So, thanks to my learned friends on MyFico, I became aware of PenFed a few months ago. I joined, opened a checking account, approved for a Thrifty Account, and then app'd for the Promise Visa. BAM-DECLINED for being an Egyptian, and while I don't have any collections, charge-offs, or anything of that nature on my credit, I am definitely rebuilding from a multitude of aging 30-120 day lates on my credit. I wasn't entirely surprised at the decline, but still a little disappointed.
July 1st, I figured I would try one more time for the Promise Visa, since I am now outside of the 90 day same hard pull window. Once again, declined, this time citing excessive debt. Oh MAN, come on, PenFed!! Honestly I wasn't expecting an approval this time around, either, as I've added many new accounts since a few months back, and if I was an Egyptian before, boy was I ever one now! However, I also knew my EQ score had gone up a decent amount, so figured I would give it a whirl, just to see. But when I received the 'excessive debt' message and started thinking about it, I thought, my student loans must not be coded correctly as in deferrment and that's what is causing this (not to mention the payments are incorrect on those loans).
Anywho, as I've seen mentioned a few times recently on here, I decided to complete the survey they sent me yesterday (well this was the 2nd one--first one, I didn't complete, and this was a reminder email). I took the time to send a synopsis of my experience with PenFed, how I was disappointed with the denial, felt that my loans were being incorrectly considered in my DTI, but that I was still very excited to be able to begin building a relationship with them.
This afternoon, who do I get a call from?!! Penfed! A very nice loan officer left me a message saying she was looking over my app and had some questions. I called her back and she went through my application with me, my student loans, and confirmed my income. She then asked what my needs were with the card. I told her I was looking for a good balance transfer card and she asked me how much/how many cards I was looking to transfer. I explained it would depend upon approval amount and that I didn't want to max the card. I told her the 2 cards I would transfer if I could. She talked to me about the American Express instead of the Promise and thought that would better suit me right now. She came back 30 seconds later with Congratulations we were able to approve you for $9K! WOW!!!!! I honestly was expecting MAYBE a few thousand at best, but this is now my highest limit card! I am still in shock!
I can't thank this community enough for the invaluable advice and the lessons I've learned in rebuilding. And PenFed, I am THRILLED you are taking the chance on me
Congrats on turning that denial into an approval! The folks are PenFed are really decent and easy to work with. Congrats again and enjoy your new card when it arrives!