PenFed SL Recon Suggestion - Help

[mortimerwereback]

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@Anonymous wrote:

So I did call in today.  The first rep that I spoke with took my information and asked me to hold (assumed he was contacting a Loan Officer) and, of course, the phone got disconnected.  Called back and explained situation again and this time, the rep told me that I should send my request in writing.  That was a little annoying, but I had already spent a considerable amount of time on the phone, so I went ahead and sent a signed reconsideration letter to their email address.  I'll update the thread once I get feedback.  I assume I won't hear anything for a another few days.

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Interesting. And I'm sure annoying for you to say the least. Hang in there! I bet they request letters so they can free up the phone lines. That way their LOs are able to sift through written correspondences one at a time, at their leisure. It takes a while to get through to their CSRs doesn't it? Guess I'm spoiled with my Chase direct line. LOLL! But seriously, I think their reps are awesome, but they don't have enough of them. Looking forward to hearing about your successful recon!

[Marcos8]

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@Anonymous wrote:

So I did call in today.  The first rep that I spoke with took my information and asked me to hold (assumed he was contacting a Loan Officer) and, of course, the phone got disconnected.  Called back and explained situation again and this time, the rep told me that I should send my request in writing.  That was a little annoying, but I had already spent a considerable amount of time on the phone, so I went ahead and sent a signed reconsideration letter to their email address.  I'll update the thread once I get feedback.  I assume I won't hear anything for a another few days.

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If you don't mind me asking... what's your AAOA, inquiries, amount of new accounts within the last 2 years, installment loan on your account?, 

did you you apply for other products from Penfed where maybe it's a $ exposure issue for them? 

[rebound2014]

OP - Is there any update on the recon since you emailed them a few days ago? Did they respond back to you?

[Anonymous]

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@Marcos8 wrote:

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@Anonymous wrote:

So I did call in today.  The first rep that I spoke with took my information and asked me to hold (assumed he was contacting a Loan Officer) and, of course, the phone got disconnected.  Called back and explained situation again and this time, the rep told me that I should send my request in writing.  That was a little annoying, but I had already spent a considerable amount of time on the phone, so I went ahead and sent a signed reconsideration letter to their email address.  I'll update the thread once I get feedback.  I assume I won't hear anything for a another few days.

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If you don't mind me asking... what's your AAOA, inquiries, amount of new accounts within the last 2 years, installment loan on your account?, 

did you you apply for other products from Penfed where maybe it's a $ exposure issue for them? 

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My AAoA was, at the time, about 4 years, I had 3 inq in the previous 24 mos, 2 new accts within prior 2 years (auto and installment).  I had not applied for any other penfed prods.

[Anonymous]

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@rebound2014 wrote:

OP - Is there any update on the recon since you emailed them a few days ago? Did they respond back to you?

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I did and, based on what I've seen on this forum, it's confusing.  Here was Penfed's response which makes no sense.

Dear Member,

Because your application was approved, a new a loan application to increase your credit limit must be submitted to consider your request for a new PenFed loan. You can apply online through PenFed Online at:

url

Please select the type of loan you would like and an informational page should appear along with a link to logon to PenFed Online to submit your application. Links are also available if you need assistance with your logon information. If you are not yet a PenFed member, please select 'Join Now' to submit both a membership and loan application.

On a side note, shortly after I joined NFCU, applied for their Cashrewards, and scored 10k so . . . 

[mortimerwereback]

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@ChessChik47 wrote:

 Mortimerwereback, thanks... I was offered $5K as a SL.  

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Sorry, delayed response, I just saw your post. lol. I understand there are always numerous factors at work and no bank "owes" us anything, but 5k "seems" pretty low for your credit profile. I'm sure you'll get some nice CLIs in the future.

[Marcos8]

Maybe it's the BK still reporting?

Chesschik47 any update on your end? 

[mortimerwereback]

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@Anonymous wrote:

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@rebound2014 wrote:

OP - Is there any update on the recon since you emailed them a few days ago? Did they respond back to you?

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I did and, based on what I've seen on this forum, it's confusing.  Here was Penfed's response which makes no sense.

Dear Member,

Because your application was approved, a new a loan application to increase your credit limit must be submitted to consider your request for a new PenFed loan. You can apply online through PenFed Online at:

url

Please select the type of loan you would like and an informational page should appear along with a link to logon to PenFed Online to submit your application. Links are also available if you need assistance with your logon information. If you are not yet a PenFed member, please select 'Join Now' to submit both a membership and loan application.

On a side note, shortly after I joined NFCU, applied for their Cashrewards, and scored 10k so . . . 

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As a data point, I can vouch for how PENFED's wording their response. I actually tried for a CLI after being approved for my cards. Doesn't hurt to ask right? loll. And while I wasn't necessarily denied, since I didn't technically apply for one (I called to speak with a CSR), I was informed that I'd have to submit a 'new application' to be considered for a CLI. And also that technically, there'd be no guarantee the LO would use the same credit report. Which I'd think they would since my CLI request was a week after I'd been approved for my cards.

The consensus on the forum is that the same report is used for up to 90 days. Which in most cases is probably true, but it'd be prudent to remember that it may not be the case all of the time. I think at the very least PF's not willing to guarantee the use of the same CR.

[ChessChik47]

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@Marcos8 wrote:

Maybe it's the BK still reporting?

Chesschik47 any update on your end? 

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Hi Marcos8,

Just received an email instructing me to submit a new application and apply for a higher credit line.  I'm not doing that.  I still haven't received the card so I'm waiting to call them and attempt a CL recon on the phone with the same HP they used when I applied.  If I still get shot down then I'll  work with the $5K, build the relationship, and request a CLI in 6 months or so.