PEN FED RECON - UPDATE

[silverbimmer04]

 Hello everyone... I was accepted for membership with Pen Fed on Friday, apped for the Rewards Visa and Promise card on two seperate days and was denied due to pyramiding ???  I called today for  an explanation and was told that I had opened recent accounts... Last account opened was June 2015... I was instructed to email their Senior Analyst for a personal review and that I am strongly encouraged to do so, by the CSR.. He was able to open a checking account and a PLOC today. Any suggestions as to what content I should include in the email in hopes of getting an approval with one of their cards ? I told the CSR I wanted to establish a trustworthy relationship with Pen Fed in hopes of utilizing thier other products in the future.  Thanks in advance for all advice

[jeffm4688]

Penfed is a weird one, I've seem pyrmaiding come up with a few people, but if June 2015 was your last account it's hard to imagine pyrmaiding being an actual issue. I would just send an e-mail or however you plan on reconing and mention you'd like to be a member of penfed blah blah and that you don't think pyrmaiding really applies in this situation because you don't open a ton of credit cards.

The only thing I can think of is if you opened a lot of cards last june, but who knows a senior analyst might manually approve, especially with penfed attempting to increase in size as far as I understand.

[silverbimmer04]

Thanks... I will send an email now and update the community of the outcome.. Wish me luck !

[Loquat]

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@silverbimmer04 wrote:

Thanks... I will send an email now and update the community of the outcome.. Wish me luck !

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Best of luck to you and do let us know how it turns out...

[Anonymous]

What's your EQ Fico score?

[silverbimmer04]

My EQ score is 698.. I have 4 inquiries showing from 2015, Last inquiry was June 2015 .... 1 paid judgement from 2011..A couple of  30 day lates showing, they were 1 year and 6 months ago ... currently 21% utilzation, going down to 1 percent in about two weeks.......Finally paying off the remaining christmas bills... :-) 

[Anonymous]

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@silverbimmer04 wrote:

My EQ score is 698.. I have 4 inquiries showing from 2015, Last inquiry was June 2015 .... 1 paid judgement from 2011..A couple of  30 day lates showing, they were 1 year and 6 months ago ... currently 21% utilzation, going down to 1 percent in about two weeks.......Finally paying off the remaining christmas bills... :-) 

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just a thought - I would have suggested waiting until after 1% utilization reports before apping. No reason to go into the fray at less than the best you can do

[gingerflower]

I would request to have a manual review. The computer it self makes the decision. Good luck!

[Anonymous]

Good luck!

[silverbimmer04]

Just wanted to update on the recon, I sent the email requesting a recon of my app... They would not reverse the original decision.. They responded with a letter to my email, not even a phone call from a credit analyst to go over my report and ask questions if need be. I've read where some people have gotten a phone call and were able to explain/clarify their credit situation and ultimately approved for their card.  But I will be patient and wait a few months and apply again.. Thanks eveyone for the advice and well wishes..  I love this forum.. Some of the best information ever.. I would not have turned my credit situation around without the valuable education available on this forum..