@Guyatthebeach wrote:
@Anonymous wrote:
Hi BellaLina, hi baller4life, Any other member who had experience with PenFed:
I need your advice:
After reading all the wonderful things about Penfed, I joined yesterday and I applied for the American Express and the Platinum Rewards Signature and denied on both!!!
My Equifax Fico is 720 but according to their letter it's 678.
I have 20 open credit cards with no late payments, bk discharged over 4 years ago. Other paid off cards and closed that goes back 18 years. 3 car loans, 2 paid off and 1 is 15 months old no late payment ever. Only 2 inquiries in the past 15 months on my EQ. They denied me on Visa because:
1- length of time accounts have been established
2- Number of established accounts
And on the American Express card their denial reasons :
1- bankruptcy filing reported
2- length of time account had been established
3- Number of established accounts
and below they added
Insufficient installment payment history? -- I have installment from 2005 to today 11 years is not sufficient installment payment history?
Too many inquiries in the past 12 months -- I only have two inquiries on my EQ before I applied in the past 15 months how could there be too many inquiries in the past 12 months?
So what should I do? Should I call and try to recon? Or should I wait six months and try again ?
Your advice is greatly appreciated !!!!
Designer91,
Your profile is similar to mine. I had my chapter 7 discharged over 4 years ago and I was originally declined when applied for a PENFED Promise card. My adverse letter said basically the same things.
Now I called for a recon after I filled out the survey, I was approved. When I called in, I brought up every positive thing I have in my favor. I mentioned not a single missed payment since my bankruptcy. I also brought that 2 creditors that were burned in my ch 7 were lending to me again. I talked about the steps I've taken to prevent any bankruptcy happening again. I told them I didn't want $25000 Visa, I just wanted to get my foot in the door, because Imy main long term goal is either building a new home or doing a major remodel. By the end of the conversation and another follow up call, I was approved for 2 cards totaling $5000.
My advice to you is you have a lot of positive things, I would go for a recon. Make a list of 3 positive things in your credit. Articulate to PENFED what you want with the CU and what your financial goals are. Also bring up what you are doing now so you will never have another bankruptcy again.
Life's a beach!
Guyatthebeach
Thank you very much Guyatthebeach!
that's a great advice.... Until I read the newest posting with the main post- some 250 pages by now saying that some people were approved but didn't get the card and when they called they were told that their approval was cancelled and others was asked to provide pay stubs or proof of income with a low credit line.
So, at this point I'm discouraged. I'm self employed with multiple businesses and I don't want to bother to have to provide many documents to show my income if they asked. I have over 130k of available credit and utilization is less than 9%. I don't deny that I opened 4 new credit cards accounts 4 months ago if that's the real reason.
