@ToofDoc wrote:
@WavysMommy wrote:
Maybe you applied too quickly? I established a banking relationship more than a year BEFORE applying for a credit card(direct deposit part of my pay as well), and I actually had a lower credit score than you. My DC date was August 2019, banking relationship established July 2019, and I applied December 2020(approved), January 2021(approved) and then August 2021(approved). Also, without knowing everyone else's DPs, or really yours, it's hard to make any judgments as to why, outside of everyone's approval is profile dependent.
Like, did you have a bunch of recent credit pulls? Recent credit approvals? Did you have anything on your credit report that shows positive payment history before applying? Any accounts with significant age that showed positive payment history? Like, I still have student loans that were never in the red and are aged at 18. This DP could have had a impact on my approvals. And then income.
I'm sorry that you weren't satisfied with your approval and process it took to GET and approval. Apply for another in like 6-8 months(or not), as I'm sure you'll get a better approval.
You could be right...but I believe my UW just was one of those more conservative UWs. We've all read people that have gotten approved WITHOUT prior banking relationship with PenFed and we definitely read people had applied and have gotten approved much sooner after their discharge than mine. So in essence, I shouldn't really even need a banking relationship first to get approved. AND that's why I waited one month after I opened my new accounts with them to apply for their credit card! On top of that, I dumped $150K to show that I am serious for a strong relationship! AND 3 accounts, right? That's why I did what I did so they see I'm committed. Perfect example that "money can't buy love" 😆
As far as my credit report goes, I also had MANY student loans on my credit report with 20+ years positive no late history and I had 1 hard inquiry prior to this PenFed application so wasn't any of these potential reasons for such low SL. No any other baddies. Strong income, etc.
Listen, I am grateful that I have earned their credit business (foot in the door), $1,500 will increase later but just surprised on the following:
1) how much money in their accounts don't matter
2) how many accounts with them don't matter
3) my starting SL is so much lower than others in similar or even worse credit DPs
4) they denied me one month earlier telling me to wait longer then approved me a month later
So, is it fair to assume with the first bolded statement that you don't have any other accounts for them to reference regarding payment history outside of student loans? You mentioned 1 inquiry prior to applying. So in 24 months, 1 Transunion inquiry? You didn't mention how many other opened accounts at the time of application either and credit seeking behavior can be a turn off too. What other credit accounts did you have prior to applying as actual length of time regarding credit products is important to them too? I think I had three and at least 1 had 12 months of positive payment history before I applied.
And yes, to the other bolded....how many bank accounts and the amount deposited doesn't matter. I don't have much in that particular savings account and I split my deposits amongst 3 CUs. I just wanted to establish a relationship with a good CU and figured the longer my relationship, the better. Definitely didn't hurt.
I'm sure they'll show more love in the future. Good luck with your future apps with them.
