I Love PenFed

[tiger67]

Joined PenFed in Aug 2009 with a savings acct and a $10,000 Cash Back Visa Plat. Six months later, I accepted a preapproved $35,000 LOC, no hard inquiry. Earlier this week I accepted a preapproved $10,000 CLI on the visa, no hard inquiry. I just love doing business with these guys!!

[Uncle_Money]

A hearty congratulations, those numbers are impressive, especially from Penfed.

I was recently approved for a 5K LOC and boy did they ask for documents.

How do you handle your Penfed accounts? Tell us the secrets so we too can get the preapprovals

UM

[mross1080]

Congrats! I get no love from Penfed.

[tiger67]

EQ FICO 750 at time of app in 9/09, current EQ Fico 740, overall utilly is 1.0% on total CL's 143,820, personal income >110,000, no installment loans, (1) 1 yo mortgage, total monthly debt payments 1150.  I've probably run 4000 - 5000 through the card in the last 12mo, always paying in full before the statement cuts. Largest monthly charge around 700.

In my opinion, low utility and high free cash flow are probably the deciding factors. They have continued to extend me additional credit even though I have added 5 additional new accounts with other creditors since opening my PenFed account. They have never asked for additional docs since inital app in 2009.

[Uncle_Money]

Makes sense and good to know.

Thanks for the info.

UM

[Kay_Cee]

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@tiger67 wrote:

EQ FICO 750 at time of app in 9/09, current EQ Fico 740, overall utilly is 1.0% on total CL's 143,820, personal income >110,000, no installment loans, (1) 1 yo mortgage, total monthly debt payments 1150.  I've probably run 4000 - 5000 through the card in the last 12mo, always paying in full before the statement cuts. Largest monthly charge around 700.

In my opinion, low utility and high free cash flow are probably the deciding factors. They have continued to extend me additional credit even though I have added 5 additional new accounts with other creditors since opening my PenFed account. They have never asked for additional docs since inital app in 2009.

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I'm loving them, too!  I have used the card regularly but, always keep my credit utilization low.  They just raised my limit to $25K and apporved me for a car loan with no additional documentation.

[tiger67]

Update.

When I logged in to my account on 10/8, it was showing my original 10,000 Visa and a new 20,000 Visa. I called and told CS that I only wanted to increase my CL not get a new account. She said it was a problem in the system and they would correct. Later that day, online was showing my old Visa with 20,000 Cl. Okay, great.

Today, I log on and my Visa has been increased to 30,000! My love for these guys just keeps growing.

[Anonymous]

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@tiger67 wrote:

Update.

When I logged in to my account on 10/8, it was showing my original 10,000 Visa and a new 20,000 Visa. I called and told CS that I only wanted to increase my CL not get a new account. She said it was a problem in the system and they would correct. Later that day, online was showing my old Visa with 20,000 Cl. Okay, great.

Today, I log on and my Visa has been increased to 30,000! My love for these guys just keeps growing.

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I may not totally understand all this stuff yet, but now that it's up to $30,000 it won't factor into your utilization anymore, am I correct on this?? I think I read on other threads that anything over $25,000 won't factor in which means this may actually increase your utilization since you have lost a $10.000 CL.

[haulingthescoreup]

$30K might be the break point, but I know it's more than $25K. I have a $27K card that factors in.

I'm thinking that it's more like $40K, but I wouldn't be a bit surprised if each bureau has a slightly different figure.

[homerunstacy]

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@tiger67 wrote:

Update.

When I logged in to my account on 10/8, it was showing my original 10,000 Visa and a new 20,000 Visa. I called and told CS that I only wanted to increase my CL not get a new account. She said it was a problem in the system and they would correct. Later that day, online was showing my old Visa with 20,000 Cl. Okay, great.

Today, I log on and my Visa has been increased to 30,000! My love for these guys just keeps growing.

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OMG.. 30k CL.. I would faint.    I am one of those that gets no love from PenFed.  Maybe  next year.   They gave me some BS that I have too much credit already and the CSR said in order to be able to get a cc I'd have to kill off other credit lines.  I think my real reason was that I have a couple very minor baddies from 5 plus years ago that won't fall off until 2012 and my util is up right now - score is 700 - 710.  I may try with them next year once my util is down to 1%.  I do plan to shop them for a car loan in March 2011 as well.     Anyway, congrats!! That is awesome.