Penfed Egyptian denial

[Anonymous]

So within the past year, my credit has become excellent and due to this, I have a ton of new accounts.

I wanted to take out a personal loan. Penfed responded back with "Pyramiding debts" denial. My credit score is a 711 and my util is around 20%. Is this any way to ask for a reconsideration? 

[Anonymous]

you could, PenFed is normally good with recon, but with the Egyptian reason for your denial I don't think you'll get very far unfortunately. I haven't seen much success by others that have been given the same reason

[Anonymous]

Might I have better luck with navy federal recon then? their reason was my accounts are too new?

[DaveInAZ]

That's pretty funny, I wonder what in world an "Egyptian denial" was. It sounds like you have more of a pyramiding available credit situation with only 20% utilization with so many new accounts. But Penfed can be strange in their denials. I only use them for a Home Equity LOC, they are more reasonable with secured credit. 

[SouthJamaica]

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@Anonymouswrote:

you could, PenFed is normally good with recon, but with the Egyptian reason for your denial I don't think you'll get very far unfortunately. I haven't seen much success by others that have been given the same reason

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I got an Egyptian denial from them when I applied for the Promise card. I reconned, sending them an email, documenting that although I had new credit available, my utilization was low. They reversed their decision and gave me the card.

[Anonymous]

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@SouthJamaicawrote:

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@Anonymouswrote:

you could, PenFed is normally good with recon, but with the Egyptian reason for your denial I don't think you'll get very far unfortunately. I haven't seen much success by others that have been given the same reason

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I got an Egyptian denial from them when I applied for the Promise card. I reconned, sending them an email, documenting that although I had new credit available, my utilization was low. They reversed their decision and gave me the card.

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Do you mind sharing what you stated in the email? Since I am not sure what to put exactly. 

Also, they might be worried due to my low util but have about over 100k of credit avail.

[Anonymous]

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@DaveInAZwrote:

That's pretty funny, I wonder what in world an "Egyptian denial" was. It sounds like you have more of a pyramiding available credit situation with only 20% utilization with so many new accounts. But Penfed can be strange in their denials. I only use them for a Home Equity LOC, they are more reasonable with secured credit. 

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Yea this was the first time they denied a loan request from me. However, the other loans were all auto so with collateral. Maybe I can show them how any debts I have I am paying off and not adding nay new debt?

[DaveInAZ]

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@Anonymouswrote:

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@DaveInAZwrote:

That's pretty funny, I wonder what in world an "Egyptian denial" was. It sounds like you have more of a pyramiding available credit situation with only 20% utilization with so many new accounts. But Penfed can be strange in their denials. I only use them for a Home Equity LOC, they are more reasonable with secured credit. 

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Yea this was the first time they denied a loan request from me. However, the other loans were all auto so with collateral. Maybe I can show them how any debts I have I am paying off and not adding nay new debt?

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Well yes, paying down debt and not adding any new debt - or accounts - is always good for approvals. But try reconning first, hopefully South Jamica will give some more info on his successful recon.

[SouthJamaica]

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@Anonymouswrote:

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@SouthJamaicawrote:

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@Anonymouswrote:

you could, PenFed is normally good with recon, but with the Egyptian reason for your denial I don't think you'll get very far unfortunately. I haven't seen much success by others that have been given the same reason

---

I got an Egyptian denial from them when I applied for the Promise card. I reconned, sending them an email, documenting that although I had new credit available, my utilization was low. They reversed their decision and gave me the card.

---

Do you mind sharing what you stated in the email? Since I am not sure what to put exactly. 

Also, they might be worried due to my low util but have about over 100k of credit avail.

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I am writing to respectfully request that you reconsider the application I submitted
for the Promise card, which was denied for "pyramiding of debt".
I have carefully researched the Promise card, and determined that it is a perfect
card for my needs, and was very surprised and disappointed to be turned down for it in view of
my perfect payment record.
I was shocked at the reason given, "pyramiding of debt", as my total of balances is
around _____ According to all 3 FICO scores, my "amount of debt" factor is "exceptional". See
the attached materials from my account at the MyFICO website.
My income is in the neighborhood of _______ or more, consisting of _________. Attached is a copy of my most recent paystub.
If you grant me the card, I can assure you that you will find me to be an excellent
customer, and will not be disappointed.

[Anonymous]

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@Anonymouswrote:

So within the past year, my credit has become excellent and due to this, I have a ton of new accounts.

I wanted to take out a personal loan. Penfed responded back with "Pyramiding debts" denial. My credit score is a 711 and my util is around 20%. Is this any way to ask for a reconsideration? 

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I will share my recent experience with Penfed.

My fico 9 given was 809 and reported income is within the top tier.   I applied for auto loan and at the end, received an approval from other lender.

Since I did not waste the HP, I applied for CLI, Promise card CLI denied... Tried again for PLOC CLI, again turned down.  I have been with Penfed since 2016 and my utilization Penfed is all 0s.  I have been keeping at least 10k balance in the checking all along.

The reasons were given were insufficient income - outstanding debt to low credit score, making me wonder it was indeed for me.

Then I talked to senior LO who told me the only reason for denial was I have opened 4-5 new accounts last year - their meaning of pyramid.  She even asked me why I would need more CL when all those accounts are reporting zero.

Although I did not agree, it was Penfed UW criteria I cannot change.   Contrary to Penfed, Amex gave me about 45k additional SL around the same time with exactly the same profile.