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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%.
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.
@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%.
I'm curious what you mean by "Total obligations."
Total obligations is loans.
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%."
I think it might be the 585k in debt that spooked them, even with your income. Just a guess.
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.
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.