Penfed cash back credit card denied

[Green456]

So I thought this was interesting:

EQ Credit Score 784

Hard Inquiries in past 12 months: 2 on EQ (5 on TU but they only pulled EQ)

Hard Inquiries in past 6 months: 1 on EQ (3 on TU)

Average fo accounts: 6 years 7 months

Total income 195k

Total obligations 585k

Utilization 1%

I was denied for debt to income ratio, too many inquiries. But when I calculated by DTI ratio its actually less than 5%.

[Green456]

Not an end of the world but I wanted to switch from WF to Penfed. I have cash back on WF so I will just wait and see for another 6-12 months.

[Anonymous]

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@Green456 wrote:

So I thought this was interesting:

EQ Credit Score 784

Hard Inquiries in past 12 months: 2 on EQ (5 on TU but they only pulled EQ)

Hard Inquiries in past 6 months: 1 on EQ (3 on TU)

Average fo accounts: 6 years 7 months

Total income 195k

Total obligations 585k

Utilization 1%

I was denied for debt to income ratio, too many inquiries. But when I calculated by DTI ratio its actually less than 5%.

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I'm curious what you mean by "Total obligations."

[Green456]

Total obligations is loans.

[Anonymous]

Are you currently making payments on those loans/installment debt?  I'm trying to figure out how you arrived at a DTI of "less than 5%."

[rbentley]

I think it might be the 585k in debt that spooked them, even with your income.  Just a guess.

[Green456]

It’s an income based repayment so actual monthly amount is quite low. After 10 years loans are forgiven since I work for non profit organization. And yes my loans are in repayment.

[Anonymous]

I was just denied for the same card this month too. I had a 785 EQ. They stated too many new accts opened. I opened about 5 the first quarter this year. They told me to wait a few months. I also had a few more INQs than you.

[JR_TX]

Sorry for the denial OP. Yeah PenFed is quite known to not like Egyptians!

[Anonymous]

I'm a PenFed Egyptian! I've been a member since 2008 and have had an up hill battle for everything I have ever been extended from them. I only got the like I eventually got because of the caustic survey I submitted on my experience with them.