@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
@oilcan12 wrote:
@Andy77 wrote:
I was thinking of depositing about 150k into my checking account with Penfed. Does anyone know if they take into account the cash in their accounts in determining cc limits, or do they just use your fico score and history ?
Thank you
I believe Penfed does consider deposit assets when determining limits. I don't know how much it will affect the initial limit, but I think it is a sigificant factor in CLIs and if you are willing to recon. I believe that Penfed also considers the amount of spending put through a card.
Penfed is my highest limit and I believe my credit limit is a combination of high FICOs, spending and deposit assets.
My experience suggests that other credit unions also consider deposit assets when determining credit limits. And, you only have to leave the money in the account long enough to get the credit limit you desire. Then, you can put your money wherever you want.
Eh, don't think it really matters. While having a lot of money deposited in a CU may help convince them to give you an account, I doubt it affects the limit. I received a $30K card with $50 in my account as have a lot of other people. I've also receive high limits with NFCU and NASA prior to having much in my accounts there. The biggest factors in setting your limit is your credit scores/credit file and existing card limits, not how much you have in their accounts.
I agree with Irish. Discretionary review can leverage a judgemental approval, but not always - it is still an unsecured CC at the end of the day. NASA approved $30K without any depository relationship during the initial membership frenzy. UNFCU approved $70K, and trust me, not much there in deposits either. PenFed has close to $50K in CLs and just recently opened a checking account with them last month (had the 1st CC for over a year). WPFCU, $30K on the spot before I could even say Hi to the UW. In my favor, in most cases, were POI (at least for UNFCU and a couple other CUs), FICO scores, CR profile and existing tradelines - not deposits or investments.
Still blows my mind when I see that.
LOL - it blew MY mind that they could even say "yes" and approve that high (I think the max is $100K on that CC), yet all the back and forth, waiting... waiting, and UW convos + all the info they requested was all worth it for me 