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Working on Pen Fed Recon


moonpirate
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4 hours ago, moonpirate said:

Yes I joined about 1 month ago and got their Checking & Savings Account.

Excellent! You've passed the EWS test and a Soft Pull with a TransUnion FICO 9 score. 

 

Now, think about the possibility of applying for a credit card to the Navy Fed.

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4 hours ago, MP80 said:

Excellent! You've passed the EWS test and a Soft Pull with a TransUnion FICO 9 score. 

 

Now, think about the possibility of applying for a credit card to the Navy Fed.

I guess I should :)

BTW do is there a good guide on here for disputing? I just watched a video where they informed me that if you signup on Transunion, Equifax, or Experian you waive your rights to sue them. Also that I have only 1 Address + 1 Name on my Credit Report.

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4 hours ago, moonpirate said:

I guess I should :)

BTW do is there a good guide on here for disputing? I just watched a video where they informed me that if you signup on Transunion, Equifax, or Experian you waive your rights to sue them. Also that I have only 1 Address + 1 Name on my Credit Report.

I'm not familiar with those who are disputing with the Bureaus. I'd let other members chime in to give you suggestions and advice.

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I watched a YouTube Video and read some threads. I created my Recon Letter and will be calling tomorrow/submitting it tomorrow to PenFed. Wish me luck! I figure I have nothing to lose since I have a hard pull. But after that I'll be in the Garden. But @MP80 I heard if your TU Report is frozen which mine is then NavyFed would pull from EQ. Had I known this I would of never joined PenFed 🙂. Do you think 4 Inquiries + 2 New Accounts (Missing 2 More) is a lot to Navy Fed? I would rather try after 6 months or even 1 year since I want my best shot at getting 25k honestly or at least 15k minimum.

 

I've become an addict of this forum now!

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On 6/17/2021 at 10:24 AM, moonpirate said:

Yes I joined about 1 month ago and got their Checking & Savings Account.

You said that you joined the Navy FED a month ago. Didn't you see this under the topic of applying for a credit card? 

You're not CB-J? Are you?

 

eDCP1ED.png

 

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On 6/18/2021 at 8:08 AM, MP80 said:

You said that you joined the Navy FED a month ago. Didn't you see this under the topic of applying for a credit card? 

You're not CB-J? Are you?

 

eDCP1ED.png

 

Again, have you done a prequalification on the Navy Fed credit card?

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4 hours ago, moonpirate said:

I tried to Prequalify but it asked me to unlock my CR which I am scared to do :(

 

What is CB-J?

A former CB irritating vexatious member.

 

Why are you scared? You're sooner or later going to apply for the card anyway.

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4 hours ago, MP80 said:

A former CB irritating vexatious member.

 

Why are you scared? You're sooner or later going to apply for the card anyway.

I'm scared because my TU has 1 Negative Charged Off Account. I haven't even requested CLIs because of this.

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4 hours ago, moonpirate said:

I'm scared because my TU has 1 Negative Charged Off Account. I haven't even requested CLIs because of this.

I told you about people who have 50 points under you get approved with a small credit limit, then, a few months later, apply for a second card you will experience the fruition of an incredibly different outcome.

 

BTW - You can maximize three cards with Navy. Each individual allows credit exposure to a max of $80K.

 

No doubt anyone similar to your credit profile, I assume they inclined to move forward.

Edited by MP80
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4 hours ago, MP80 said:

I told you about people who have 50 points under you get approved with a small credit limit, then, a few months later, apply for a second card you will experience the fruition of an incredibly different outcome.

 

BTW - You can maximize three cards with Navy. Each individual allows credit exposure to a max of $80K.

 

No doubt anyone similar to your credit profile, I assume they inclined to move forward.

I guess I got nothing to lose. I'll give it a shot!

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  • 2 weeks later...
On 6/21/2021 at 10:55 AM, MP80 said:

Have you been pre-qualified with the Navy Fed Credit Card? :)

I was unable to prequalify. It may be because I froze 4 of my other reports like Lexus Nexus, Sage Stream.

 

Also with PenFed they pretty much said I didn't give them any reason to show that the Credit Report they pulled was inaccurate. I even paid some stuff in Full but told them the balances obviously wouldn't update immediately on the Credit Report but I provided pictures showing my payments. They also said they'll have to do another Hard Pull. I'm calling tomorrow to hopefully have a Manager pull some strings or to close my Checking/Savings Account. Overall my experience with them has been horrible. I should of saved myself the trouble. I'm also going to dispute this inquiry they gave me since it technically wasn't authorized as I was told my application wasn't going to be processed on the phone. My letter does not mention this mixup.

 

I would like to thank you for reviewing my Credit Card Application for the Visa - Power Cash Rewards Card. To my surprise and disappointment, I was unfortunately denied for this card on xx/xx/xxxx. I have recently become a member of PenFed and was planning on moving forward with using PenFed as my main Bank for my Savings and Checking Account needs. I was also in the market for a new credit card with rewards and was advised by a Branch Support Representative that this 2% Cash Back card would meet my needs. I have even done my own research and this Power Cash Rewards was recommended as a great cash back card all over the internet! I don’t need a large amount of credit, but simply enough for this card to be utilized for daily needs while taking advantage of the wonderful cash back it provides. I have listed below explanations for the key factors noted on my denial letter. I also do not authorize another Credit Pull as I’ve been told this would affect my Credit Score. I am hoping this letter will allow my application to be reconsidered and I appreciate your time and help with this. I can be reached at via Mobile Phone at 555.555.5555 or via Email at email@internet.com .

Key Factors for my denial

    • • Proportion of loan balances to loan amounts is too high
      • This is most likely referring to my Student Loan which is current and has no late payments. Since it does not incur any interest and due to COVID19’s extension, I was not making payments on this loan but have processed my first payment today. I was unaware that this would affect my credit score and I can pay half of this loan immediately and continue making payments if it helps. Regardless of the outcome of this letter I will be making payments moving forward and am grateful this was bought to my attention, as I did not know this would affect my Credit Score. I signed up for myFico to get a better understanding of my Credit Score since you & other creditors use this scoring model and I have provided proof showing myFico’s rating of my amount of debt rating to be Very Good.
    • • Length of time revolving accounts have been established & Length of time accounts have been established
      • My average age of accounts is 2 Years & 6 Months. While this is considered a short time, I would like to point out that I have not missed any payments for any of my accounts and that once again my debt rating if Very Good. I have attached proof for both of these statements.
    • Ratio of balance to limit on bank revolving or other rev accts is too high
      • I assume this is due to my Amazon & PayPal Credit Accounts which utilizations were a bit high for but I have paid these both down to $0. I never carry a balance over and I have exceptional payment history with no late payments! I have attached proof of my current balances for each of these accounts. The balance on myFico is not current. As of current all my Primary Accounts except my Loan have a $0 Balance.
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7 hours ago, moonpirate said:

I was unable to prequalify. It may be because I froze 4 of my other reports like Lexus Nexus, Sage Stream.

 

Also with PenFed they pretty much said I didn't give them any reason to show that the Credit Report they pulled was inaccurate. I even paid some stuff in Full but told them the balances obviously wouldn't update immediately on the Credit Report but I provided pictures showing my payments. They also said they'll have to do another Hard Pull. I'm calling tomorrow to hopefully have a Manager pull some strings or to close my Checking/Savings Account. Overall my experience with them has been horrible. I should of saved myself the trouble. I'm also going to dispute this inquiry they gave me since it technically wasn't authorized as I was told my application wasn't going to be processed on the phone. My letter does not mention this mixup.

 

I would like to thank you for reviewing my Credit Card Application for the Visa - Power Cash Rewards Card. To my surprise and disappointment, I was unfortunately denied for this card on xx/xx/xxxx. I have recently become a member of PenFed and was planning on moving forward with using PenFed as my main Bank for my Savings and Checking Account needs. I was also in the market for a new credit card with rewards and was advised by a Branch Support Representative that this 2% Cash Back card would meet my needs. I have even done my own research and this Power Cash Rewards was recommended as a great cash back card all over the internet! I don’t need a large amount of credit, but simply enough for this card to be utilized for daily needs while taking advantage of the wonderful cash back it provides. I have listed below explanations for the key factors noted on my denial letter. I also do not authorize another Credit Pull as I’ve been told this would affect my Credit Score. I am hoping this letter will allow my application to be reconsidered and I appreciate your time and help with this. I can be reached at via Mobile Phone at 555.555.5555 or via Email at email@internet.com .

Key Factors for my denial

    • • Proportion of loan balances to loan amounts is too high
      • This is most likely referring to my Student Loan which is current and has no late payments. Since it does not incur any interest and due to COVID19’s extension, I was not making payments on this loan but have processed my first payment today. I was unaware that this would affect my credit score and I can pay half of this loan immediately and continue making payments if it helps. Regardless of the outcome of this letter I will be making payments moving forward and am grateful this was bought to my attention, as I did not know this would affect my Credit Score. I signed up for myFico to get a better understanding of my Credit Score since you & other creditors use this scoring model and I have provided proof showing myFico’s rating of my amount of debt rating to be Very Good.
    • • Length of time revolving accounts have been established & Length of time accounts have been established
      • My average age of accounts is 2 Years & 6 Months. While this is considered a short time, I would like to point out that I have not missed any payments for any of my accounts and that once again my debt rating if Very Good. I have attached proof for both of these statements.
    • Ratio of balance to limit on bank revolving or other rev accts is too high
      • I assume this is due to my Amazon & PayPal Credit Accounts which utilizations were a bit high for but I have paid these both down to $0. I never carry a balance over and I have exceptional payment history with no late payments! I have attached proof of my current balances for each of these accounts. The balance on myFico is not current. As of current all my Primary Accounts except my Loan have a $0 Balance.

Hey, Moonpirate! Long Time no see...  :wave: 

 

I'm skeptical of people explaining things to embellish the predicament they're positioning. In this case, recon goes from rejection to approval.

 

I go back and analyze your original post, your 5 applications, 4 were approved 1 was rejected by PenFed, correct?


People at length saying do not to join PenFed while your Equifax report is dirty!  Besides, your excessive credit application doesn't help cogent to PenFed approval.

 

As to Navy Fed apps, forget that, too. Stay in the garden at the moment would serve you best. Don't apply for anything for at least 6 months, then see what next is the best way of handling things.  :)

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11 hours ago, moonpirate said:

Also with PenFed they pretty much said I didn't give them any reason to show that the Credit Report they pulled was inaccurate. I even paid some stuff in Full but told them the balances obviously wouldn't update immediately on the Credit Report but I provided pictures showing my payments. They also said they'll have to do another Hard Pull. I'm calling tomorrow to hopefully have a Manager pull some strings or to close my Checking/Savings Account. Overall my experience with them has been horrible. I should of saved myself the trouble. I'm also going to dispute this inquiry they gave me since it technically wasn't authorized as I was told my application wasn't going to be processed on the phone. My letter does not mention this mixup.

 

I'm going to note the following (you're welcome to take or leave ...):

 

--  I advised you that you wouldn't be satisfied with your recon experience with PenFed.  Your experience bears me out; guess that's a "told ya so!"; mea culpa ;)

 

--  PenFed has explicitly stated that if the issue isn't credit report inaccuracies, but instead a change in account condition, you need to reapply.  Everything in your draft recon statement again demonstrates that you're asking for your application to be reconsidered based upon your explanation of accurate info in your report or updated account balances (incl future anticipated updates).

 

A credit manager's reaction is going to be if the revised balances are sufficient to bring your credit score above their approval threshold, they'll approve upon reapplication.  END OF STORY.

 

This isn't a dire situation where you must have the card in your possession by "X" date, and therefore special evaluation is potentially warranted (say, instead like a time sensitive mortgage application).  In their eyes, there's plenty of time for you to address those areas that may keep your credit score below that needed for approval.  So they'll expect you to wait and address those items and reapply then.

 

--  As far as disputing your inquiry, you may be successful, but be advised that inquiry disputes can hazard a Fraud Alert being triggered that may make future credit pulls through the CRA in question more troublesome.  The CRA's perspective is either you authorized an inquiry, or it was pulled fraudulently.

 

------------

 

My advice is that if you were sufficiently motivated to grapple with PenFed in the interest of approval, you should be patient and see this through with another app when appropriate.  (I needn't say that inquiries are fairly meaningless in the "big picture"; this is being shouted out from the CB mountaintop with some regularity these days.)

 

On the other hand, there are MUCH tastier fish in the credit sea.  Were I in your shoes, I'd walk away without another thought.

 

 

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15 hours ago, moonpirate said:

I was unable to prequalify. It may be because I froze 4 of my other reports like Lexus Nexus, Sage Stream.

 

Also with PenFed they pretty much said I didn't give them any reason to show that the Credit Report they pulled was inaccurate. I even paid some stuff in Full but told them the balances obviously wouldn't update immediately on the Credit Report but I provided pictures showing my payments. They also said they'll have to do another Hard Pull. I'm calling tomorrow to hopefully have a Manager pull some strings or to close my Checking/Savings Account. Overall my experience with them has been horrible. I should of saved myself the trouble. I'm also going to dispute this inquiry they gave me since it technically wasn't authorized as I was told my application wasn't going to be processed on the phone. My letter does not mention this mixup.

 

I would like to thank you for reviewing my Credit Card Application for the Visa - Power Cash Rewards Card. To my surprise and disappointment, I was unfortunately denied for this card on xx/xx/xxxx. I have recently become a member of PenFed and was planning on moving forward with using PenFed as my main Bank for my Savings and Checking Account needs. I was also in the market for a new credit card with rewards and was advised by a Branch Support Representative that this 2% Cash Back card would meet my needs. I have even done my own research and this Power Cash Rewards was recommended as a great cash back card all over the internet! I don’t need a large amount of credit, but simply enough for this card to be utilized for daily needs while taking advantage of the wonderful cash back it provides. I have listed below explanations for the key factors noted on my denial letter. I also do not authorize another Credit Pull as I’ve been told this would affect my Credit Score. I am hoping this letter will allow my application to be reconsidered and I appreciate your time and help with this. I can be reached at via Mobile Phone at 555.555.5555 or via Email at email@internet.com .

Key Factors for my denial

    • • Proportion of loan balances to loan amounts is too high
      • This is most likely referring to my Student Loan which is current and has no late payments. Since it does not incur any interest and due to COVID19’s extension, I was not making payments on this loan but have processed my first payment today. I was unaware that this would affect my credit score and I can pay half of this loan immediately and continue making payments if it helps. Regardless of the outcome of this letter I will be making payments moving forward and am grateful this was bought to my attention, as I did not know this would affect my Credit Score. I signed up for myFico to get a better understanding of my Credit Score since you & other creditors use this scoring model and I have provided proof showing myFico’s rating of my amount of debt rating to be Very Good.
    • • Length of time revolving accounts have been established & Length of time accounts have been established
      • My average age of accounts is 2 Years & 6 Months. While this is considered a short time, I would like to point out that I have not missed any payments for any of my accounts and that once again my debt rating if Very Good. I have attached proof for both of these statements.
    • Ratio of balance to limit on bank revolving or other rev accts is too high
      • I assume this is due to my Amazon & PayPal Credit Accounts which utilizations were a bit high for but I have paid these both down to $0. I never carry a balance over and I have exceptional payment history with no late payments! I have attached proof of my current balances for each of these accounts. The balance on myFico is not current. As of current all my Primary Accounts except my Loan have a $0 Balance.

 

If your goal is to enter The Gates of Hell, there are a lot more pleasurable ways to get there than this.

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8 hours ago, hdporter said:

 

I'm going to note the following (you're welcome to take or leave ...):

 

--  I advised you that you wouldn't be satisfied with your recon experience with PenFed.  Your experience bears me out; guess that's a "told ya so!"; mea culpa ;)

 

--  PenFed has explicitly stated that if the issue isn't credit report inaccuracies, but instead a change in account condition, you need to reapply.  Everything in your draft recon statement again demonstrates that you're asking for your application to be reconsidered based upon your explanation of accurate info in your report or updated account balances (incl future anticipated updates).

 

A credit manager's reaction is going to be if the revised balances are sufficient to bring your credit score above their approval threshold, they'll approve upon reapplication.  END OF STORY.

 

This isn't a dire situation where you must have the card in your possession by "X" date, and therefore special evaluation is potentially warranted (say, instead like a time sensitive mortgage application).  In their eyes, there's plenty of time for you to address those areas that may keep your credit score below that needed for approval.  So they'll expect you to wait and address those items and reapply then.

 

--  As far as disputing your inquiry, you may be successful, but be advised that inquiry disputes can hazard a Fraud Alert being triggered that may make future credit pulls through the CRA in question more troublesome.  The CRA's perspective is either you authorized an inquiry, or it was pulled fraudulently.

 

------------

 

My advice is that if you were sufficiently motivated to grapple with PenFed in the interest of approval, you should be patient and see this through with another app when appropriate.  (I needn't say that inquiries are fairly meaningless in the "big picture"; this is being shouted out from the CB mountaintop with some regularity these days.)

 

On the other hand, there are MUCH tastier fish in the credit sea.  Were I in your shoes, I'd walk away without another thought.

 

 

It wasn't necessarily just the Inquiries but also the other 3 New CCs I got approved for. 2 out of the 3 are now reporting on All 3 CBs so I figured that would be another factor that they judge me on. I was just trying to avoid them seeing these new Credit Card Accounts so I applied for 4 CCs within 4 2-3 days. I don't want the new denial reason to be that I'm applying for too many Credit Cards. I only applied for PenFed because the exclusively pull EQ I may just go into the Garden for 6 months and retry Navy Federal.

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13 hours ago, MP80 said:

Hey, Moonpirate! Long Time no see...  :wave: 

 

I'm skeptical of people explaining things to embellish the predicament they're positioning. In this case, recon goes from rejection to approval.

 

I go back and analyze your original post, your 5 applications, 4 were approved 1 was rejected by PenFed, correct?


People at length saying do not to join PenFed while your Equifax report is dirty!  Besides, your excessive credit application doesn't help cogent to PenFed approval.

 

As to Navy Fed apps, forget that, too. Stay in the garden at the moment would serve you best. Don't apply for anything for at least 6 months, then see what next is the best way of handling things.  :)

My EQ is clean. My TU & EX has 1 Chargeoff with a 270% Utilization Rate :(

 

But yeah I plan to stay in the Garden for 6 months then apply for Navy Fed. Then 18 months later I will apply for Chase Freedom Unlimited :)

 

Off topic but is it normal for a Card to report the balance twice in 1 month? I have 1 card that reported my balance on the 6th and 25th.

Edited by moonpirate
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7 hours ago, moonpirate said:

Off topic but is it normal for a Card to report the balance twice in 1 month? I have 1 card that reported my balance on the 6th and 25th.

My Chase card does that. The statement cut-off date is the 3rd of the month. Now, if you decide to pay off the entire balance at any time, Chase would update the zero balance to the bureaus at such time.

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7 hours ago, MP80 said:

My Chase card does that. The statement cut-off date is the 3rd of the month. Now, if you decide to pay off the entire balance at any time, Chase would update the zero balance to the bureaus at such time.

My Amazon Synchrony Card updated on the 6th with my high balance. I paid it off in full this month and then bought some more stuff and paid them off once they posted on the 25th. Apparently it updated my balance on the 25th so it looks like I never paid down my card lol. I wonder if it updates twice a month.

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