Managing/impressing Penfed?

[lakelife16]

I just got approved last week for two Penfed credit cards and a PLOC as a new member (all $5,000 limits). Does anyone have any suggestions regarding how to manage these accounts satisfactorily? I had little knowledge of the bank previously and another poster kindly recommended them based on my profile. Do they like heavy usage and large payments or light usage and balances? How about on the PLOC? I'd love to work towards  higher credit limits on my accounts so I just want to be knowledgable in how to accomplish this. Do I wait to see if I get a message for a CLI preapproval or do I make the request mysefl? If so, how long do I wait? Clean reports but a lot of new accounts in the last several months. Income low six-figures and current utilization around 3%. Inquiries about 5 on each report. Thanks.

[Gmood1]

Just use them as you like and pay in full. They're not picky on how much you use their cards.
I'd give it atleast 6 months and then request CLI's.
Wash rinse repeat.. They'll reward you well.

[NRB525]

Congratulations on all the new PenFed credit.

If you carry balances, you will be paying interest. Are you OK with paying interest to PenFed? Is there a reason you need to pay interest? Don't think that carrying balances and paying interest will get you any better results than paying in full each month. Early on, in fact, with most banks, there's a risk of making them wonder about you if you run up a balance and make minimum payments.

I would not worry too much about usage strategy. Use the cards for charges that make sense, that you must buy anyway. Pay the bill on time. If there's a large purchase you need to stretch out, or you need the PLOC for some cash shortage, use the credit if you are ready to pay the interest, and can pay the debt back.

Like all banks, Pen Fed just wants you to pay them back.

[lakelife16]

Thanks you guys, I appreciate the advice. I'm going to take your suggestions and see what happens. Honestly, after years with only one wimpy secured card, I'm grateful for these new credit opportunities.

[takeshi74]

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@lakelife16 wrote:

Do they like heavy usage and large payments or light usage and balances?

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As with any creditor do not rely solely on usage.  It's never just the account with the creditor that matters.  Your entire credit profile matters and will deterine the limit/CLI you qualify for along with your income.  If you want CLI's then work on your credit profile.

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@lakelife16 wrote:

Do I wait to see if I get a message for a CLI preapproval or do I make the request mysefl?

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Your call.  Preapproved offers are done on a quarterly basis.  You just missed the most recent one.