WTH - Deinied for Penfed Secured?

[greywolf]

Applied for the 50-50 secured card, figuring I would be a shoe in, denied. I re-applied for the full secured card, DENIED. What the hell...

 

Pulled my true EQ FICO last week, 718, no baddies, 3 inqs, 6 figure income, <20% uti. What is required to get a secured card out of Penfed?

[GEORGE]

Applied for the 50-50 secured card, figuring I would be a shoe in, denied. I re-applied for the full secured card, DENIED. What the hell...

 

Pulled my true EQ FICO last week, 718, no baddies, 3 inqs, 6 figure income, <20% uti. What is required to get a secured card out of Penfed?

DENIED SECURED is one of the mysteries of credit I can't ever grab ahold of...

[centex]

Applied for the 50-50 secured card, figuring I would be a shoe in, denied. I re-applied for the full secured card, DENIED. What the hell...

 

Pulled my true EQ FICO last week, 718, no baddies, 3 inqs, 6 figure income, <20% uti. What is required to get a secured card out of Penfed?

 

call them and ask...

 

Also, did you have earlier applications with them that DID contain derogatory items? Might they be also relying on older information that they have retained in their lending department?

[greywolf]

Nope, I never applied for Penfed until everything was off my reports. They did pull a fresh report (I joined 5 months ago) as well.

 

Is there a number for recon?

[centex]

Nope, I never applied for Penfed until everything was off my reports. They did pull a fresh report (I joined 5 months ago) as well.

 

Is there a number for recon?

 

Have no idea what contact numbers might be...I never applied with them.

 

What was on the report five months ago? If there was ANYTHING at all, you can bet it is still being factored in the decision making processes...

[greywolf]

When I first applied, my Uti was higher, around 60-70%. There was nothing negative on my reports then either.

[greywolf]

I just called their regular 1800 number, and spoke with someone. Apparently, I am pyramiding debt? Is there anything I can do to great around that?

 

My ratio of income to available limits is like 10%. I thought the pyramiding debt thing was for people like Bob Wang with tons of available limits? I only applied for a $500 secured card just to get my foot in the door...

[more credit less cash]

What's your DTI?

[greywolf]

DTI is <10%

[centex]

I just called their regular 1800 number, and spoke with someone. Apparently, I am pyramiding debt? Is there anything I can do to great around that?

 

My ratio of income to available limits is like 10%. I thought the pyramiding debt thing was for people like Bob Wang with tons of available limits? I only applied for a $500 secured card just to get my foot in the door...

 

ah...they are back to the egyptian denials.

 

Do a search on egyptian and you will find many older threads that discuss pyramiding as well as why many decided PenFed was not worth the hassle.

[LBCS]

Are you self employed? Because paystubs are usually a winner with Penfed recons, especially for a lemonade poor limit like $500.

[more credit less cash]

DTI is <10%

 

That includes all debt compared to your personal income?

[GEORGE]

I just called their regular 1800 number, and spoke with someone. Apparently, I am pyramiding debt? Is there anything I can do to great around that?

 

My ratio of income to available limits is like 10%. I thought the pyramiding debt thing was for people like Bob Wang with tons of available limits? I only applied for a $500 secured card just to get my foot in the door...

TELL THEM YOU SOLD YOUR HOUSE IN EGYPT THAT LOOKS LIKE A PYRAMID

[greywolf]

DTI is <10%

 

That includes all debt compared to your personal income?

I own my house, second home has a HELOC with a small balance, both cars are paid for. I have very little debt (thankfully).

 

Unfortunately, I am self employed, so I can't just fax them a paystub

 

Is there anyone else I can do, or am I stranded in Egypt forever?

[greywolf]

LOL, they 'approved' me for Thrifty Credit Services, and I didn't even submit an application for that

 

[GEORGE]

DTI is <10%

 

That includes all debt compared to your personal income?

I own my house, second home has a HELOC with a small balance, both cars are paid for. I have very little debt (thankfully).

 

Unfortunately, I am self employed, so I can't just fax them a paystub

 

Is there anyone else I can do, or am I stranded in Egypt forever?

Show them the picture of the front of the house with the SOLD SIGN

[LBCS]

DTI is <10%

 

That includes all debt compared to your personal income?

I own my house, second home has a HELOC with a small balance, both cars are paid for. I have very little debt (thankfully).

 

Unfortunately, I am self employed, so I can't just fax them a paystub

 

Is there anyone else I can do, or am I stranded in Egypt forever?

 

Talk to an underwriter and offer to send in tax returns and bank statements.

[greywolf]

Apparently, tax returns, and two bank statements still can't get me an approval FOR A SECURED CARD. 718 FICO isn't good enough for the almighty Penfed. They approved Thrifty Credit services for $500, just not a $500 secured card.

 

I guess I will just go back to my pyramid is wait another 6 months. Penfed doesn't want my money apparently...

[GEORGE]

Apparently, tax returns, and two bank statements still can't get me an approval FOR A SECURED CARD. 718 FICO isn't good enough for the almighty Penfed. They approved Thrifty Credit services for $500, just not a $500 secured card.

 

I guess I will just go back to my pyramid is wait another 6 months. Penfed doesn't want my money apparently...

I'll let you have some of my PENFED VISA credit limit

[rooms222]

They seem to like the baby steps approach if you are rebuilding. I too got the Thrifty Credit and Checking Account after about a year of membership. I am going to park $500 in there and pay some bills through them for a while and then apply for a Credit Card.......

[andy2003si]

I'm sorry but if you're going to send them a whole bunch of crap prooving your income and debts thats bull, if they don't want your business (especially since it's a secured card) go somewhere else I recommend orchard secured to ALL or BOFA (but they can be picky too even for secured), I got my orchard secured turned into an unsecured in 2 months!

Edited November 21, 2009 by andy2003si

[missdoubtfire]

DTI is <10%

 

That includes all debt compared to your personal income?

I own my house, second home has a HELOC with a small balance, both cars are paid for. I have very little debt (thankfully).

 

Unfortunately, I am self employed, so I can't just fax them a paystub

 

Is there anyone else I can do, or am I stranded in Egypt forever?

Show them the picture of the front of the house with the SOLD SIGN

 

 

[missdoubtfire]

I'm sorry but if you're going to send them a whole bunch of crap prooving your income and debts thats bull, if they don't want your business (especially since it's a secured card) go somewhere else I recommend orchard secured to ALL or BOFA (but they can be picky too even for secured), I got my orchard secured turned into an unsecured in 2 months!

 

I never heard of Orchard unsecuring. Do you mean you were approved for a separate unsecured card in addition to keeping the secured card?

[missdoubtfire]

So, considering greywolfs situation, is PenFed worth it? And if not, who is a good replacement other than NFCU?

[EvilMan]

George, can i snag $5k and get the AMEX card out of it? The denied me for AMEX but after writing to the Chairman Which the OP should do as well, they offered me the 50/50- secured of the visa card. Not sure if its worth it, i really want the damn aMEX.