@FinStar wrote:
¯\_(ツ)_/¯
Honestly, I would set the emotion aside and move on. At least you tried, but I would never rely on say... that $50K approval to run, trip over things and apply. It's nice to see someone else achieved it, but it provides a false sense of perception.
While PenFed may provide great value and experiences to a variety of individuals, not every lender will work for everyone. It's just business at the end of the day. They approve and decline all sorts of applications everyday, much like NFCU, other CUs and FIs.
This^^^ Absolutely..
PenFed has been very good to me, NFCU even better but there are lenders that aren't as quick to extend credit.
My Disco is at $3100. and will not budge on cli.
Perhaps Disco is generous with you OP?
It's that ole' dart board/roulette wheel thing.. Sometimes there may be no rhyme or reason to us.
For every lender that seems to be unwilling, there are dozens more that will.
I don't know that expecting the best, including treatment and service, is as much emotion as it is standards but if so, I'm ok with that. I'm not ashamed to say I demand excellence or I just won't deal. \o/ (my ex can attest to that)
Anywho, just to update just in case someone can gleen some data points from my shenanigans.
I called and spoke with an underwriter, asking what is so offensive in my credit report that I am repeatedly turned down for a simple credit card where my profile shows my level of financial responsibility. She agreed that the utilization is good and inquiries was not the problem. The problem is the number of accounts opened. Says I've opened 9 within the past year and 18 in the prior year. I get it. Of course that sounds like a lot. Coming out of a 20 year marriage and having had everything in his name meant I needed to build my own file after building his all those years. It had to be done and I knew I'd have challenges because if it -- initially.
Told her that when I originally applied, the underwriter and I had a similar conversation and she told me to try back in 6 months or so, which I did and was declined. She wondered why someone would tell me that and after some discussion, she said that's pretty standard for people with very little credit. "So...you're telling me that someone with little credit can wait 6 months and get approved but, not someone with demonstrated credit responsibility and accounts?" So then I wanted to know exactly how much time one has to wait to prove financial responsibility to Penfed. She put me on hold to talk with a senior underwriter. 36-48 months. Then Penfed will be comfortable. 
At that, I thanked her and told her that I'm not waiting four years to be acceptable to Penfed and I don't do business with companies that wait years to provide service that benefits me. There's no exaggeration in that. It's just a fact of how I do business. I'm very loyal when handled well and simply won't do business if I'm not happy. (As a business owner, I know the value of a customer.)
I mean, I guess I could just leave the accounts dormant and wait on Penfed, but nah. I'm closing my accounts and moving on. Like someone said, I tried. No harm. No foul. Now let me go snuggle up to Navy and apologize for trying to cheat with NoLendFed.
#3strikesImOut
@Meanmchine wrote:Still got a chance here
OP, cut and post your last post to the "Survey" they will send you. This is the Penfed version of a recon. Lotza people here have won their case using the survey
"It aint over til its over"
Nah. It's over. I quit. I appreciate the encouragement tho. But stick a fork in me. I'm done. (Had to get my own cliche in there. lol)
Nail on head
. 100% with you on that. 4 years before they trust you? Nope, i can understand building that relationship 6-12 months but once you show you are a responsible user of credit being lent, they should open up more. Ive been given the history spiel and ive seen first hand it means squat to Penfed. Thank goodness for Navy, its nice to have options
. 100% with you on that. 4 years before they trust you? Nope, i can understand building that relationship 6-12 months but once you show you are a responsible user of credit being lent, they should open up more. Ive been given the history spiel and ive seen first hand it means squat to Penfed. Thank goodness for Navy, its nice to have options
@Anonymous wrote:
@ohjoy wrote:The problem is the number of accounts opened. Says I've opened 9 within the past year and 18 in the prior year. I get it. Of course that sounds like a lot.
Wait, so you have opened 9 accounts in the last 12 months and 18 in the prior year totaling 27 accounts in the last 24 months? Maybe you meant 18 total?
In either case, that is a lot even by non Penfed standards unless you're a CC churner. In Penfed's defense, and I understand they can be overly conservative, had you posted your stats asking for odds prior to apping, most of us would've said to wait a long while before applying, we have seen Egyptian denials for less than half of that. I wouldn't take what PenFed CSRs said about timelines to re-apply too seriously as they're known to pull answers out of you know what, the chances of approval should be pretty good when your AoYA is over 12 months if you wish to take another crack at it.
Penfed doesn't hate you, they're just extremely sensitive to credit seeking behaviors.
Yep. I get it. That's a lot of accounts within the past 24 months. I get it. But, coming out of a 20 year marriage with nearly everything in my ex's name, I had to aggressively build a profile. I went from 584 to the highest scores in my siggy in 6 months. I was definitely credit seeking. But, there was a reasonable explanation, sufficient income and meticulous spending and payment habits. And then, I continued riding mid 700's for another year even with all the AAoA and inq hits.
This year, I started reducing the number of active accounts, hoping to only have a handful of decent CL cards and dumping any SCT, small limits and otherwise uncooperating accounts. I'm right where I need to be and now focusing on building my business credit. But again, I fell into the trap of app'g Penfed thinking I could possibly gain a sizable limit card, one of the handful. And also, just because I expected not to get turned down. It's not in my character to be reckless with money. But, I suppose it will take them 4 years to really see that. I get it. I really do. But I'm not waiting. I'm no longer interested. Besides, I already have a credit union Big Daddy who loves me. 
Oldman87, stop defending Penfed lol, you sre supposed to be on OUR side .
Ps, getting tons of accounts does have consequences lol but then again how does one score a 50k limit on less than 100k income is brain teaser as well
.Ps, getting tons of accounts does have consequences lol but then again how does one score a 50k limit on less than 100k income is brain teaser as well
@AverageJoesCredit wrote:
Oldman87, stop defending Penfed lol, you sre supposed to be on OUR side
Ps, getting tons of accounts does have consequences lol but then again how does one score a 50k limit on less than 100k income is brain teaser as well
Yeah what was it, $67k income? Blows my mind...
@AverageJoesCredit wrote:
Oldman87, stop defending Penfed lol, you sre supposed to be on OUR side
Ps, getting tons of accounts does have consequences lol but then again how does one score a 50k limit on less than 100k income is brain teaser as well
Riiiiight! 