PenFed application denial

[Anonymous]

hello everyone,

this forum is one of the best thing out there i have seen. thanks to all of you for your contributions in many ways.

this is my 1st post ever here.

So while reading all about PenFed i took a shot last week applied for membership over the phone RedCross option worked as i have donated blood recently.

after being approved for membership and basic share account with $5 inital deposit I was offered to apply for a credit card if I'm interested since i read about most members 

getting approved I went for it and got rejected because most of my accounts are new from last year.

she said only way i could have better odds by funding my account Max $50/day and take a loan against my balance and then try after 6 months which i think is so wierd never red about it, however i called next day again and i requested recon but no luck i even tried a lower status card as i read some members had luck with that but also got rejected

i just wanted to hear what you guys had to say about this.

thanks to ya all in advance.

My ACCs

Chase Saphire 15k       Cap One 15K      Citi  HHonors 7K   Barclay Hawain    5K  Discover   $1900

[srloring13]

What are your scores and how new are the accounts you recently opened?  If they have not been opened for at least 6 months to a year, then they could just want to see more activity/regular usage on your current accounts.  Did the denial letter mention anything else?

[Anonymous]

If you get a survey about your experience, fill it out and make sure you make it known you are disappointed in their decision, given some of your other cards and limits - in a nice way, of course  

[padme]

i had left the savings open for like a year, after i was denied for pyramiding debt. what does that mean by funding the account for $50/day?

[Anonymous]

Cap1/Saphire/discover were opened around 11/2015 same time

and barclay and citi around 03/2016/- 04/2016

after the last inq of penfed scores as of today are as followings

they pulled Equifax 

Fico score 8  EQuifax   728

Fico score 8  Experian   738

Fico score 8  TransUnion   743

[Anonymous]

meaning i should fund my share account with an external account and $50 max per day i can transfer to this penfed share account and after it reaches above $200 i can take a loan against it  some like that she was saying.

[Anonymous]

@ jrenae4 

yes i have read about that I'll try that option thanks for your encouragement

[StartingOver10]

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@padme wrote:

i had left the savings open for like a year, after i was denied for pyramiding debt. what does that mean by funding the account for $50/day?

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Definition of pyramiding debt:  http://www.privatebanking.com/knowledgebase/financial-glossary/pyramid-debt

If true, this is a pretty serious thing. Adding new cards doesn't get you the pyramiding debt label to my knowledge. Charging on those new cards and letting balances sit will get you that label.

[joltdude]

I think the CSR was recommending a secure share loan / creditbuilder loan to the OP...

If you dont have any installment loans or ones about to be paid off .. its not a bad idea.....

(theres multiple threads on the subject)

[Aduke1122]

Or you could come join us over at NFCU😊