Cap1 CLI a soft pull & Penfed question

[j_casteel]

Good evening myFICOers,

My 3rd statement just cut today so I decided to request a CLI. I put in the info (salary, job, rent/mortgage, and monthly spend) and it immediately approved me for a $300 increase. 

Better than nothing are my thoughts, plus I'll receive the auto-CLI's from what I understand since I'm technically in the credit steps program.  I'm fairly certain that is just a SP, but wanted confirmation.  (BTW, I plan going for a second Cap1 card in June/July)

My second question is about Penfed...

I opened up an account with them around 2.5 months ago but just decided to go ahead and open a checking as well.  It asked me if I wanted the overdraft protection so I checked the yes box.  I now see that I have a "loan" account with them with an available balance of $500 14.99%. I didn't get a second pull from me since I was within the 1st 90days, and it did ask me to confirm that I accept the terms for a credit check.  So my question is if that is pretty normal for them to approve that for everyone? They are using a nearly 90 day old score and still gave it to me. Is it basically like the NLOC, but much lower amount? I had a $15k Navy CLOC before the BK7. 

One last question...it's been ~3mos since DC.  Should I wait another 3mos before attempting to refi at PenFed?  Currently with Cap1 at around 9.7% when we got approved 3 days after DC. 

Thanks, 

John

[Anonymous]

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@j_casteel wrote:

Good evening myFICOers,

My 3rd statement just cut today so I decided to request a CLI. I put in the info (salary, job, rent/mortgage, and monthly spend) and it immediately approved me for a $300 increase. 

Better than nothing are my thoughts, plus I'll receive the auto-CLI's from what I understand since I'm technically in the credit steps program.  I'm fairly certain that is just a SP, but wanted confirmation.  (BTW, I plan going for a second Cap1 card in June/July)

My second question is about Penfed...

I opened up an account with them around 2.5 months ago but just decided to go ahead and open a checking as well.  It asked me if I wanted the overdraft protection so I checked the yes box.  I now see that I have a "loan" account with them with an available balance of $500 14.99%. I didn't get a second pull from me since I was within the 1st 90days, and it did ask me to confirm that I accept the terms for a credit check.  So my question is if that is pretty normal for them to approve that for everyone? They are using a nearly 90 day old score and still gave it to me. Is it basically like the NLOC, but much lower amount? I had a $15k Navy CLOC before the BK7. 

One last question...it's been ~3mos since DC.  Should I wait another 3mos before attempting to refi at PenFed?  Currently with Cap1 at around 9.7% when we got approved 3 days after DC. 

Thanks, 

John

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The overdraft protection PenFed offers is their "thrifty" account. $500 is the norm, when I worked there I didn't see many people who had anything besides the $500 limit.

[Anonymous]

Penfed is still rather conservative and not that BK friendly. My discharge was last fall and I was just denied credit and car financing from them. Spoke They use the Nextgen score and not the fico8. The thrifty account will report on your reports as revolving though. 

[Anonymous]

I was discharged 5/2015. Joined PenFed 9/16. They gave me a thrifty credit account ($500) when I opened checking. Applied for Promise Visa 3/17. Denied. 667 FICO, 32% utilization. I sent a recon email and 2 days later they approved for $500. Sure, much lower limit than my other cards, but I'm in. Hope to get a nice increase after a few months.