PenFed Promise CLI Decline.

[Anonymous]

Good luck. (I am so resisting humming that song. You know the one.) 

[IFtkkdx428]

When I got the denial letter via PenFed message box, I got different reasons then when I was instantly declined. Fair enough, these reasons they gave me afterwards were even easier to argue against. Here's what I sent:

Subject: Reconsideration for Credit Limit Increase Request

[Full Name]
[Address]
[City, State]
[Zip Code]

Tuesday, December 1, 2015

Pentagon Federal Credit Union
PO Box 70046
Springfield, OR 97475-0103

To Whom It May Concern:

Hello, I'm writing in regards to my credit limit increase request for PenFed Promise Visa Platinum with reference #XXXXXXXX. I was disappointed to hear of my denial considering my excellent credit history and hope of growing a long lasting relationship with PenFed.

For the past few years, I have been building credit responsibly. I applied for the PenFed Promise Visa Platinum for the low APR and to build a great relationship with your credit union in the event I decide to apply for a car loan or mortgage in the future. PenFed offers great benefits to it's members and I hope to take advantage of these products possibly in the future.

In your letter you denied me for the following reasons and I have provided a responce.

"Amount owed on bank/national revolving accounts"

Currently I'm taking advantage of American Express's 0% Introductory APR Promotional Offer. This Promotional Offer ends on 4/11/2016. This is the reason why utilization could see high to PenFed. I'm using this Promotional Offer responsibly and paying more than the minimum balance that is required for each statement.

"Lack of recent retail account information"

Personally, retail credit cards are not beneficial to me due to responsible spending habits. On top of that, I feel as if retail credit cards could be hazardous to one's credit report and can also be an eye sore to some underwriters, credit analysts, etc. I prefer loan accounts with banks and your credit union and believe they are more beneficial to me.

"Too many inquiries last 12 months"

I feel as if 4 inquiries including the 1 inquiry PenFed recently used to pull the Equifax credit report is too much. Especially that Equifax is the credit bureau that is the most often pulled between any of the other credit lenders I have had experience with (after viewing all 3 credit reports in front of me). Considering my young age and desire to build credit responsibly, I would argue that I have a small amount of inquiries in this manner.

I'm hoping this letter finds its way to someone who can help me get this request reconsidered, however I am not authorizing an additional credit pull. Thank you in advance and please know that I sincearly appriciate your time and any help you can provide. If you have any further questions I can be reached at XXX-XXX-XXXX or via email at XXXXXXX@XXXXXXX.XXX

Sincerely,

[Full Name]

[Anonymous]

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@IFtkkdx428 wrote:

When I got the denial letter via PenFed message box, I got different reasons then when I was instantly declined. Fair enough, these reasons they gave me afterwards were even easier to argue against. Here's what I sent:

Subject: Reconsideration for Credit Limit Increase Request

[Full Name]
[Address]
[City, State]
[Zip Code]

Tuesday, December 1, 2015

Pentagon Federal Credit Union
PO Box 70046
Springfield, OR 97475-0103

To Whom It May Concern:

Hello, I'm writing in regards to my credit limit increase request for PenFed Promise Visa Platinum with reference #XXXXXXXX. I was disappointed to hear of my denial considering my excellent credit history and hope of growing a long lasting relationship with PenFed.

For the past few years, I have been building credit responsibly. I applied for the PenFed Promise Visa Platinum for the low APR and to build a great relationship with your credit union in the event I decide to apply for a car loan or mortgage in the future. PenFed offers great benefits to it's members and I hope to take advantage of these products possibly in the future.

In your letter you denied me for the following reasons and I have provided a responce.

"Amount owed on bank/national revolving accounts"

Currently I'm taking advantage of American Express's 0% Introductory APR Promotional Offer. This Promotional Offer ends on 4/11/2016. This is the reason why utilization could see high to PenFed. I'm using this Promotional Offer responsibly and paying more than the minimum balance that is required for each statement.

"Lack of recent retail account information"

Personally, retail credit cards are not beneficial to me due to responsible spending habits. On top of that, I feel as if retail credit cards could be hazardous to one's credit report and can also be an eye sore to some underwriters, credit analysts, etc. I prefer loan accounts with banks and your credit union and believe they are more beneficial to me.

"Too many inquiries last 12 months"

I feel as if 4 inquiries including the 1 inquiry PenFed recently used to pull the Equifax credit report is too much. Especially that Equifax is the credit bureau that is the most often pulled between any of the other credit lenders I have had experience with (after viewing all 3 credit reports in front of me). Considering my young age and desire to build credit responsibly, I would argue that I have a small amount of inquiries in this manner.

I'm hoping this letter finds its way to someone who can help me get this request reconsidered, however I am not authorizing an additional credit pull. Thank you in advance and please know that I sincearly appriciate your time and any help you can provide. If you have any further questions I can be reached at XXX-XXX-XXXX or via email at XXXXXXX@XXXXXXX.XXX

Sincerely,

[Full Name]

---

Excellent letter!

[CreditCuriosity]

---

@Anonymous wrote:

---

@IFtkkdx428 wrote:

When I got the denial letter via PenFed message box, I got different reasons then when I was instantly declined. Fair enough, these reasons they gave me afterwards were even easier to argue against. Here's what I sent:

Subject: Reconsideration for Credit Limit Increase Request

[Full Name]
[Address]
[City, State]
[Zip Code]

Tuesday, December 1, 2015

Pentagon Federal Credit Union
PO Box 70046
Springfield, OR 97475-0103

To Whom It May Concern:

Hello, I'm writing in regards to my credit limit increase request for PenFed Promise Visa Platinum with reference #XXXXXXXX. I was disappointed to hear of my denial considering my excellent credit history and hope of growing a long lasting relationship with PenFed.

For the past few years, I have been building credit responsibly. I applied for the PenFed Promise Visa Platinum for the low APR and to build a great relationship with your credit union in the event I decide to apply for a car loan or mortgage in the future. PenFed offers great benefits to it's members and I hope to take advantage of these products possibly in the future.

In your letter you denied me for the following reasons and I have provided a responce.

"Amount owed on bank/national revolving accounts"

Currently I'm taking advantage of American Express's 0% Introductory APR Promotional Offer. This Promotional Offer ends on 4/11/2016. This is the reason why utilization could see high to PenFed. I'm using this Promotional Offer responsibly and paying more than the minimum balance that is required for each statement.

"Lack of recent retail account information"

Personally, retail credit cards are not beneficial to me due to responsible spending habits. On top of that, I feel as if retail credit cards could be hazardous to one's credit report and can also be an eye sore to some underwriters, credit analysts, etc. I prefer loan accounts with banks and your credit union and believe they are more beneficial to me.

"Too many inquiries last 12 months"

I feel as if 4 inquiries including the 1 inquiry PenFed recently used to pull the Equifax credit report is too much. Especially that Equifax is the credit bureau that is the most often pulled between any of the other credit lenders I have had experience with (after viewing all 3 credit reports in front of me). Considering my young age and desire to build credit responsibly, I would argue that I have a small amount of inquiries in this manner.

I'm hoping this letter finds its way to someone who can help me get this request reconsidered, however I am not authorizing an additional credit pull. Thank you in advance and please know that I sincearly appriciate your time and any help you can provide. If you have any further questions I can be reached at XXX-XXX-XXXX or via email at XXXXXXX@XXXXXXX.XXX

Sincerely,

[Full Name]

---

Excellent letter!

---

Change is to isn't or is not see bolded.. Otherwise well written.

[IFtkkdx428]

Thank you everyone, I was approved! I won't continue posting on this thread, but you are more than welcome to find me on the approval thread!

Link: http://ficoforums.myfico.com/t5/Credit-Card-Approvals/PenFed-CLI-Recon-Approval-APR-Decrease-Without...

[cem13]

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@Anonymous wrote:

PenFed is very receptive to recons, especially with the 0% APR explanation. If you've already taken a HP, WTH?

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I disagree 100% with this statement.  I asked for a CLI from my starting CL of $5K (opened in APR15).  I have moved a few thousand across this card just to keep them happy.  Navy Fed is my primary card.

I received the X-Mas promotion from PenFed but I also have a 0% BT ($6000) that I need to get changed over by 01JAN16.  So I apped for a CLI and it went to "referred to a Loan Officer".  It was declined by 9am the next day.  So I called for a recon.

I asked why they are declining me?  He said "Pyramiding Debts".  I only have the $6K balance with $150K available.  I asked for a recon to $10K to do a BT and the X-Mas bonus.  He said "hold and let me check".  He came back with "denied"

I told him that I would do a BT right on the phone for the 3% BT Fee.  He still said "no".  I then asked "So you do not want my money"  He replied, "No".  I then said, "OK, Navy Federal will work with me.  Have a nice day" 

SIR, WAIT WAIT WAIT!!!!.  I said, "yes".  He said that I could close my $5K AmEx and transfer to Visa to get the Bonus and BT.  I told him "No thanks.  I will go somewhere that will work with me.  Good bye and have a nice day".

BUT SIR, WAIT.....CLICK.  I hung up.

PenFed is a joke to me.  I have no baddies in over 4 years.  I admit that I have a lot of available credit to me, but I could not believe that he turned me down for a BT for a measly $5K in a CLI.  I have > $100K income.

It is all good though.  They have their reasons and I am sure they think they are doing the right thing for PenFed.  I will run $2 for a soda every 3 months on both cards just to keep them happy.

But I am DONE WITH PED FED!!