PenFed Promise Approval Odds?

[lindsaydruart]

Today, I did a CLI spree and decided to come out of the garden for PenFed. They pulled a new report to CLI my Thirfty so I figured I would go for it with a credit card. I don't think I have the scores for the signature card so I went for the Promise Visa. I can PC it later, I figured. The application declined. I asked the agent what bureau was used. She said Equifax and I KNOW my Equifax report is my weakest and most incorrect. She gave me the info to send in for recon so I got to work.

I sent in a 4 page document including 9 attachments explaining every current account with a balance, derog, and every inquiry. The attachments show zero balances on accounts that my report show I have balances. My derogs are a now paid repossession (still showing unpaid on my report), some COs from small amount credit cards that are either paid or in dispute (to which I have more proof), old utilities that have long been paid but are still reporting, and 2 medical collections in dispute. All of my derogs are related to a pay cut in 2013 and a medical issue in 2014. I have recovered from 90% of those issues and I didn't file BK.

Has anyone done a really detailed recon and gotten results? I put in my letter that I am willing to discuss alternatives. What are my chances at this point with the explanations?

[Anonymous]

I had a successful recon with PenFed. It was for their Amex and Promise Card. I emailed them and explained my situation and attached a fresh report. The next day I noticed the application status changed from "turned down" to "in process." Got the approval that same night. They worked pretty fast. I hope they can overturn their decision and you get approved. Let me know how it goes. Good luck!

[lindsaydruart]

Declined due to repossession I'm GWing Cap One.

[lindsaydruart]

I guess I spoke to soon. All the applications have been reopened and I got an email saying they were looking at my docs. Fingers crossed! I'm still writing GW letters though.

[Anonymous]

Crossing my fingers! 

[lindsaydruart]

Decision unchanged. I'll try again after I come out of the garden. It was a SP by the way for the CLI on the Thirfty and the Promise Visa since I already have a relationship I suppose.

[elim]

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@lindsaydruart wrote:

Decision unchanged. I'll try again after I come out of the garden. It was a SP by the way for the CLI on the Thirfty and the Promise Visa since I already have a relationship I suppose.

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  A+ for effort definitely.

  great try!

[NRB525]

OP, I applied for a PenFed account in late 2014, denied. Open balances on cards were too high.

So I referenced the HP and asked to open the secured CC. Put $500 security on that, and worked it lightly for a year. The last several months have been simply working down a $250 BT offer at $40 per month.

I did not try a recon for the unsecured CC.

Apped near the end of December 2015 and got the Promise on instapproval, with a nice limit.

The HP they have on file has some time, where you can ask them to refer to it for various credit requests, including the secured CC.

[Anonymous]

Hey at least you tried! Just give it sometime and work on your credit and you'll get in with Penfed! 

Good luck OP! 

[Anonymous]

I was declined for Promise so I sent a letter to underwriting explaining the issues they outlined in my denial letter.  I had EQ score of 756 (whatever that equates to in the lender's eyes).  They said it was 605. In my letter I explained that I know the scores I see and what they see are different but 150+ seemed out of whack. I also had 2 old paid medical collections (they are removed now).  I had a brand new secured VISA for $1000 with a 0 balance. I also had a $5k Visa that was not showing yet.  It took about 3 days but they approved a $1000 Promise even though I have just one car note (never paid late) and 4 paid auto loans over the years.  My income is over $15k a month so I thought the $1000 promse was a bit low but at least it was approved