Hello everyone. I need some help. I signed up for a PenFed share Acct and Savings. I applied for the PFCR cars and received the 24 to 48 hours message. Well, today, I was turned down for “too little time between Acct’s”. I want to call for Recon. My stats are below. Can anyone offer advice on how to approach the loan officer? Calling is always better than email? Thank you.
EQ Fico they looked at
720
No lates
No derogatory
Closed car loan in good standing
Current chase car lease in good standing
Opened 3 credit card in 4 months (I know it’s alot, but really?
Inquiries- 4 (all four coming off next week) then will only have 1 from PenFed.
Utilization 10% maybe even less.
Total cards- 8 with $45k total CL
Any more info needed? What advice for recon LO? I know time is of the essence, it would love a card w them for the holidays
Is it even worth app for the Promise card? THANK YOU ALL
Mark
EQ Fico they looked at
720
No lates
No derogatory
Closed car loan in good standing
Current chase car lease in good standing
Opened 3 credit card in 4 months (I know it’s alot, but really?
Inquiries- 4 (all four coming off next week) then will only have 1 from PenFed.
Utilization 10% maybe even less.
Total cards- 8 with $45k total CL
Any more info needed? What advice for recon LO? I know time is of the essence, it would love a card w them for the holidays
Is it even worth app for the Promise card? THANK YOU ALL
Mark
I guess I really wanted to take advantage of that 90 day HP.
@Anonymous wrote:
I completely hear you and do agree!!! Not quite what I want, but that’s the credit game. I get it. Do you recommend opening any sort of new checking, savings, or any other Acct while I’m waiting the 3 to 6 months? Will that put some “meat on the bones” with them? Also, do you think it would have mattered if I applied for the Promise card? I heard that was less stringent on the apps. Thank you.
M
You might as well at least get a checking account since they pulled hard. Not that you have to make it your main, but looking towards the future it might come in handy. You would never want to have to suffer a HP for that sometime down the road.
UPDATE!!! RECON:
So, not being so thrilled I was outright turned down, I called PenFed CSR and requested a supervisor/LO. Anyway, I was connected to the LO. She was not so friendly, but I’m sure she deals w people like me all day. lol. I went through each reason they said I was turned down for and she said from what she sees, she agrees most of the reasons don’t match up, but that the main reason I was turned down was age of credit history. I am at 2 yrs 10 months. She said PenFed wants at least 5 years average age history and that’s non negotiable. Not sure if that’s true, as I have read threads with people being approved with less than a year. She also said that even though Ive been approved by big banks for decent size cards, that Penfed is non profit and works for the clients (doesn’t seem to help me lol). That big banks just raise their interest rates a half point if they need to make up for any losses. lol. Makes sense. She said they do are not bias whether you are in the military or have other Acct’s with them. Questionable. I figured I wouldn’t push too hard. Then, she recommended I fill out a joint borrower form and resubmit my app. Sooooo, after having a family member agree to basically “sponsor” me, I resubmitted the app to a senior LO. The app has been received and again, is in the 24 to 48hr under review. The process was pretty easy. I printed out the non member joint borrower form at their website, had my family member fill it out, then had it notarized, as requested, and emailed a copy to them. The form basically asks the joint borrower’s ss#, address, monthly income, etc..... Typical app. FYI I chose a family member who is a bit older. They have a mortgage and over 30yrs credit age history. All in good standing. If I dont get approved, I will be in the garden for a while before I apply for any other Penfed products. Fyi. No survey has been sent as of yet and the new app has gotten a new file#. Fingers crossed. Today is Turkey day, so probably will call them tomorrow morning from work. The email I received saying that the app was under review, also said to call if I wanted to expedite the app. Will update after.
M
So, not being so thrilled I was outright turned down, I called PenFed CSR and requested a supervisor/LO. Anyway, I was connected to the LO. She was not so friendly, but I’m sure she deals w people like me all day. lol. I went through each reason they said I was turned down for and she said from what she sees, she agrees most of the reasons don’t match up, but that the main reason I was turned down was age of credit history. I am at 2 yrs 10 months. She said PenFed wants at least 5 years average age history and that’s non negotiable. Not sure if that’s true, as I have read threads with people being approved with less than a year. She also said that even though Ive been approved by big banks for decent size cards, that Penfed is non profit and works for the clients (doesn’t seem to help me lol). That big banks just raise their interest rates a half point if they need to make up for any losses. lol. Makes sense. She said they do are not bias whether you are in the military or have other Acct’s with them. Questionable. I figured I wouldn’t push too hard. Then, she recommended I fill out a joint borrower form and resubmit my app. Sooooo, after having a family member agree to basically “sponsor” me, I resubmitted the app to a senior LO. The app has been received and again, is in the 24 to 48hr under review. The process was pretty easy. I printed out the non member joint borrower form at their website, had my family member fill it out, then had it notarized, as requested, and emailed a copy to them. The form basically asks the joint borrower’s ss#, address, monthly income, etc..... Typical app. FYI I chose a family member who is a bit older. They have a mortgage and over 30yrs credit age history. All in good standing. If I dont get approved, I will be in the garden for a while before I apply for any other Penfed products. Fyi. No survey has been sent as of yet and the new app has gotten a new file#. Fingers crossed. Today is Turkey day, so probably will call them tomorrow morning from work. The email I received saying that the app was under review, also said to call if I wanted to expedite the app. Will update after
.M
good luck