@pamon wrote:
I tried to get in with them yesterday on a credit card application but the denial was using my Equifax from 11/1/18 when it was 110 points less at 580. Was wondering why I didn't see an alert for Equifax pull up. Weird to use that bureau pull though. Wonder if they would recon with a soft pull update?
IIRC PenFed has always used Equifax. Recon would almost certainly be a HP to generate a new score for them, but likely well worth it if your score has changed that much.
@Meanmchine wrote:fiCO(The only two times Ive ever gotten any offers, I had been running a balance. Every quarter I PIFed, nothing. Fico9 atm 827
So in October I put a $250 charge on the card and have been paying it off $100 at a time. Chalk that idea up a waste of interest paid.
@olddude and @Peekeboo
In my book, it aint over til I get on the phone, ask to speak to a supervisor and immediately drop to the floor and prostrate myself before him
Especially while drinking coffee.. LOL
I joined all most 2 years ago one baddie on EQ they show my Fico score as 770 one card limit $21500 all i see is Turbo Tax haven't had any offers since i been a member DW has a BK on file but they sent her a pre approved Check for $25K in October it's weird how they work.
Needed to call PenFed today anyway on another matter so while speaking to their agent, asked about their quarterly offers (which I did not get by the way with 761 FICO).
They told me that their process works essentially as follows:
- They gather all of their member files
- Then, they separately define/set criteria or a set of qualifying rules (e.g. such as score, DTI, etc.)
- They send this information to Equifax
- Equifax then sends them back details on which members meet criteria for pre-approvals
Again, this is just based on what one agent told me... It may be that others on this forum have more information about the nuances of their process or it's possible that the agent was flat out wrong.
They did also tell me that if were to get a new PenFed product (e.g. they open a new revolver), it's unlikely that they will get offers for about 6 months thereafter (not really surprising, I suppose; although also not sure if this is fully correct).
Of course, the above is not very telling or helpful to us who are scratching out heads today about why we did not get any pre-approvals...
What I am trying to figure out is if, aside from basics such as minimum FICO, DTI, way too many recent inquiries, etc. there are specific diqualifying criteria for offers such as:
- Not using PenFed for checking account
- AoYA < 3 months
- Or perhaps something like "member based on joining an organization"
Being an engineer at heart, I always try to reverse engineer things created by algorithms but I don't think one can really do anything here. Not enough data to work with... At least it's not like AMEX' "fairly" stable and predictable Experian FICO minimum cutoff of around 670-675 for their cards.
Thanks!!
@seattlecredit08 wrote:Needed to call PenFed today anyway on another matter so while speaking to their agent, asked about their quarterly offers (which I did not get by the way with 761 FICO).
They told me that their process works essentially as follows:
- They gather all of their member files
- Then, they separately define/set criteria or a set of qualifying rules (e.g. such as score, DTI, etc.)
- They send this information to Equifax
- Equifax then sends them back details on which members meet criteria for pre-approvals
Again, this is just based on what one agent told me... It may be that others on this forum have more information about the nuances of their process or it's possible that the agent was flat out wrong.
They did also tell me that if were to get a new PenFed product (e.g. they open a new revolver), it's unlikely that they will get offers for about 6 months thereafter (not really surprising, I suppose; although also not sure if this is fully correct).
Of course, the above is not very telling or helpful to us who are scratching out heads today about why we did not get any pre-approvals...
What I am trying to figure out is if, aside from basics such as minimum FICO, DTI, way too many recent inquiries, etc. there are specific diqualifying criteria for offers such as:
- Not using PenFed for checking account
- AoYA < 3 months
- Or perhaps something like "member based on joining an organization"
Being an engineer at heart, I always try to reverse engineer things created by algorithms but I don't think one can really do anything here. Not enough data to work with... At least it's not like AMEX' "fairly" stable and predictable Experian FICO minimum cutoff of around 670-675 for their cards.
Thanks!!
Assuming that IS correct, it would explain why I got no offers... so thank you for that! 