topic Re: PENFED APPROVAL $20,000 in Credit Cards

PENFED APPROVAL $20,000

Jazzytimes — Sun, 22 Jun 2008 20:09:11 GMT

having read several good post about penfed gas card, i went ahead and called them for info. I proceeded with opening a membership and was charged $25 and applied for the visa cars which was approved instantly for 20K. i hope they don't call me to change their minds. has this happen to anyone? i should get membership info next week and credit card the following week.

the csr only used my wife's income and not household. I am keeping my fingers crosses

EQ 738

thanks for all your help and support

Re: PENFED APPROVAL $20,000

nicemann — Sun, 22 Jun 2008 20:20:37 GMT

Major Congrats! I am assuming it is a shared account with both of you getting Visa's. What is your highest CL on your other CCs? Wondering if that is why they went so high.

Re: PENFED APPROVAL $20,000

ashabbir1 — Sun, 22 Jun 2008 20:27:24 GMT

My friend just got 45,000 initial credit limit and he just requested 15,000 but he has 800 +

score.

Re: PENFED APPROVAL $20,000

oracles — Sun, 22 Jun 2008 20:43:17 GMT

do they ever ask you for pay stubs if it goes to a loan officer for review

Re: PENFED APPROVAL $20,000

SonorityGenius — Sun, 22 Jun 2008 20:43:27 GMT

Penfed max CL is 40k, read somewhere it was upped to 50k so his request will probably be denied of being 5k over limit

Re: PENFED APPROVAL $20,000

psychic — Sun, 22 Jun 2008 20:56:13 GMT

Congratulations on the new card and great credit line, Jazzytimes!!!

Re: PENFED APPROVAL $20,000

ashabbir1 — Sun, 22 Jun 2008 20:56:56 GMT

He applied for penfed gas rewards card and he got the initial limit of 45,000 and their

maximum limit is 50,000.

Re: PENFED APPROVAL $20,000

ashabbir1 — Sun, 22 Jun 2008 20:58:20 GMT

I applied for 25000 dollar limit and they gave 250. I guess they forgot to add 2 more zeros :)

Re: PENFED APPROVAL $20,000

oracles — Sun, 22 Jun 2008 21:06:34 GMT

hey ash, in there review, did they ask for any pay stubs to give you 250 dollars

Re: PENFED APPROVAL $20,000

ashabbir1 — Sun, 22 Jun 2008 21:08:01 GMT

LOL I was kidding. I applied over 8 months ago and I was denied because of too many

new open accounts. I am trying to apply again but I am scared :)

Re: PENFED APPROVAL $20,000

firstinlastout — Sun, 22 Jun 2008 21:39:49 GMT

very impressive !

Re: PENFED APPROVAL $20,000

Jazzytimes — Mon, 23 Jun 2008 00:04:21 GMT

thanks for the replies

i did not have to present paystubs. what amazed me was how the csr refused to use both of our incomes. I placed myself as an AU. I am really excited about this. the funny part is he asked if i wanted to increase the CL, he would have. I felt really greedy already for asking that much, but why settle for less if I could get that much.

So i asked am I going to get one of those " we have a problem calls" about the credit limit. he said no, once approved, that was it. I want to be positive, but I will be a true believer when i have the card in my hands.

I am actually fixing my credit so I can be on the same level as my wife. I am the one pushing it. she does not really care about having more credit.

in total I've applied for three cards:

Chase freedon world master card yesterday/ instant approval for $7000

Marryll Lynch + visa/ need more time

Penfed gas card/ instant approval for 20k

I am going to let the dust clear to see how much damage i've done to her FICO score.

Re: PENFED APPROVAL $20,000

mindbot7 — Mon, 23 Jun 2008 00:12:05 GMT

Jazzytimes wrote:
Chase freedon world master card yesterday/ instant approval for $7000
Marryll Lynch + visa/ need more time
Penfed gas card/ instant approval for 20k

Congrats Jazzytimes. :)

Re: PENFED APPROVAL $20,000

jmbfl — Mon, 23 Jun 2008 03:27:40 GMT

PenFed does not use HHI. All CC app's are done on the basis of individual income only.

Max CL on VISA PCR card = $50K.

I would call them in a month and jack the CL to whatever they have already internally qualified you for. They have already determined a number internally and if you are at a lower CL now they will bump you without any problem. If you ask within 60 days (or so) they will not do another hard inquiry to process this request. You might also consider getting a second card from them. The other cards do have a lower APR and are better if you are going to carry a balance. Just no rewards.

Re: PENFED APPROVAL $20,000

Jazzytimes — Mon, 23 Jun 2008 08:10:29 GMT

first he talked to my wife to verify that she really wanted to go ahead and apply.

seeing that approval would be based on her income alone I told the csr that she makes 26,000 annually, which is true and that she contributes $200 to our monthly rent.

then he said how high of a cl are you looking for. and i said if you're not able to approve what i ask for, would you consider a lower limit? he said " if you ask for 30k and i am not able to approve it, I would consider 20k". So I said let's go for 20k than.

I was worried that she was not going to be approved due to a recent $4700 balance transfer (her first BT) we just did to her BOA one month ago. Nope. no pyramid yet.

so the highest CL one can get on this card is 50k? do they do a hard pull when request a CL if requested after the first hard pull?

Penfed also sent me 4 emails with various info

thanks again for you replies.

Re: PENFED APPROVAL $20,000

Jubeyy — Mon, 23 Jun 2008 08:28:56 GMT

Who needs 20K, I have a $300 Capital One card and I can change the image on it every 30 days if I want. Heehe heee :)

Re: PENFED APPROVAL $20,000

CanDoAttitude — Mon, 23 Jun 2008 16:06:31 GMT

Super Congrats Jazzytimes!!!!! :smileyhappy:

$20,000 is an absolutely phenomenal opening credit limit

for a PenFed credit card. You must be ecstatic and PenFed

will take really good care of you. :smileyhappy:

Once again, Congratulations on the new card! :smileyvery-happy:

CanDo

"The right attitude is everything"

Re: PENFED APPROVAL $20,000

Carrot1 — Mon, 23 Jun 2008 16:32:05 GMT

That is one hell of a CL for a $26k income! I can't believe they would issue a CC with a limit that almost equals her annual income! Congrats!

Re: PENFED APPROVAL $20,000

smallfry — Mon, 23 Jun 2008 18:43:30 GMT

Carrot1 wrote:
That is one hell of a CL for a $26k income! I can't believe they would issue a CC with a limit that almost equals her annual income! Congrats!

That's what I was thinking. Kinda extremely strange.

Re: PENFED APPROVAL $20,000

lurknomore — Mon, 23 Jun 2008 20:15:34 GMT

smallfry wrote:

Carrot1 wrote:
That is one hell of a CL for a $26k income! I can't believe they would issue a CC with a limit that almost equals her annual income! Congrats!

That's what I was thinking. Kinda extremely strange.

My sentitments as well, but I wouldn't look a credit gift horse in the mouth. Congrats, JT!