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I am coming up on 1 year with Penfed Cash Rewards Card. When i was approved over the phone they gave me 20k limit, then after I received the card they dropped me to 1k limit.
Over the year, I have been using the card monthly, carrying normally a 50% ratio and paid it off 3 times over the year trying to show usage. Penfed just released a 18month 0.0 Balance transfer offer.
I have one card with a 18k balance currently, would it help my chances to get a CLI from Penfed to try a balance transfer for the 18k? Or does it normally work that way. I thought about paying off my Penfed card then applying for the Balance Transfer.
How does Penfed normally work? I have not had luck with them when applying back a year ago when they approved me for 20k and dropped me to 1k after I got the card.
Thanks
@chris288 wrote:I am coming up on 1 year with Penfed Cash Rewards Card. When i was approved over the phone they gave me 20k limit, then after I received the card they dropped me to 1k limit.
Over the year, I have been using the card monthly, carrying normally a 50% ratio and paid it off 3 times over the year trying to show usage. Penfed just released a 18month 0.0 Balance transfer offer.
I have one card with a 18k balance currently, would it help my chances to get a CLI from Penfed to try a balance transfer for the 18k? Or does it normally work that way. I thought about paying off my Penfed card then applying for the Balance Transfer.
How does Penfed normally work? I have not had luck with them when applying back a year ago when they approved me for 20k and dropped me to 1k after I got the card.
Thanks
What was the reason for dropping you that much??
My credit score at the time was 787 on Equifax is all they pull. They said even after I sent in verification of employment and pay stubs that they would have to start me at 1k limit because of credit history. I have no baddies or anything, just not enough history I guess or lenght of revolving accounts they said.
Told me to keep the 1k and with good history I would have a very good chance after a year of getting an increase. The account Mgr said they conservative compared to other lender requirements initially, but do reward good credit history with them. That is why I kept the card.