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I Love PenFed - preapproved offer

Regular Contributor

I Love PenFed - preapproved offer

Last week I accepted a preapproved credit card offer from PenFed. Instead of opening a new card account, I applied the offered amount to my existing Platinum Cash Visa.

 

Old CL     30,000

New CL   50,000

 

 

Smiley Very Happy

Message 1 of 11
10 REPLIES
Super Contributor

Re: I Love PenFed - preapproved offer


tiger67 wrote:

Last week I accepted a preapproved credit card offer from PenFed. Instead of opening a new card account, I applied the offered amount to my existing Platinum Cash Visa.

 

Old CL     30,000

New CL   50,000

 

 

Smiley Very Happy


 

Nice CL !!!!!

 

There is hope afterall with Penfed Smiley Happy

 




Message 2 of 11
Frequent Contributor

Re: I Love PenFed - preapproved offer


tiger67 wrote:

Last week I accepted a preapproved credit card offer from PenFed. Instead of opening a new card account, I applied the offered amount to my existing Platinum Cash Visa.

 

Old CL     30,000

New CL   50,000

 

 

Smiley Very Happy


HOLY CRAP! That's insane. Be careful though because I think you are right at the level where FICO starts to ignore it because it thinks it's a HELOC. You may want to ask for a CLD just to be safe.

 

Of course you can keep it and use the hell out of it since your UTIL won't be factored in.

Message 3 of 11
Highlighted
Mega Contributor

Re: I Love PenFed - preapproved offer

@Tiger VERY AWESOME CONGRATS!!!



EQ FICO 548 3/3/16
Message 4 of 11
Mega Contributor

Re: I Love PenFed - preapproved offer

@ctb Good point for OP to consider!



EQ FICO 548 3/3/16
Message 5 of 11
Senior Contributor

Re: I Love PenFed - preapproved offer

Oh wow preapproved offers must be back at penfed huh? Haven't heard of one in a while

Message 6 of 11
Valued Contributor

Re: I Love PenFed - preapproved offer

WOW!  That's quite a limit.  Congratulations!



Starting Score: 639 (Walmart TU)
Current Score: TU 715 (Barclay) EX 685 (myFICO) EQ 697 (myFICO)
Goal Score: 700 Across the Board (Mortgage Goal Achieved 1/31/2012!)

Take the FICO Fitness Challenge
Message 7 of 11
Super Contributor

Re: I Love PenFed - preapproved offer


ctb89 wrote:

tiger67 wrote:

Last week I accepted a preapproved credit card offer from PenFed. Instead of opening a new card account, I applied the offered amount to my existing Platinum Cash Visa.

 

Old CL     30,000

New CL   50,000

 

 

Smiley Very Happy


HOLY CRAP! That's insane. Be careful though because I think you are right at the level where FICO starts to ignore it because it thinks it's a HELOC. You may want to ask for a CLD just to be safe.

 

Of course you can keep it and use the hell out of it since your UTIL won't be factored in.


Whats the limit for consideration with FICO?




Message 8 of 11
Frequent Contributor

Re: I Love PenFed - preapproved offer

I don't recall exactly but if my memory serves me well, it was $50k or in the neighborhood. I guess you'll find out when they update your CR. Smiley Tongue

Message 9 of 11
Valued Contributor

Re: I Love PenFed - preapproved offer


CS800 wrote:

tiger67 wrote:

Last week I accepted a preapproved credit card offer from PenFed. Instead of opening a new card account, I applied the offered amount to my existing Platinum Cash Visa.

 

Old CL     30,000

New CL   50,000

 

 

Smiley Very Happy


 

Nice CL !!!!!

 

There is hope afterall with Penfed Smiley Happy

 


Man - that is massive! Smiley Happy

Ray

** Every Card has a Job, and Every Card does its Job **
Message 10 of 11