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Applied for PenFed CC

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Opened an account with them on Friday and applied for their CC at the same time. Just found out that I was turned down. I called them to find out why and the very nice woman said :because you have to much unsecured debt". She said it was not because of UT, but because I had to much available that I could just go out and use :lol:

 

Don't know which one is worse, being Egyptian or having to much credit to spend :ph34r:

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Don't know which one is worse, being Egyptian or having to much credit to spend :lol:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

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I had a lot of credit :lol: when I applied and was approved for the card 3 years ago. I'm going to guess they denied you more for what they deemed as a lot of "new" credit. Or your score was lower than they were comfortable with..or they simply tightened up their lending since this so called credit crisis. In any case, most lenders never used to deny based on "too much credit" of any amount.

 

But, I'm not going to test this new credit environment yet with any new apps. I want to keep what I have...

Edited by TrevorHere

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Never heard of that one. Is it a certain multiple of your annual income?

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Don't know which one is worse, being Egyptian or having to much credit to spend :lol:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

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Don't know which one is worse, being Egyptian or having to much credit to spend :grin:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

I have to disagree with you before PenFed I had 150k in available credit. I now I have a 45k card with them and a loan for 8k. I'm now up to 200k+ in available credit.

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Don't know which one is worse, being Egyptian or having to much credit to spend :grin:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

 

sorry for the O/T post but you got a 20k pen fed cc with a bankruptcy reporting?

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Don't know which one is worse, being Egyptian or having to much credit to spend :grin:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

That's the kind of scenario I was refering to. I recommend Penfed cash rewards card to everyone I know and although most of the apps were more than 6 months ago several of the people who only had a car loan, a low limit bank card, and a store card, came away with 20K limits. In the past Penfed has been more generous to thin files than most other lenders. That's why I think they like thin files They obviously like others too, if whatever else they look at makes them happy.

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Don't know which one is worse, being Egyptian or having to much credit to spend :grin:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

 

sorry for the O/T post but you got a 20k pen fed cc with a bankruptcy reporting?

 

BK is not a limiting factor. Look up users nyrfann and Curious - they have BK (and in some cases multiple BK's reporting) and have hundreds of thiusands of dollars of credit. Mostly through Credit Unions.

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Don't know which one is worse, being Egyptian or having to much credit to spend :cry2:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

 

sorry for the O/T post but you got a 20k pen fed cc with a bankruptcy reporting?

 

BK is not a limiting factor. Look up users nyrfann and Curious - they have BK (and in some cases multiple BK's reporting) and have hundreds of thiusands of dollars of credit. Mostly through Credit Unions.

 

huh? aren't many banks and CU not BK friendly? yet uber conservative PF doesn't care, wow i don't get it.

Thanks for the instructive response. i just don't see how pen fed could be bankruptcy friendly and yet deny so many high scoring non egyptians with comparatively clean reports for other less significant 'offenses'. the more i learn the less i realize i know :rofl: thanks again!

Edited by savetherobots

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I was considered an Egyptian by Penfed a few years back myself. Although I will say that my application for CC with them was near the end of a rather large application spree. I have talked with them since and from my understanding it is not the amount of available credit, but the amount of time that it has been on your file that matters more. I am right at the 3 year mark since my last major app spree and plan on hopefully removing my turban with them in about 6 months.

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In the past Penfed has been more generous to thin files than most other lenders.

 

Not true. Most of us UPS (ultra supreme pimps) have been given the max limits...

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I had a lot of credit :lol: when I applied and was approved for the card 3 years ago. I'm going to guess they denied you more for what they deemed as a lot of "new" credit. Or your score was lower than they were comfortable with..or they simply tightened up their lending since this so called credit crisis. In any case, most lenders never used to deny based on "too much credit" of any amount.

 

But, I'm not going to test this new credit environment yet with any new apps. I want to keep what I have...

:mellow:

 

I have yet to be denied based on too much credit..I'll defer to you though Trev, to test my theory though in this new climate.. :unsure:

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Don't know which one is worse, being Egyptian or having to much credit to spend :mellow:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

 

sorry for the O/T post but you got a 20k pen fed cc with a bankruptcy reporting?

 

 

I did as well. 5 yr old BK...approved for 20k CC

 

ETA: Approval in Aug 08

Edited by mpc578

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Opened an account with them on Friday and applied for their CC at the same time. Just found out that I was turned down. I called them to find out why and the very nice woman said :because you have to much unsecured debt". She said it was not because of UT, but because I had to much available that I could just go out and use :unsure:

 

Don't know which one is worse, being Egyptian or having to much credit to spend :mellow:

SO THEY HAVE BECOME A PAID SHILL OF "DR" THE SNAKE OIL SALESMAN???

 

"AVAILABLE IS NOW DEBT"

 

:lol:

Edited by GEORGE

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Opened an account with them on Friday and applied for their CC at the same time. Just found out that I was turned down. I called them to find out why and the very nice woman said :because you have to much unsecured debt". She said it was not because of UT, but because I had to much available that I could just go out and use :angry:

 

Don't know which one is worse, being Egyptian or having to much credit to spend :angry:

SO THEY HAVE BECOME A PAID SHILL OF "DR" THE SNAKE OIL SALESMAN???

 

"AVAILABLE IS NOW DEBT"

 

:angry:

Well, it's potential debt. If the unemployment numbers go up as projected, much of the potential debt might turn into real debt. It's not a completely unreasonable thought in such an economy, even if you think DR is full of it.

 

But I agree if you think that giving credit to someone who already has much makes it unlikely that he dumps all his balances on your card.

Edited by Ulan

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Opened an account with them on Friday and applied for their CC at the same time. Just found out that I was turned down. I called them to find out why and the very nice woman said :because you have to much unsecured debt". She said it was not because of UT, but because I had to much available that I could just go out and use :angry:

 

Don't know which one is worse, being Egyptian or having to much credit to spend :angry:

SO THEY HAVE BECOME A PAID SHILL OF "DR" THE SNAKE OIL SALESMAN???

 

"AVAILABLE IS NOW DEBT"

 

:angry:

Well, it's potential debt. If the unemployment numbers go up as projected, much of the potential debt might turn into real debt. It's not a completely unreasonable thought in such an economy, even if you think DR is full of it.

 

But I agree if you think that giving credit to someone who already has much makes it unlikely that he dumps all his balances on your card.

Then CUT everybody's credit limit to $1,000 and see how much you make after that

 

I HAVE BEEN AMEXED one too many times...I ain't gonna' reward AMEX...why would I reward any other bank???

Edited by GEORGE

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Don't know which one is worse, being Egyptian or having to much credit to spend :angry:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

 

sorry for the O/T post but you got a 20k pen fed cc with a bankruptcy reporting?

 

BK is not a limiting factor. Look up users nyrfann and Curious - they have BK (and in some cases multiple BK's reporting) and have hundreds of thiusands of dollars of credit. Mostly through Credit Unions.

 

huh? aren't many banks and CU not BK friendly? yet uber conservative PF doesn't care, wow i don't get it.

Thanks for the instructive response. i just don't see how pen fed could be bankruptcy friendly and yet deny so many high scoring non egyptians with comparatively clean reports for other less significant 'offenses'. the more i learn the less i realize i know :angry: thanks again!

As LBCS said, most CU's ARE BK friendly. I have 471K in available credit spread out over 11 CU's and I have a BK on my report.

 

My current PenFed accounts (Got them both with a BK reporting):

40K Platinum Rewards

10K Thrifty LOC (Came with my checking account)

Edited by nyrfann

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I go into a restaurant for DINNER...I "COULD" spend $10,000 on my credit card...but I don't want to

 

I spend under $100

 

So what does "POTENTIAL" have to with anything???

 

I have the "POTENTIAL" to pay $5,000 on my phone bill...but why should I since it is under $60

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In the past Penfed has been more generous to thin files than most other lenders.

 

Not true. Most of us UPS (ultra supreme pimps) have been given the max limits...

 

What I was trying to say is that Penfed often gives higher limits to those with thin files than other banks give to those with thin files.

 

They like the ultra supreme pimps with lots of history just fine.

Edited by Tyra

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My PENFED VISA is on the lower end of my credit limits

 

Off the top of my head I think I only have 2 or 3 accounts lower

 

Everything else is higher (AND WAY HIGHER)

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Don't know which one is worse, being Egyptian or having to much credit to spend :angry:

In Penfed's eyes I think those are more or less the same. Adding credit or just having lots of available credit can get you the pyramiding debt denial. Would be better if they said the denial was due to "sufficient credit limits with other creditors." I've gotten that one from someone before.

 

I think Penfed favors thin files. Or rather, their ideal customer would have a long credit history but only a couple of cards with low limits with other creditors.

 

LOL you talking about me Tyra? I had long history, only 2 cards a $300 and a $4k and got in with penfed for $20k.

 

sorry for the O/T post but you got a 20k pen fed cc with a bankruptcy reporting?

 

 

I did not and do not have hundreds of thousands of credit but I got 30K from Penfed with a 7 year old BK7 reporting.

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