My chances with PenFed (DP Included)

[StartFr3sh]

Good Morning Family, 

           I got a lil antsy this morning and pulled the trigger on the PenFed PCR card. I was trying to wait for a collection to be removed but the agency switched it to paid instead of removal and said it could take 3 - 4 weeks to process a removal. So I pulled my 1B from MyFico and let it rip. I applied and it went to review, and I am hoping you guys can give me some insight on if I wasted a HP or not.

• Product: PenFed Power Cash Rewards
• EQ 08 Fico: 679
• EQ 09 Fico: 691
• AAOA: 6yrs 1month
• Derogs?: 3 30-day / March 2020 - 3 60-day / April 2020 - $0 Collection / October 2016
• Total EQ Inquiries: 5 (4 Auto last week - 1 Card Dec 2020)
• Last 12 months: 5
• Last 6 months: 5
• New Accounts in last 12 months: 1
• Last 6 months: 1
• Util: 24%
• DTI: 9%

*Sidenote* Can I use this same HP to do an auto refi?

[Bradac56]

While nothing is impossible I don't see that as likely to happen with the info you supplied.

I would suspect it will be to many derogs and inquiries

[StartFr3sh]

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@Bradac56 wrote:

While nothing is impossible I don't see that as likely to happen with the info you supplied.

I would suspect it will be to many derogs and inquiries

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Thanks for your reply...Fingers crossed...

Those lates are all from my Commenity cards SMH! When the world went sideways the Autopay with my bank crapped out and I didn't catch it until a month later. Comenity will not remove them no matter how nicely I ask. If I can get them removed the credit world will be so much clearer...

[FinStar]

@StartFr3sh, it'll be a separate HP if you decide to apply for any other PenFed product.

[StartFr3sh]

Good Morning Fam,

           After a what seemed like forever ( 2 business days to be exact) I was denied by PenFed. I was going to let sleeping HPs lie then the last 2 days I got "More Rewards, More Opportunities" emails taunting me to apply for a PCR, SMH! So do you guys think a LO will give me a chance where the algorithim wouldn't? Any insight would be greatly appreciated, here are my DPs:

• Product: PenFed Power Cash Rewards
• EQ 08 Fico: 679
• EQ 09 Fico: 691
• AAOA: 6yrs 1month
• Derogs?: 3 30-day / March 2020 - 3 60-day / April 2020 - $0 Collection / October 2016
• Total EQ Inquiries: 5 (4 Auto 2 weeks ago week - 1 Card Dec 2020)
• Last 12 months: 5
• Last 6 months: 5
• New Accounts in last 12 months: 1
• Last 6 months: 1
• Util: 24%
• DTI: 9%

Denial Reason:

• Serious Delinquincy - That d@mn collection that was paid but said would take 3 -5 weeks to remove
• Length Of Time - Confused on this one AAoA is 6years 
• Number Of Accounts with delinquincy - My 3 Comenity store cards all with 60day lates during the pandemic due to Autopay going haywire at my bank and my not checking them SMH...All are PIF 
• Porportion of loan balances to loan amounts is too high - Loan balance is at 62% $2816.00/$4500.00 thought I paid it down enough to get under the 60% *FacePalm* Is the 60% loan threshold a Fico Fantasy?

[M_Smart007]

Sorry for your denial

With a serious delinquency I doubt Penfed would entertain a recon?

I would work on getting that removed.

Possibly try down the road, when your loan is paid down and new inqs/accts. have aged a little more.

Length of time = is probably "new accounts age" time since lates?

ETA: Also those "60day lates" are going to hurt for a while .. should lessen with age.

I am sure other poster's will offer some good advice.

[StartFr3sh]

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@M_Smart007 wrote:

Sorry for your denial

With a serious delinquency I doubt Penfed would entertain a recon?

I would work on getting that removed.

Possibly try down the road, when your loan is paid down and new inqs/accts. have aged a little more.

Length of time = is probably "new accounts age"

ETA: Also those "60day lates" are going to hurt for a while .. should lessen with age.

I am sure other poster's will offer some good advice.

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Thanks for the reply, I will just take my ball and go play in the garden.

That "serious delinquency" should be gone in the next few weeks.

60 day lates I am GW lettering them to death. Never carried a balance with any Comenity card before or after this incident. They are basically there for utilization purposes and didn't want them reduced/closed for inactivity but it backfired 😔😔

[ImTheDevil]

That serious delinquency may be referring to the 60s. They're only a year old, which in credit terms means it happened right after breakfast this morning. I think after two years the sting will lessen enough that your odds will improve, provided no more lates or other derogs occur.

[StartFr3sh]

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@ImTheDevil wrote:

That serious delinquency may be referring to the 60s. They're only a year old, which in credit terms means it happened right after breakfast this morning. I think after two years the sting will lessen enough that your odds will improve, provided no more lates or other derogs occur.

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Thanks I am looking for the Comenity CEO email/snail mail now, gonna keep sending GW until something sticks.