Hello members,
I'm new to the community, I have couple of questions in regards to people with limited or short credit history. I'm hunting for a new credit card, I have completed my self lender account, on time payment for my auto loan and 1 year with capital one quicksilver.
I requested for CLI with Capital One but they offered me just 150, and I utilize my card very and Pif every month, I was so disappointed they offered me just 150 when I pif 500+ every month.
I applied for penfed card, I was outrightly denied. My Fico 8 is EQ 743, EXP 754, TU 764
thanks for reading.
That is unfortunate on the PenFed denial. Did you get the letter? What where the listed reason(s) for denial?
Have you considered other credit union(s)?
I joined penfed 4 months ago, my paycheck goes to their checking account. Yes I'm looking for another CU, I don't want to bank with capital one anymore.
The reasons I got denied
Thank you for your recent application for credit. We have carefully considered your request, but
were unable to approve it due to the following reason(s):
• Length of time accounts have been established
• Too many accounts with balances 1 credit card
• Proportion of loan balances to loan amounts is too high 17k auto loan, paid 19% opend 8 months ago
• Length of time revolving accounts have been established 1 yr ago
We also obtained your credit score from this consumer reporting agency and used it in making our credit
decision. Your credit score is a number that reflects the information in your consumer report. Your
credit score can change, depending on how the information in your consumer report changes.
Your Credit Score: 762
Date: 12/7/2020
• Length of time accounts have been established
• Too many accounts with balances
• Proportion of loan balances to loan amounts is too high
• Length of time revolving accounts have been established
@tmax2020 welcome to the myFico community! Sorry to hear about the underwelming CLI offer at Cap One but congrats on all the progress you have made and your scores are reflecting the hard work! I started my build in the summer of 2019 and quickly realized that while my scores were pretty solid, many lenders wanted to see more history. I think that Cap One buckets starter cards so in some cases like mine, no matter how well I treat them, there just isn't any real chance for a decent CL with my first card. IMHO you may want to go to the Discover prequal page and see if they have an offer for you. Discover likes a thin file and the cash back match for the first year is great! They have been great for my build.
Penfed treated me the same way that you experienced, but I have had a good (great!) experience with Navy. If you can meet the membership requirement at Navy Federal Credit Union, that would be a great relationship to build.
Please keep us updated on what decisions you make and I look forward to following your journey! 
In addition to other credit unions, the Discover prequal page might be worth a check, since they're pretty comfortable with younger, thinner files.
Thank you for your response, when I started last year I went to discover for a secured card, disco denied me. I do get an offer on discover prequalify but I'm afraid to apply because I don't want I am not sure I'll get any approval. I don't want to waste Hard inquiry on my profile but I really do need a new card. I read all the good reviews about Navy but I'm not eligible for membership.
@tmax2020 wrote:Thank you for your response, when I started last year I went to discover for a secured card, disco denied me. I do get an offer on discover prequalify but I'm afraid to apply because I don't want I am not sure I'll get any approval. I don't want to waste Hard inquiry on my profile but I really do need a new card.
That's exactly what the preapproval page is for: checking your approval odds before you burn an HP. The Disco prequal is pretty accurate, so it's usually a confident app if the page comes back with a prequal. What card or cards is their page showing you now? From the info you've given, it looks like your profile has seen improvement from a year ago, just in terms of gaining credit history.
@tmax2020 wrote:I joined penfed 4 months ago, my paycheck goes to their checking account. Yes I'm looking for another CU, I don't want to bank with capital one anymore.
The reasons I got denied
Thank you for your recent application for credit. We have carefully considered your request, but
were unable to approve it due to the following reason(s):• Length of time accounts have been established
• Too many accounts with balances 1 credit card
• Proportion of loan balances to loan amounts is too high 17k auto loan, paid 19% opend 8 months ago
• Length of time revolving accounts have been established 1 yr ago
We also obtained your credit score from this consumer reporting agency and used it in making our credit
decision. Your credit score is a number that reflects the information in your consumer report. Your
credit score can change, depending on how the information in your consumer report changes.Your Credit Score: 762
Date: 12/7/2020
• Length of time accounts have been established
• Too many accounts with balances
• Proportion of loan balances to loan amounts is too high
• Length of time revolving accounts have been established
Thank you for the additional data points. You have great scores. It is the thinness that may be your negative.
PenFed is a good CU. Your profile may be just a tad too young and/or thin for their liking. Continue on your membership. Perhaps, revisit them again when you have aged / thickened your profile.
As mentioned up thread, try the pre-qualification on other sites to see if you have any offers.
Have you considered a secured card with Bank of America? They are known to graduate to unsecured in ~5 months. CLI Credit Limit Increase request are SP Soft Pull inquiry. Perhaps, try for the unsecured card, if denied, see if they will counter offer with a $99/$500 partially secured card? Their pre-qual site is more of a recommendation to apply. It is not an actual pre-qualification tool.
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@Slabenstein wrote:
@tmax2020 wrote:Thank you for your response, when I started last year I went to discover for a secured card, disco denied me. I do get an offer on discover prequalify but I'm afraid to apply because I don't want I am not sure I'll get any approval. I don't want to waste Hard inquiry on my profile but I really do need a new card.
That's exactly what the preapproval page is for: checking your approval odds before you burn an HP. The Disco prequal is pretty accurate, so it's usually a confident app if the page comes back with a prequal. What card or cards is their page showing you now? From the info you've given, it looks like your profile has seen improvement from a year ago, just in terms of gaining credit history.
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@AllZero wrote:
@tmax2020 wrote:I joined penfed 4 months ago, my paycheck goes to their checking account. Yes I'm looking for another CU, I don't want to bank with capital one anymore.
The reasons I got denied
Thank you for your recent application for credit. We have carefully considered your request, but
were unable to approve it due to the following reason(s):• Length of time accounts have been established
• Too many accounts with balances 1 credit card
• Proportion of loan balances to loan amounts is too high 17k auto loan, paid 19% opend 8 months ago
• Length of time revolving accounts have been established 1 yr ago
We also obtained your credit score from this consumer reporting agency and used it in making our credit
decision. Your credit score is a number that reflects the information in your consumer report. Your
credit score can change, depending on how the information in your consumer report changes.Your Credit Score: 762
Date: 12/7/2020
• Length of time accounts have been established
• Too many accounts with balances
• Proportion of loan balances to loan amounts is too high
• Length of time revolving accounts have been established
Thank you for the additional data points. You have great scores. It is the thinness that may be your negative.
PenFed is a good CU. Your profile may be just a tad too young and/or thin for their liking. Continue on your membership. Perhaps, revisit them again when you have aged / thickened your profile.
As mentioned up thread, try the pre-qualification on other sites to see if you have any offers.
Have you considered a secured card with Bank of America? They are known to graduate to unsecured in ~5 months. CLI Credit Limit Increase request are SP Soft Pull inquiry. Perhaps, try for the unsecured card, if denied, see if they will counter offer with a $99/$500 partially secured card? Their pre-qual site is more of a recommendation to apply. It is not an actual pre-qualification tool.
I believe Bank of America will be a good fit, I do have a checking account with them for 4 years, I'll give it a try.