How does one get off the "Egyptian" list at PenFed?

[Anonymous]

Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?

[Anonymous]

Arlo, how many credit cards do you have with Penfed? 

[myjourney]

I think PenFed also looks at other lenders you have and at available credit overall with all lenders

Not to mention recent INQ's

Balances with all lenders 

Time usually heals with them going new credit and HP free seems to help

[Ysettle4]

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@Anonymous wrote:

Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?

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The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?

[Anonymous]

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@Anonymous wrote:

Arlo, how many credit cards do you have with Penfed? 

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Two. Amex at 11k and Visa at 7k.

[core]

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@Ysettle4 wrote:
"Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs."

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They use this excuse on people who have $0 total in reported balances too, and few new accounts, so that's not quite it.

I think what it really means is the underwriter is jealous of your cards.

[Anonymous]

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@Ysettle4 wrote:

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@Anonymous wrote:

Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?

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The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?

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Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.

[Ysettle4]

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@Anonymous wrote:

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@Ysettle4 wrote:

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@Anonymous wrote:

Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?

---

The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?

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Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.

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What is the current limit on this card that has the $4k+ balance?

Also, penfed looks at utilization per card, not necessarily overall util.

I hope you are taking this as my answer to your original question/goal and not as anything else. You asked "how"...I'm telling you how.

[Ysettle4]

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@core wrote:

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@Ysettle4 wrote:
"Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs."

---

They use this excuse on people who have $0 total in reported balances too, and few new accounts, so that's not quite it.

I think what it really means is the underwriter is jealous of your cards.

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Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.

[core]

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@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.

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You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.

Please explain how folks were getting denied for pyramiding debt when they had no debt.