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I have a credit score of ~789 and almost no debt, about $4000 total spread across 6-7 cards. I got a rejection letter the other day for these stated reasons:
Amount of credit available on revolving account(s).
Number of retail/revolving accounts.
I assume it's because I have a high number of cards (About 15, was churning) , and about $170k of available credit. I tend to keep my cards open to maintain credit history length. I know PenFed is pretty strict but I've never got denied for these specific reasons(first time I applied, got denied because of a baddy that's already dropped off all 3 bureaus). What's my next play here to try and get this approved?
@slayerbizkit wrote:I have a credit score of ~789 and almost no debt, about $4000 total spread across 6-7 cards. I got a rejection letter the other day for these stated reasons:
Amount of credit available on revolving account(s).
Number of retail/revolving accounts.
I assume it's because I have a high number of cards (About 15, was churning) , and about $170k of available credit. I tend to keep my cards open to maintain credit history length. I know PenFed is pretty strict but I've never got denied for these specific reasons(first time I applied, got denied because of a baddy that's already dropped off all 3 bureaus). What's my next play here to try and get this approved?
Your next play to get that approved is to stop applying for a year or longer
Penfed really dislikes high available credit like that, they are very quirky. I honestly think one could have an 800+ score and penfed would still deny.
I would look elsewhere.
Lol, I just did a CLI with Discover. Went from 9k to 19k , auto-approved/soft pull. Penfed has earned their rep.
Thanks. Any recommendations? This will be my first PLOC ever. Just trying to knock out the checkboxes .
@slayerbizkit wrote:I have a credit score of ~789 and almost no debt, about $4000 total spread across 6-7 cards. I got a rejection letter the other day for these stated reasons:
Amount of credit available on revolving account(s).
Number of retail/revolving accounts.
I assume it's because I have a high number of cards (About 15, was churning) , and about $170k of available credit. I tend to keep my cards open to maintain credit history length. I know PenFed is pretty strict but I've never got denied for these specific reasons(first time I applied, got denied because of a baddy that's already dropped off all 3 bureaus). What's my next play here to try and get this approved?
PenFed has a tendency to deny applications for those types of reasons.
But you can recon.
If I were you, I would recon by email, showing them that you don't have excessive debt.
If they send you a customer survey email, treat it as an opportunity for a further recon, because with PenFed it is. Explain that you were disappointed in their credit decision, explain and demonstrate why, and ask them to reconsider.
I'll try this when they're open, thnx for the advice.