Seems like Penfed is basically back to its old Pyramiding Debt denials / Being Egyptian (as its referred to) but not using that remark code for some reason.
@Anonymous wrote:
Hi all- advice needed. I applied for a Penfed card a month ago and was denied. I recon'ed (incl. paystubs showing 126k income) and was denied the recon.
My denial letter stated:
1.Insufficient income in comparison to outstanding debt obligations
2.Low credit score
3.Limited credit history
4.Revolving Util too high
5.Proportion of loan balances to amounts too high.
Ummm...here is the problem with that though:
1.My income is 126k and debt obligations are only $100 per month
2. FiCO is 700 and penfed Nexgen 706
3. Oldest (closed) accts are 11yrs and 7yrs. AAoA 3.7yrs
4. My revolving util is 17%
5. I have one loan (fingerhut) starting balance $88, remaining: $26
So...basically my actual CR is the exact opposite of their denial codes....what gives? Is it worth trying to do a phone recon? A 2nd recon with copy of report?
I guess I do technically have limited history as I have 2 old accts but they are closed. My Avg Age of closed accts is 8yrs. Avg age of open accts is 4 months. Oldest acct 11yrs. AAoA is 3.7yrs according to MyFico
The reasons look absurd for denial. A lot of the reasons creditors give for denial of apps and cli's are absolute nonsense. This probably falls into that category. Had a similar experience with a bofa app recently