PenFed Denial - Recon Question

[Anonymous]

So I jumped the gun a bit and opened a PenFed account and appd for the Signature card.  I was unfortunately denied due to the following reasons:

Collection account(s).

Bankruptcy filing reported.

Length of time accounts have been established.

So, my collection accounts are all paid and three of them are set to be deleted.  However, at the time of the HP they all showed as unpaid.  Since the original HP, one is now showing as Paid, the other three remain with balances.  They're all medical and they're all greater than 2 years old.

Bankruptcy is a Chapter 7 from 7 years ago so i was a little surpised by this reason.

Length of time accounts have been established is also a little weird because my AAoA on Equifax is nearly 4 years.

I was just waiting for a survey but never received one, and I apped about a week ago.  Should I call some backdoor number with them an attempt to recon or just wait for the changes on my report to be reflected.  I'd really hate to get another HP.  I'm fine with even getting a small limit card in the beginning because I know it will grow quickly with them based on the updates that will be appearing on my report.

BTW, according to PenFed my EQ score was a horrible 618.

Thoughts anybody???

[DaveInAZ]

Worth giving them a call, call the main # on the Contact Us page, and ask for a loan officer. Have your app# handy, you can find it in you Pnefed account messages.

Those are just generic denial reasons, I had the bottom 2 and my BK is also 7 years old & have similar AAoA. I was denied for Powercash Rewards in mid-May, I called and found out the actual reason for denial was insufficent income. I'm semi retired & have Social Security income + part time job with my local county, apparently I screwed up the income info and it was only picking up my part time job income. The loan officer told me to re-apply with correct income, I did and was approved. The loan officer will tell you why you were denied and it is unlikely for the bottom 2 reasons and you can explain the collections if that is really a reason. But yeah, that Nextgen score is pretty iffy for them, mine is 689.

[Anonymous]

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@DaveInAZ wrote:

Worth giving them a call, call the main # on the Contact Us page, and ask for a loan officer. Have your app# handy, you can find it in you Pnefed account messages.

Those are just generic denial reasons, I had the bottom 2 and my BK is also 7 years old & have similar AAoA. I was denied for Powercash Rewards in mid-May, I called and found out the actual reason for denial was insufficent income. I'm semi retired & have Social Security income + part time job with my local county, apparently I screwed up the income info and it was only picking up my part time job income. The loan officer told me to re-apply with correct income, I did and was approved. The loan officer will tell you why you were denied and it is unlikely for the bottom 2 reasons and you can explain the collections if that is really a reason. But yeah, that Nextgen score is pretty iffy for them, mine is 689.

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Ok, I'll call them and ask for a loan officer as you suggest.  One issue is that I applied for the siggy which I realize, in hindsight, I ain't getting.  I'm fine with going with a "lower" card like the Promise and perhaps the officer will suggest that I app for that instead.  I'm pretty sure they'd use the same HP as before because I don't want another HP on my report.  Just thinkin' out loud.  Thanks for the advice.

[DaveInAZ]

Let us know how it goes.

[Anonymous]

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@Anonymous wrote:

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@DaveInAZ wrote:

Worth giving them a call, call the main # on the Contact Us page, and ask for a loan officer. Have your app# handy, you can find it in you Pnefed account messages.

Those are just generic denial reasons, I had the bottom 2 and my BK is also 7 years old & have similar AAoA. I was denied for Powercash Rewards in mid-May, I called and found out the actual reason for denial was insufficent income. I'm semi retired & have Social Security income + part time job with my local county, apparently I screwed up the income info and it was only picking up my part time job income. The loan officer told me to re-apply with correct income, I did and was approved. The loan officer will tell you why you were denied and it is unlikely for the bottom 2 reasons and you can explain the collections if that is really a reason. But yeah, that Nextgen score is pretty iffy for them, mine is 689.

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Ok, I'll call them and ask for a loan officer as you suggest.  One issue is that I applied for the siggy which I realize, in hindsight, I ain't getting.  I'm fine with going with a "lower" card like the Promise and perhaps the officer will suggest that I app for that instead.  I'm pretty sure they'd use the same HP as before because I don't want another HP on my report.  Just thinkin' out loud.  Thanks for the advice.

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Please do keep us updated. I'm in a somewhat similar position because I am planning to apply for a Penfed CC in the fall. I doubt I'll be able to get the Signature but that's not really what I'm interested in - I want to get Power Cash Rewards if I can, but will settle for Promise if I can't get that. My most recent NextGen score from February, when I got my car loan from them, was 690; I should be getting the updated score early next month and hope it will have gone up due to payment history and increased total credit lines. My own Chapter 7 BK was discharged some 2.5 years ago.

For the record, I'm planning to bypass online application and go to a local branch office (I live in the DC area) to apply in person. I don't know why more people don't do that if they have the option available, since it seems to me that being able to talk face-to-face with a Penfed (or other bank) person, or at least over the phone, affords you a much better opportunity to discuss details of your credit history that an online app can't cover or that the computer isn't smart enough to account for.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@DaveInAZ wrote:

Worth giving them a call, call the main # on the Contact Us page, and ask for a loan officer. Have your app# handy, you can find it in you Pnefed account messages.

Those are just generic denial reasons, I had the bottom 2 and my BK is also 7 years old & have similar AAoA. I was denied for Powercash Rewards in mid-May, I called and found out the actual reason for denial was insufficent income. I'm semi retired & have Social Security income + part time job with my local county, apparently I screwed up the income info and it was only picking up my part time job income. The loan officer told me to re-apply with correct income, I did and was approved. The loan officer will tell you why you were denied and it is unlikely for the bottom 2 reasons and you can explain the collections if that is really a reason. But yeah, that Nextgen score is pretty iffy for them, mine is 689.

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Ok, I'll call them and ask for a loan officer as you suggest.  One issue is that I applied for the siggy which I realize, in hindsight, I ain't getting.  I'm fine with going with a "lower" card like the Promise and perhaps the officer will suggest that I app for that instead.  I'm pretty sure they'd use the same HP as before because I don't want another HP on my report.  Just thinkin' out loud.  Thanks for the advice.

---

Please do keep us updated. I'm in a somewhat similar position because I am planning to apply for a Penfed CC in the fall. I doubt I'll be able to get the Signature but that's not really what I'm interested in - I want to get Power Cash Rewards if I can, but will settle for Promise if I can't get that. My most recent NextGen score from February, when I got my car loan from them, was 690; I should be getting the updated score early next month and hope it will have gone up due to payment history and increased total credit lines. My own Chapter 7 BK was discharged some 2.5 years ago.

For the record, I'm planning to bypass online application and go to a local branch office (I live in the DC area) to apply in person. I don't know why more people don't do that if they have the option available, since it seems to me that being able to talk face-to-face with a Penfed (or other bank) person, or at least over the phone, affords you a much better opportunity to discuss details of your credit history that an online app can't cover or that the computer isn't smart enough to account for.

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So I did call in and spoke with a loan officer, who was very nice, explained the situation and what not and she would not approve because of the low score.  With that said, she said the utilization was the biggest factor and that--because of their processes--they have to see that it was paid off via the credit bureau.  She recommended that I call back in as soon as I know that the report has been updated and the scores have increased and to apply with a loan officer so that they can pull a new report.  It sucks that it'll be another HP, but I'm only 1/24, so I'll be ok.  

I would think with your score that you'd be golden, personally.

[AverageJoesCredit]

Ugh, when you say you're only 1/24 are you refering to the cards you have or the amount of hps you have? Thanks.

Ih sorry for your denial. My bk was 9 plus years old when i applied, and unless your income or dti is really good they can and do use that bk as excuse for not extending credit.

[Anonymous]

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@AverageJoesCredit wrote:
Ugh, when you say you're only 1/24 are you refering to the cards you have or the amount of hps you have? Thanks.

Ih sorry for your denial. My bk was 9 plus years old when i applied, and unless your income or dti is really good they can and do use that bk as excuse for not extending credit.

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I'm referring to # of hps.  It's okay.  I should have been more diligent in making sure my score was where it needed to be.  I'll give it a few months.  I'll be sure to update once I'm approved :-)

[Anonymous]

* she said the utilization was the biggest factor

If in your communication she said Utilization was the "biggest" factor, what is your Utilization?

Also, knowing what the total amount of the credit limit is, and what you have on the card.

Additionally what is your Fico 8 scores?

AAoA - Average Age of Accounts?

What is the Age of your oldest revolving credit card in Years & Months?

The above information is key in providing hopeful information based upon your specific information.

Best Wishes!!!

.

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@DaveInAZ wrote:

Worth giving them a call, call the main # on the Contact Us page, and ask for a loan officer. Have your app# handy, you can find it in you Pnefed account messages.

Those are just generic denial reasons, I had the bottom 2 and my BK is also 7 years old & have similar AAoA. I was denied for Powercash Rewards in mid-May, I called and found out the actual reason for denial was insufficent income. I'm semi retired & have Social Security income + part time job with my local county, apparently I screwed up the income info and it was only picking up my part time job income. The loan officer told me to re-apply with correct income, I did and was approved. The loan officer will tell you why you were denied and it is unlikely for the bottom 2 reasons and you can explain the collections if that is really a reason. But yeah, that Nextgen score is pretty iffy for them, mine is 689.

---

Ok, I'll call them and ask for a loan officer as you suggest.  One issue is that I applied for the siggy which I realize, in hindsight, I ain't getting.  I'm fine with going with a "lower" card like the Promise and perhaps the officer will suggest that I app for that instead.  I'm pretty sure they'd use the same HP as before because I don't want another HP on my report.  Just thinkin' out loud.  Thanks for the advice.

---

Please do keep us updated. I'm in a somewhat similar position because I am planning to apply for a Penfed CC in the fall. I doubt I'll be able to get the Signature but that's not really what I'm interested in - I want to get Power Cash Rewards if I can, but will settle for Promise if I can't get that. My most recent NextGen score from February, when I got my car loan from them, was 690; I should be getting the updated score early next month and hope it will have gone up due to payment history and increased total credit lines. My own Chapter 7 BK was discharged some 2.5 years ago.

For the record, I'm planning to bypass online application and go to a local branch office (I live in the DC area) to apply in person. I don't know why more people don't do that if they have the option available, since it seems to me that being able to talk face-to-face with a Penfed (or other bank) person, or at least over the phone, affords you a much better opportunity to discuss details of your credit history that an online app can't cover or that the computer isn't smart enough to account for.

---

So I did call in and spoke with a loan officer, who was very nice, explained the situation and what not and she would not approve because of the low score.  With that said, she said the utilization was the biggest factor and that--because of their processes--they have to see that it was paid off via the credit bureau.  She recommended that I call back in as soon as I know that the report has been updated and the scores have increased and to apply with a loan officer so that they can pull a new report.  It sucks that it'll be another HP, but I'm only 1/24, so I'll be ok.  

I would think with your score that you'd be golden, personally.

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