PenFed Pending Status

[Anonymous]

One of my last applications at the end of May was for PenFed. Of course they pulled Equifax using the weird Equifax scoring method, nonetheless. It should me at 630 which I still do not understand how their scoring system is 100 points off from true FICO Scores. 

I submitted for a reconsideration and as of today it still shows "Pending" with an option on the screen to continue. Today, I emailed my TransUnion report which is VantageScore and is also the mid-score among the 3 CRA at just around 700 and inquired on the status. I am not sure my chances of getting approved.

Thoughts? Suggested Actions?

[Anonymous]

Penfed uses NextGen Scores for their approval.  I don't know if you sending in your TU report will change anything but will keep fingers crossed for you.  Your best option is probably to wait until your EQ improves a bit and then try again..

[Anonymous]

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@Anonymous wrote:

Your best option is probably to wait until your EQ improves a bit and then try again..

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Not sure how to improve the NextGen Score as it has the exact same information as the other CRAs with less inquires (7 vs 11).  My only thought is length of time show at current residence. It shows date first reported a couple months ago and the other CRAs have it correct dating back over 10 years.  I am just guessing if that plays into the weird scoring system.

[ojefferyo]

They will uphold their denial as the use EQ just about for everything

[Anonymous]

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@ojefferyo wrote:

They will uphold their denial as the use EQ just about for everything

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You were correct. No budging. Just checked online and "Turned Down". Looks like Bank of America at 3% will be my none bonus quarters go to Gas Card (then Chase Freedom and Discover during bonus quarters). Of course other uses as well throughout the year. My wallet will be without PenFed Card.

I am thinking of making auto ACH's of a buck a day into to PenFed Account that was set up and then have a 50 cent check auto mailed to me daily for the next couple years.  Then reapply when I have $300 in the account with lots of activity.  

[zarteycranford]

Penn Fed will only use Equifax. They will probably transform your tu into Next Gen witch will probably be close to your EQ score. And then not use it any way.

[ojefferyo]

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@zarteycranford wrote:

Penn Fed will only use Equifax. They will probably transform your tu into Next Gen witch will probably be close to your EQ score. And then not use it any way.

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They won't even do that lol

[ojefferyo]

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@Anonymous wrote:

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@ojefferyo wrote:

They will uphold their denial as the use EQ just about for everything

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You were correct. No budging. Just checked online and "Turned Down". Looks like Bank of America at 3% will be my none bonus quarters go to Gas Card (then Chase Freedom and Discover during bonus quarters). Of course other uses as well throughout the year. My wallet will be without PenFed Card.

I am thinking of making auto ACH's of a buck a day into to PenFed Account that was set up and then have a 50 cent check auto mailed to me daily for the next couple years.  Then reapply when I have $300 in the account with lots of activity.  

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Just give it some time, do you have any baddies on your profile? If you applied with baddies on your profile they tend to not send you any quarterly preapprovals. Kinda like the branded you as "NG" lol

[Anonymous]

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@ojefferyo wrote:

Just give it some time, do you have any baddies on your profile?

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 No baddies just AAoA and weird Equifax scoring.  Directly from Equifax site:

Length of Credit History: 2 Years, 3 Months
Average Account Age: 0 Years, 5 Months

There is insufficient information about mortgage accounts.

You've opened credit cards recently.

Your accounts have been opened a short time.

My wife who has the same credit lines as an authorized user and only joint is car loan has a 696 with Equifax so I am not buying their reasons.

There is insufficient information about mortgage accounts.

There is insufficient information about revolving accounts.

1 Inquiry 2013 (Car Loan 11/2013)

[tonyjones]

They denied me last month for "Pyramid Debt". lol not sure what that means exactly but I did open a few accounts lol