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FYI. I spoke with Pended yesterday, because I was thinking about a small unsecured loan. The CS rep said there was a new policy implemented this week. Because of the current environment, they were tightening up on unsecured credit. She told me that if your credit card was recent, they wanted to see 12 mos payment history before requesting a CLI. This may also be applied to any additional unsecured credit you request from them. She said the credit committee was stilll interpreting what it meant for installment loans. I was around 693 when calling at gave that score. They also had the score from a few months ago when I joined.
I don't know how this affects automated reviews. It would make sense if they changed their software programming. I think we should expect them to be less generous for awhile.
Just passing along.
@jmbfl wrote:
It figures! I was due for my six month review next week.
Huh? Do they do that automatically, or were you just going to ask them at the 6 month mark. I had not heard anything about PenFed and CLI's so I'm interested considering my piddily CL with them...
Posters, including at least one mod here have been getting AR's and CLI's/offers at the six month point. The offer is in the form of X amount of credit which you can divvy up between existing accounts and new accounts. These have been based on soft inq's to my knowledge. (I am due for my six month AR next week if they are still doing them.) You are only going to get a hard inq from PenFed if you: a) ask for something and b) your last credit pull is out of date, which occurs 60 to 90 days from the pull date.
I suspect they will still be doing AR's at the six month point. That is when the limitation on the amount you can ACH daily into your account falls off. It is also when that deposit through your computer and mail in the check deal starts, too. I think they would be checking your credit prior to allowing that stuff to kick in.
There is also the fact that some of us actually use them as a BANK and have substantial deposits, too. That has to matter. If I find out it doesn't there are lots of other places I can park my dough. I haven't quite reached the NCUA/FDIC limit yet.
Whether it was an AR or just automatic due to the date I opened my account my ACH limit was recently changed from $50/day to $5K/day. This change is supposed to happen at the six month point. I mention this because many here have complained about the limitation of their ability to move money into their account via ACH. SO opened her account afer mine and she is still at $50/day.
I really would like an auto-CLI/offer!