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PenFed questions

Frequent Contributor

Re: PenFed questions

PenFed doesn't use f8...
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 21 of 29
Frequent Contributor

Re: PenFed questions

Thanks musiclover. I'm very happy with how far things have come.

Now that I've established a few more positive trade lines I'm going to focus on removing negative items and see where that goes
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 22 of 29
Valued Contributor

Re: PenFed questions


@wrote:
PenFed doesn't use f8...

who cares, F9 is almost always higher for most, hers was 818 for it initial pull.  go ahead and app, become your own datapoint

Message 23 of 29
Senior Contributor

Re: PenFed questions


wrote:

the only statistic with a doctor that matters is ones own, same for datapoints with credit.  here is mine helping a friend last month with penfed.  $200K in income, F8s touching 800 on 3B and they would not give her a single $500 card.  I have one of my cars and a card through them and the hoops they wanted me to go through for being self-employed 3 years ago for a card was stupid.  I have said it before and I will say it again, great for car loans and that is about it.  marginal customer service.  dealing with nfcu on any level proves this point.  penfed's best years are behind them imo.  oh, while I was on recon with them I got my friend a $25K everyday.  also got her a cash+ and 2 other amex cards.  amex is the reference point of easy imo, I love dealing with them almost as much as chase.  good luck with your rebuild!

msb penfed post.PNG


What was the reason for her denial B? I'm sort of surprised they denied her.

The one thing I've learned over the last couple of years visiting the forums is there's no guarantee of approvals no matter how high the income or scores are. There's something about her profile they didn't like. I get a kick out of folks trying to squeeze 5 more points out in order to grab a new CC. IME if they're are going to approve you. A few points won't make a difference. Same with a denial. 

I've been denied with a 785 and approved with a 650. lol

 

 

FICO 8 Scores EQ=765 TU=787 EX=772 (INQ) EQ=12 TU=12 EX=12 TCL=$600K+
Message 24 of 29
Valued Contributor

Re: PenFed questions


@wrote:

wrote:

the only statistic with a doctor that matters is ones own, same for datapoints with credit.  here is mine helping a friend last month with penfed.  $200K in income, F8s touching 800 on 3B and they would not give her a single $500 card.  I have one of my cars and a card through them and the hoops they wanted me to go through for being self-employed 3 years ago for a card was stupid.  I have said it before and I will say it again, great for car loans and that is about it.  marginal customer service.  dealing with nfcu on any level proves this point.  penfed's best years are behind them imo.  oh, while I was on recon with them I got my friend a $25K everyday.  also got her a cash+ and 2 other amex cards.  amex is the reference point of easy imo, I love dealing with them almost as much as chase.  good luck with your rebuild!

msb penfed post.PNG


What was the reason for her denial B? I'm sort of surprised they denied her.


lack of credit card history.  the car refi was fine, 2.49% no issue.  3 apps all declined.  going to give them one more shot this month if they can do it under the same hp if her amex cards report.  she only had a cc for a year and a car loan for over 2.5 years and she is 52 years old.  she has been cash for decades.  what can you do lol

Message 25 of 29
Senior Contributor

Re: PenFed questions


wrote:

wrote:

wrote:

the only statistic with a doctor that matters is ones own, same for datapoints with credit.  here is mine helping a friend last month with penfed.  $200K in income, F8s touching 800 on 3B and they would not give her a single $500 card.  I have one of my cars and a card through them and the hoops they wanted me to go through for being self-employed 3 years ago for a card was stupid.  I have said it before and I will say it again, great for car loans and that is about it.  marginal customer service.  dealing with nfcu on any level proves this point.  penfed's best years are behind them imo.  oh, while I was on recon with them I got my friend a $25K everyday.  also got her a cash+ and 2 other amex cards.  amex is the reference point of easy imo, I love dealing with them almost as much as chase.  good luck with your rebuild!

msb penfed post.PNG


What was the reason for her denial B? I'm sort of surprised they denied her.


lack of credit card history.  the car refi was fine, 2.49% no issue.  3 apps all declined.  going to give them one more shot this month if they can do it under the same hp if her amex cards report.  she only had a cc for a year and a car loan for over 2.5 years and she is 52 years old.  she has been cash for decades.  what can you do lol


Ah, that's not uncommon. Folks believe scores with no history will get them what they want. lol

Just my opinion, I believe history will trump scores every time. I'd rather have a strong 740 with a long track record of payments. Than a 850 that is as fragile as a carton of eggs. lol

OP  has a much better shot because he/she has the history of paying things on time.

FICO 8 Scores EQ=765 TU=787 EX=772 (INQ) EQ=12 TU=12 EX=12 TCL=$600K+
Message 26 of 29
Frequent Contributor

Re: PenFed questions

Gmood, in 10+ years of history I struggled for a year to a year and a half. I was forced (and without details I mean I literally had no better options) to double my debt while making half of what I currently make. This was 5 to 5 and a half years ago. Since then outstanding debts (-1) have been settled and I have had perfect on time payment history on 2 types of installment loans and multiple revolving accounts.
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 27 of 29
Senior Contributor

Re: PenFed questions


wrote:
Gmood, in 10+ years of history I struggled for a year to a year and a half. I was forced (and without details I mean I literally had no better options) to double my debt while making half of what I currently make. This was 5 to 5 and a half years ago. Since then outstanding debts (-1) have been settled and I have had perfect on time payment history on 2 types of installment loans and multiple revolving accounts.

I understand, been there done that. I've had nearly every baddie you can think of..BK, Foreclosure, Repo, charge offs.

I had a foreclosure still on my file when I joined Penfed. They initially turned me down for an auto loan. I called them and explained my situation. The CSR put me on hold and talked to the LO. When she came back she told me congratulations you are approved. They gave me the best rate on a auto loan at that time, 1.99%. My score was around a 650. That's only been 3 1/2 years ago.

Nothing ventured, nothing gained! Never give in on a denial until you've exhausted all options.

FICO 8 Scores EQ=765 TU=787 EX=772 (INQ) EQ=12 TU=12 EX=12 TCL=$600K+
Message 28 of 29
Frequent Contributor

Re: PenFed questions

The short version is that I left a marriage where my ex wife threatened my health and livelihood (I have a career where that is very very easy). Had subsequent COs, CAs, and a short sale. When I realized what it did to my credit I was devastated to say the least. The accounts involved were mostly cell phones and 2 store cards, plus the short sale. Since then I've done everything possible to turn it around. Flooded my reports with positive trade lines and made all payments on time. As I stated I love Amex and Disco, they both gave a chance and looked past the Isolated incidents. I'd still like to find a lender that can do it all well and would appreciate developing a 32+ year relationship with plenty of installment loans and revolving credit along the way.

I have yet to explain this to a lender but is this a situation that would heavily on the ability to recon?
Have; Cap1 QS, QS1/Discover IT/AMEX BCE, PRG/PenFed PCR

Want; US Bank Cash+, Altitude Reserve/Amex EDP, Delta Gold/BoA Travel Rewards/Barclay Uber/Chase Hyatt, CSP (in like never)

Fico 8 scores as of;
Starting(10/1/17) EQ 598 TU 602 EX 601
2/18/18 EQ 661 TU 660 EX 658
4/18/18 EQ 700 TU 675 EX 671

AAoA > 5 years
DTI 18%
Message 29 of 29