..... I'm sure my inquiries don't help either.... (25-30)
Chin up and continue working on that credit....
I feel your pain @Anonymous

May of last year I was DECLINED. Here is what they said to me:

PENFED - DECLINED MAY 3, 2020 (EQUIFAX FiCO 08 SCORE : 772)
-Proportion of loan balances to loan amounts is too high
-Length of time revolving accounts have been established
-Time since most recent account opening is too short
-Ratio of balance to limit on bank revolving or other rev accounts is too high

...I haven't tried since (I am still a member with 2 savings accounts).
But hey, if I ever need 20% off Turbo Tax, Penfed is my hero

LOL!!

Anonymous · ‎06-27-2021

Of course you where denied. You would not be a profitable account for them. You probably will pay your bill in full each month and never be late.

They prefer someone with a lower FICO score who will carry a balance and may pay late. Those fees add up quick. These are the people most middle range banks are looking for, they are where they make their money. A swipe fee is just not enough for them.

I was denied for a credit card with a 786 FICO score, yet the same day someone posted on here that they where approved for a card with the same bank that denied me, yet they had a 2 year old bankruptcy. Again, that person stands a greater chance to be a profitable account for the bank, not me.

Mark