PenFed Reconsideration - myFICO® Forums - 582502

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I was ignorant enough to apply to PenFed last month when my utilization was high along with a 5 month old 30 day late pay. The end result is obvious.

Anyway, this weekend I decided to recon my application. I read online that the best way to do this with PenFed is by fax. I'm very good with words so I put together a recon letter and faxed it over. I let them know that I just want to establish a relationship with them so I'm willing to take whatever they approve. Interestingly enough, my online account actually says pending.

Do I have any hope for an approval? I applied for a 10K LOC.

Also, what are the best credit unions to apply with?

Message Edited by Uncle_Money on 10-03-2009 06:47 PM

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

Message 1 of 16

15 REPLIES 15

You do have hope for approval. I would wait and see what happens. You will know soon enough. (Probably Monday.)

Message 2 of 16

Keep your fingers crossed for me!

I will post the outcome.

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

Message 3 of 16

Think positively and do something tomorrow to generate some positive karma for yourself! I root for all PenFed approvals. They have been very good to me and I wish the same for everybody!

Message 4 of 16

I recon'd with them once and they essentially denied me again.. my 30 days are over 3 years old but there was a settlement from 2002 that is one month away from completely falling off.. going to try again after that.. but util will still be around 25%.. .trying to BT to them..

Message 5 of 16

25% UTIL is not a show stopper with PenFed. Your scores look a little bit on the low side though. (I was at least 690 when I applied, around 25% UTIL and old baddies including 120-day late.)

Message 6 of 16

The same happened to me. My application changed from decline to pending after recon, but they denied me again. I was very hopeful when I saw the "pending".

Message 7 of 16

yeah I was waiting until the 120/settlement drop hoping that would give me a boost over 700.. I was hoping.. this is where I'm at right now

Length of Credit History: 9 Years, 1 Months
Average Account Age: 4 Years, 7 Months

Negative stuff

30 in 2006

30 in 2005

30,60,120 and settlement from 2003.

The 2003 stuff will be gone by march. So I was hoping to get a big jump.. though my util now is 30% .. gonna wack that with a big stick with my tax return.

Message 8 of 16

Good luck! PenFed started me off with a $1000. You may have a chance getting approved for a credit card, but chances are slim for an LOC after recon.

Message 9 of 16

Well, let's see what happens.

I'm not banking on an approval but I had nothing to lose by asking them, even for a lower amount than what I originally requested. Never, ever waste an inquiry

I will post an update. Everyone keep your fingers crossed for Uncle Money!!

Personal: American Express Platinum - NPSL | American Express Blue Cash Preferred - $15,000 | Chase Sapphire Reserve - $38,500 | Chase Amazon Prime Visa - $7,200 | Chase Freedom - $500 | Barclaycard Arrival+ - $18,600 | PenFed Platinum Rewards - $25,000 | PenFed LOC - $10,000 | Navy Federal Credit Union Platinum Visa - $25,000 | Navy Federal Credit Union LOC - $10,000 | Citi Double Cash - $12,170 | Citizens Cash Back+ - $8,650 | Citizens LOC Overdraft - $8,000 | Discover - $10,000 | Capital One Quicksilver One - $3,600 | Capital One Platinum - $750 | Valero - $600 | Dell - $3,000 | Lowes Advantage - $30,000 | Macys Amex - $25,000 | The Home Depot - $7,500 | Tourneau - $15,000
Business: American Express Business Platinum Card - NPSL | American Express Plum Card - NPSL | American Express SimplyCash Plus - $10,000 | American Express Gold Card - NPSL | Bank of America Cash Rewards - $100,000 | Capital One Spark Business - $54,000 | Chase Business Preferred - $34,000 | Chase Business Ink - $15,000 | PNC Bank Cash Rewards Visa Signature - $19,000 | PNC LOC $100,000 | BP Business Solutions - $1,500 | KeyBank Mastercard - $6,000 | Staples More Account - $3,500

Message 10 of 16