PENFED recon

[Anonymous]

Hey guys! looking for a little help here. I joined penfed, and also opened a visa rewards card with a 21k limit. I was also approved for a car loan for 40k, but I will be waiting on that. All that said, I applied for a personal loan for 10k over 3 years, and was denied. Called in and tried to recon, and still denied. Was also denied a travel amex for these reasons. 

COLLECTION ACCOUNT(S)
LENGTH OF TIME ACCTS ESTABLISHED
TOO FEW ACCOUNTS

The amex isn't that important to me, as I was taking advantage of the 1 hp for all products. I really need an installment loan, and would rather wait on the car at the time. To keep my debt to income low when I got to do a mortage in the winter/spring. I am looking to do my mortgage with them though. Is there someway I could get some help on how to draft a recon letter to send to the email address? If I need to wait to get some payments with them under my belt, then thats what I'll have to do. Any help is appreciated!

[RonM21]

I think getting some history with them helps. As for a recon letter, I'm not sure if there are any examples of this on the threads, but I would simply explain your situation and be sincere about it.

If I understand correctly, you said you didn't want to use the car loan but need the installment loan. When are you using the car loan? If it isn't as important, I wonder if you can cancel that to open up room for them to approve the installment loan.

[CountryLivin]

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@RM21 wrote:
I think getting some history with them helps. As for a recon letter, I'm not sure if there are any examples of this on the threads, but I would simply explain your situation and be sincere about it.

If I understand correctly, you said you didn't want to use the car loan but need the installment loan. When are you using the car loan? If it isn't as important, I wonder if you can cancel that to open up room for them to approve the installment loan.

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+1

[Anonymous]

It is not unusual to have more scrutiny for the PLOC. It happened to me. I was able to get the PLOC eight months later with a phone call. They just want to see some history of use of the credit they gave you.

[Loquat]

Give it some time and show some history...it'll do wonders at PenFed.  As for having an installment loan, if you really want to have one on your report, just open a shared (secured) loan.  They'll do as little as $250 and you can at least have the installment loan reporting.  Best of luck to you...

[Anonymous]

UPDATE. A nice gentleman from penfed called me later that day. Asked If I had any questions about my application process. Explain to him what was going on. He put me on a brief hold, and came back and said that he was able to work it out. Lowered the SL on my card to 10k, and then conditionally approved me for the 10k personal loan, with my last 2 paystubs! Yay..offer is good for 30 days. I'm paid commission, and my next check will be very good. So, waiting on the 15th to upload that lol. Anyways, great news! I'll hit the CLI button before the 90 days is up! 10k is fine, and I'll be able to get it much higher with some payment history im sure. 

[Anonymous]

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@Anonymous wrote:

UPDATE. A nice gentleman from penfed called me later that day. Asked If I had any questions about my application process. Explain to him what was going on. He put me on a brief hold, and came back and said that he was able to work it out. Lowered the SL on my card to 10k, and then conditionally approved me for the 10k personal loan, with my last 2 paystubs! Yay..offer is good for 30 days. I'm paid commission, and my next check will be very good. So, waiting on the 15th to upload that lol. Anyways, great news! I'll hit the CLI button before the 90 days is up! 10k is fine, and I'll be able to get it much higher with some payment history im sure. 

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Happy it worked out for you.

[Anonymous]

I just recon on PLOC. Ask for 10g . approved! we shall see what it is. Anything is great, little stunned right now. Ok alot stunned.