PenFed Promise Visa

[Anonymous]

I was just denied the PenFed Promise Visa and the reason given was:

" Length of time accounts established and Balance to Limit ratio too high "

 I already knew my overall util was too high and that my oldest CC is only 1.9 years old, but member services talked me into applying (LOL), as I was inquiring about account balances, et cetera.

 Was advised to give it about 6 months to 1 year and then try again. That, and I could deposit $500 into a share account and use it as collateral

 for a loan as I've never taken out an installment loan before and be building a better diversified credit report before applying again as well.

 I just thought I'd post this here as a quick data point: They weren't even concerned about the Baddie I have which is a CO for a returned check of $808

 My mini app spree is over.

 So, like a gnome, you shall me in the garden.

[Shawndoe79]

I too was denied, wait for the survey and ask for a reconsideration, hopefully they have a change of heart and throw me a bone, good luck.

[pizza1]

Sorry for the denial, but PF is conservative. They don't like high util either. Get your overall reporting util down to 10% or less, and try again.

Ive been declined too, but for much different reasons. If they tell you "try again in 6 mo or a yr", thats what they mean, lol. good luck to you, and definitely fill out the survey! some have had good recon luck.

[Anonymous]

Try for a recon with the survey. I got the exact same denial reasons last month for the Promise card, but my AAoA is 5+ years and UTIL around 15%. Approved on recon for $5000. Worth a try for you as you've already burned the HP.

[Anonymous]

---

@pizza1 wrote:
Sorry for the denial, but PF is conservative. They don't like high util either. Get your overall reporting util down to 10% or less, and try again.

Ive been declined too, but for much different reasons. If they tell you "try again in 6 mo or a yr", thats what they mean, lol. good luck to you, and definitely fill out the survey! some have had good recon luck.

---

 They called me yesterday afternoon around 6 pm cst to talk about the survey I had just completed and apologized that there wasn't more they could do

 for me at this time. And once again, she suggested that I give it about 6 months before I try applying again in order to give my accounts time to mature and get my balances paid down. She also apologized because as she stated " It would make sense that you get a credit card or loan to consolidate balances and just make one large payment instead "

[Anonymous]

Penfed loosened the reins late spring/early summer. Almost everyone was getting approved and reconning higher limits. I'm positive that's how I got in. I apped on 7-4-16. A couple of weeks later, the reins were drawn in. You can literally see the shift in the Penfed thread around 7-15. FYI, I missed the reconning of a higher limit because I kept putting it off lol 😄

[Anonymous]

It is definitely worth waiting and applying. It took me a year to get to my current limits with PenFed. Totally worth it. They are a great credit union to do business with, imho.