@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:
@Ysettle4 wrote:
@Anonymous wrote:Hello everyone. So I've had my PenFed credit cards since March of last year. At 8 mos I asked for a CLI and was declined, per one of their classic reasons: PYRAMIDING OF DEBTS. I've literally run at least $12k through those cards and most months have PIF. Both accts sit at zero balances, as they did when I apped for the CLI. I'm wondering, even with my stellar useage and payment history, if that tag they have on me will also keep me from getting an auto cli?
The issue is with your other TLs and not the pendfed accounts. "Pyramiding of debts" is their speak for saying, "Opening new lines of credit in order to simulate low utilization instead of working vigorously to pay down your current debt with the current TLs." What do your other TLs look like?
Not sure what specific info you're requesting, but I have 40+ TLs with over $279k exposure. My largest balance is 4.1k due to a BT on my Discover account. I have a few insignificant balances of a few hundred dollars each. Last CK update showed me at 3% UTIL. It's actually under 2%.
What is the current limit on this card that has the $4k+ balance?
Also, penfed looks at utilization per card, not necessarily overall util.
I hope you are taking this as my answer to your original question/goal and not as anything else. You asked "how"...I'm telling you how.
Limit on the Discover is 8.4k, so yes, I'm at 49% utilization on that card. None of my other accounts have more than 5% util.
Take that down, to under 20% util. Let it report, then either wait for the quarterly SPs or take a HP. I would suggest waiting for the quarterly pulls (3/1, 6/1, 9/1, 12/1 of the given year) beause if you should the low util before one of these take place, it's quite possible they will offer you credit products or offers to increase credit limits.
⋅ INQs: 6
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.
Please explain how folks were getting denied for pyramiding debt when they had no debt.
Well, I certainly did not state that I was an expert with penfed. Just stated that I understood the termonology which took many trials and talks with UW to somehat get a grasp on. I've had many denials with them until I understood what they were looking for. Every's sitution is different and not one size fits all - this is with any lender.
@longtimelurker wrote:
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.
Please explain how folks were getting denied for pyramiding debt when they had no debt.
Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).
But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....
You may just have the kind of profile that warranted such an increase based on your situation. Your increase was amazing, btw.
@myjourney wrote:I think PenFed also looks at other lenders you have and at available credit overall with all lenders
Not to mention recent INQ's
Balances with all lenders
Time usually heals with them going new credit and HP free seems to help
shoot...I just want in with a CC with them. Itll take an act of God im sure. Ill have to drop down to 1 CC, with a $1kCL in order to even get an initial one, LMAO!!! 
@Anonymous wrote:
@Ysettle4 wrote:
@longtimelurker wrote:
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.
Please explain how folks were getting denied for pyramiding debt when they had no debt.
Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).
But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....
You may just have the kind of profile that warranted such an increase based on your situation. Your increase was amazing, btw.
your profile aint too shabby. I'd take it. We need Sams Club MC upgrades!
@Anonymous wrote:
@Ysettle4 wrote:
@longtimelurker wrote:
@core wrote:
@Ysettle4 wrote:
Good thing about forums: It's completely up to you how to take the info and what you do with it. I went from a penfed cc of $17K and grew it to $35K in roughly 8-9 months so may know a llitle penfed speak.You might, or your credit profile just might have deserved the limit you got. I don't believe getting handed a large limit by a creditor automatically makes one an expert on that creditor's policies and I find it laughable that you would offer such as supporting evidence.
Please explain how folks were getting denied for pyramiding debt when they had no debt.
Yes, I agree that this isn't evidence! (I went from $20K to $40K in 3 months with them simply by asking them to convert my card to EMV. And I don't claim expertise).
But equally, I find it unlikely that the reason is that the underwriter is jealous of your cards....
You may just have the kind of profile that warranted such an increase based on your situation. Your increase was amazing, btw.
your profile aint too shabby. I'd take it. We need Sams Club MC upgrades!
Thanks! On the Sams MC: I'm awaiting this "elusive" offer for synch to upgrade me. I hear it's like spoting the loch ness monster 