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New Contributor
Posts: 59
Registered: ‎04-29-2012
0

Balance Transfer Offer Improve chances of getting CLI

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

Established Contributor
Posts: 608
Registered: ‎10-11-2012
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Re: Balance Transfer Offer Improve chances of getting CLI


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??


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New Contributor
Posts: 59
Registered: ‎04-29-2012
0

Re: Balance Transfer Offer Improve chances of getting CLI


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.

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