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Tried again after 3 months NFCU approved, Penfed still declined on recon

lexus829
Contributor

Tried again after 3 months NFCU approved, Penfed still declined on recon

I just wanted to thank this forum really... last year I joined NFCU and while rebuilding credit... 

Been in Penfed awhile, but due to some negative on my acredit seems like my score never made it up

mid 500s..lol... so i tried some credit repair and paid my new accounts on time....

Ive had Thirfty for $500 , my own cedit union with secured card for $1000 and Capital One card for $1000..

this was around December 2016...  after some credit1 repair my score on TU finally reached 620, 590 EQ , 600 EXp..

Credit1 was able to delete my tax lien, some old collections and a few inquiries... 

In March I tried applying at Penfed for Promise and NFCU Cash rewards, i was declined on both even with recon... all my creidt above

was high utilization.. .. so yesterday I tried to apply again for Promise and NFCU Cash rewards... 

Was declined again with Penfed explained my situation that my score now is in low 600s, but they keep referring to NG score from 3/24

they said its showing the same status?  on FICO my score went up an average of 40 points since March... plead my case but still got denied

good news is they told me they will be switching to FICO so might be good news for us...

Now just heard from NFCU that the cash reward was approved for $7000+ i was in heaven...lol!! so what I did is I replied thru the application 

status portion while it was on review... I stated what I did, what I was doing with my credit , how a new card can improve my DTI and working

on aiming 700+ by end of this year... I literally line by line wrote the negatives on my credit and explained it on the message;  to my surprised its approved.

Just wanted to thank this forum and the contributing members here.... 

there's a refresh on myfico score on 6/29... but right now it says FICO 8  home dashboard 564 EQ (or credit karma is 622) , TU 586 (same as Karma), EXP 612 (645 when i bought a car 2 moths ago)  my creidt utillzation is at least 90% (this might be what killing me on penfed but now with the new card it'll be at 30%)

So with that, should I apply for something else? i do have the normal checking overdraft should i apply for CLOC? or wait?

11/2016 - EQ(575)/TU(550)/EX(565) Current - EQ(675)/TU(680)/EX(678) Goal – 700


Message 1 of 12
11 REPLIES 11
padme
Established Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

you might want to try Alliant CU for a shared secured loan, deposit 500 then app for that, don't app for CCs. should get a good bump then after a few months
Message 2 of 12
Synicaal
Established Member

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

My suggestion is to pay down some of that utilization unless I read something wrong. You shouldn't be seeking new credit lines to lower utilization. PIF and watch the benefits. I think once you get that down and keep it down you will see a nice jump in your scores and can then seek out some more credit. Just my 2 cents

CH7 Discharge: 5/22/2017
Fico 8 6/5/2017: EQ: 608, TU: 576, EX: 578
Current: EQ: 686, TU: 676, EX: 692
Capital One SavorOne: $12,000, Capital One VentureOne: $3,100, PayPal Cash Rewards: $6,000, Victoria's Secret: $2,750 NHL Discover It: $6,500 Cabela's Visa: $3,300 Amazon Store Card: $10,000, AMEX BCE (AU): $24,500
Current Util : 0%
In the Garden until Mortgage time!
Message 3 of 12
workingfor850
Valued Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Penfed tends to be pretty conservative, especially compared to NFCU, I still cannot get a CC approval from them.  My suggestion is to focus your energy on your NFCU relationship.  I would use the new CC and pay in full or substantially each month and then in 91 days apply for a CLI versus using inquiries on smaller limits and risking denials.  For Penfed I would give it at least 6 months before you apply for anything with them, perhaps even a year, I have wasted several HP's on them.  On the CLOC you might want to give that a shot with NFCU, it will cost you another HP but CLOC is nice to have.  

Message 4 of 12
padme
Established Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

you need an installment loan to report even a small one
Message 5 of 12
AverageJoesCredit
Community Leader
Mega Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Congrats on an amazing approval from Navy. They truely are the best.

I would not apply anymore. Start concentrating on bringing down your utilization as that alone will open more doors as your score will rise. No lender likes to see 90's no matter the circumstances. In 6 to 12 months, youll be suprised at the difference lenders view you especially if you continue to make progress. Best of luckSmiley Happy
Message 6 of 12
lexus829
Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Thanks for the suggestions everyone... 

11/2016 - EQ(575)/TU(550)/EX(565) Current - EQ(675)/TU(680)/EX(678) Goal – 700


Message 7 of 12
mrldp40
Established Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Lexus. Did they tell u what version of fico they was switching to and when? Thanks
ready to start a rebuild ex 533 eq 518 tu 541
inquiries EQ 2 EX 0 TU 1 multiple charge off current card green dot secured 500
Message 8 of 12
Chantels1
Regular Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Great job. Self lender ar Alliant credit builder loan, then to the garden til you pay down youe debt. :-) Dont want to get more debt than you can afford to pay off immediately. Building is fun, but not if it puts you in debt.
Rebuilding Since 4/2017 No FICO, No Credit Cards. Now FICO 8 655EX, 678 EQ, 753 TU!
Gardening 6/08/17 to 12/1/17
Message 9 of 12
805orbust
Frequent Contributor

Re: Tried again after 3 months NFCU approved, Penfed still declined on recon

Dude... you should not be applying for anything with 90% utilization.  You got a nice card with NFCU, let it age and keep your total utilization under 10%.  Continue cleaning up negatives on your report and you will be very pleased in 6 months to a year.with your progress.

FICO 8:  EQ:738  TU:767  EX:738
Message 10 of 12
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