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10-06-2017 06:05 AM
There's no hard and fast rule as to how often credit limits are raised, however, here are three common methods of getting a CLI.
1. They do account reviews four times a year (February, May, August and November) and may offer you a CLI (or another card) on or around the first of January, April, July or October. Offers may be made based on your credit history, relationship with PenFed, your EQ Fico 09 score and in some cases, how they're feeling that particular day.
2. Typically, people with new cards will ask for a CLI just before the 90 day mark of their having the card. For some, this will result in a very large CLI, for others, it will result in a decline and a HP.
3. If you are declined for a CLI and receive a survey in your Email, you can tell them how disappointed you are with the result and make a case for reconning the request. Ask to be contacted by phone and you will likely receive a phone call to go over the details of your request. A lot of people receive generous CLIs from this method.
10-09-2017 08:47 PM
I am sorry I don't actually have data points to offer. Pathetically, I beg credit for reading all 487 pages of this excellent thread! My eyes hurt a little but I've learned a lot
10-10-2017 12:45 AM
Product(s) approved and Limit(If approved for multiple products please include date if not immediate): PenFed PowerCash 2% card 10/6
EQ 08 Fico:712
EQ Fico 9: 718
Instant or Review?: Review - Initial Decline within 4 hours. Called in for recon, immediate reversal of denial without pleading my case.
POI?(If yes, what type of proof of income) No
Derogs?: (If you have a BK please list type and discharge date!) BK7 discharged 7/2014
Total EQ Inquiries:
Last 12 months: 5
Last 6 months:3
New Accounts in last 12 months: 4
Last 6 months:
Starting Limit: $3k 14.99% APR
10-11-2017 06:51 PM
10-13-2017 08:22 AM
Not sure sueblue34 but im going on a year and half with PF and i dont get any offers. Im on the low end of the totem pole lol
I'm right there with you AJC...you'll see me...I'm just a little lower than you lol!!!
I hope things are getting back to 'comfortable' after the hurricane and that your dad finally has his ice. You and the family are in our thoughts everyday AJC!!
10-13-2017 08:28 AM
yeah I get as much love from PenFed as Ellen would get in downtown Tehran.
10-13-2017 12:00 PM
Product(s) approved and Limit(If approved for multiple products please include date if not immediate) DENIED for Power Cash Rewards
EQ 08 Fico: 677 CK FAKO
Penfed Nextgen: Unsure
Instant or Review?: Review
POI?(If yes, what type of proof of income) No
AAOA: 1 yr 10 months
Derogs?: (If you have a BK please list type and discharge date!) BK 13 filed 2/12, discharged 3/17. All accounts paid on time, no lates.
Total EQ Inquiries: 8
Last 12 months: 6
Last 6 months: 4
New Accounts in last 12 months: 8
Last 6 months: 7
Thought I might have a good chance of getting this because was instantly approved for AMEX Delta Gold on 7/23/17 $10K 16.74% APR and Discover It on 10/12/17 for $8K 20.99% APR. Became a Pen Fed member with a regular share account on 11/3/16.
Reasons for denial: BANKRUPTCY FILING REPORTED, TOO MANY ACCOUNTS RECENTLY OPENED. Tried to recon by calling loan officer. I pointed out that BK was discharged. She said that they can see that and it has aged, she thought the real reason was the number of accounts opened. I advised that I was trying to reestablish credit and most of those were obtained becuase I was shopping online and received preapprovals. I asked if there was a different card better suited for my profile. She said no, that the UW was "pretty much the same" and although she couldn't make any guarantees, thought that if I let the accounts age for about another 9 months (but she hated to give me a specific number) and keep util low, it might be better for me to apply later. Just wanted to point all of this out for others thinking about applying.
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