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Frequent Contributor
andyaycw
Posts: 290
Registered: ‎07-25-2007

New Penfed card less than 12 months after accepting CLI? (Success rate?)

I'd like to get a poll on the success rate others have had on applying for new Penfed cards less than 12 months after accepting a CLI on another Penfed card.

 

I am strongly considering taking a HP and applying for the Penfed Amex (as opposed to waiting/hoping for a pre-approval), however, I last accepted (to the best of my memory) a pre-approval CLI in mid-late April of last year on the Platinum Rewards card, and I'd like to not have to wait the full 12 months before having an improved chance at getting approved form the Penfed Amex. 

 

My FICOs are over 760+, 0 new accounts since late 2011, and the only inquiry on EQ is from March of last year from opening membership with Alliant CU. 6yr credit history with a 4yr AAoA. I think I've done all I can on my credit report to give myself the best chances for approval, just need to know if there are any Penfed internal policies I might run into problems with.

 

Thanks,


Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


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Established Contributor
bettercreditguy1
Posts: 693
Registered: ‎02-11-2012

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

Do you have any collections or charge offs waiting to fall off? If not, then go ahead and apply. Your scores are high enough. I was aproved with a 767. Their customer service reps treat you like you are at a 4 star hotel. Plus, they have some excellent interest rates on mortages and new auto loans. My apr on my credit card is under 9.99%, although I have never carried an unpaid balance.

Starting scores 01/ 02/2012 EQ 707 TU 733 EXP 735 (FAKO)
Updated scores 04/13/2014 EQ 792 TU 763 EXP 768 (Fico)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Frequent Contributor
andyaycw
Posts: 290
Registered: ‎07-25-2007

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

No derogs. My only concern is if there are any internal Penfed policies I may run into problems with, especially since I last accepted a pre-approval CLI on the Platinum Rewards card  less than 12 months ago. I'm wondering if I need to wait the full 12 months, or if others have had success with multiple CC approvals/CLIs in under a 12 month period.


Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


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Established Contributor
jefftca925
Posts: 674
Registered: ‎08-14-2008

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

I believe that their "general rule" is that a NEW customer has to wait 12 months before they can be considered for another credit product... but I think it's a YMMV kind of thing.  I'm not quite 12 months with them and have already received pre-approvals for loan products.  I'm considering trying for an LOC with them but will wait til my 12 months is up.

CCs: Chase Freedom VISA Sig/World MC 2k/6.9k, CSP VISA Sig 5k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sig 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 9.2k, Citi AA Amex 6k, Nordstrom Visa Sig 10k, Amex Zync, Costco Amex 12k, BofA CR Visa Sig 17k, Amex BCP 9.5k, Amex Blue 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR Visa 15k, Chase United Visa Sig 13k, Chase Marriott Visa Sig 8k, Citi Simplicity 11.4k, PayPal MC 5k, Compass Visa 4k, WF Visa Sig 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sig 10.8k, Capital One QS Visa 3k, FRN MC 12k, Vitacost MC 12k, HSN 4k, Saks WEMC 10k/4k... FICOs as of March '14...EQ 808 TU 807 EX ?
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

As I read on here its usually 25K for new members for a year, but not too sure if that applies to total CLs or just CCs

 

This is my experience because I wanted multiple CC's and products from PenFed. I was approved for a 11K PenFed Rewards Visa and a 15K LOC this month. 

 

Before I applied I asked the CSR if I apply for another CC if approved then will they issue me more credit line, she said yes. She also said if denied then I would be able to move CLs or denied all together. 

 

So I applied for their Promise card and was asked if I wanted to move over some CLs and said no so I cancelled my application. I then thought well I rather have a higher CL CC then a higher LOC so I asked to move my CLs. 

 

I was approved to move CL's from my LOC to my PenFed Awards Visa. They are great to work with so just give them a call.  


$100K in Credit
Last Credit Card App: 11/16/13
Established Contributor
jefftca925
Posts: 674
Registered: ‎08-14-2008

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

My PR Visa is turning 1 year old this month and I want to take advantage of their 0% BT offer to get some work done on my house.  So I called last week to confirm the 12 month policy regarding CLI requests and the CSR said should be ok even if its a few days early.  Still wanting to make sure I got the correct info the first time, I called back a few hours later and got a different CSR on the phone (who didn't seem too engaged with her job).  I asked her if I would be able to request a CLI being it was a few days shy of my anniversary and she asked me how much I wanted.  Asked to go from 13k to 20k limit.  She put me on hold for a few minutes... and then came back and told me I should have an answer from a loan processor in 24-48 hours.  This was a Friday mind you.  Nothing the whole weekend.  Then yesterday I get a notification that I was approved for a $15k CC.  I followed the links on the website (for pending apps) and came to a page that asked if I wanted my new CC to be rushed or not.  I was like...something isn't right here.

 

I called today and talked to a different CSR and explained what happened and how I think something didn't go right with my request.  She looked into it and acknowledged that it didn't look right either.  It appeared to her that they approved me for another PR Visa card.  I told her I didn't need another card, just an increase on the one I currently have.  She said that she was going to send a message to the underwriters to see what had happened and explain what I originally wanted.

 

I'm not terribly happy how this was handled.  I was never asked about my income or anything during this whole process which I believe is a requirement of any creditor to ask when requesting additional credit.  A lot of people on here seem to think that Penfed is the B-O-M-B but my experiences with their CSRs lately has been pretty poor.

 

If anyone can share what their experience with requesting increases with Penfed and how the whole transaction went I'd appreciate it.

CCs: Chase Freedom VISA Sig/World MC 2k/6.9k, CSP VISA Sig 5k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sig 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 9.2k, Citi AA Amex 6k, Nordstrom Visa Sig 10k, Amex Zync, Costco Amex 12k, BofA CR Visa Sig 17k, Amex BCP 9.5k, Amex Blue 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR Visa 15k, Chase United Visa Sig 13k, Chase Marriott Visa Sig 8k, Citi Simplicity 11.4k, PayPal MC 5k, Compass Visa 4k, WF Visa Sig 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sig 10.8k, Capital One QS Visa 3k, FRN MC 12k, Vitacost MC 12k, HSN 4k, Saks WEMC 10k/4k... FICOs as of March '14...EQ 808 TU 807 EX ?
Senior Contributor
youngandcreditwrthy
Posts: 5,997
Registered: ‎08-16-2012

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

What's the deal with Penfed's LOC... Is it just like a LOC that can be used for anything? Are the rates good? Sorry to ask this here.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | CSP $10k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k | Express $3.05K | Myponts.com Visa $3.5k | Freedom Visa $1k| Amex Surpass $1k
Senior Contributor
youngandcreditwrthy
Posts: 5,997
Registered: ‎08-16-2012

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

Looks like rather than getting a cli to $20k, you got a new $15k cc..
Could be a better situation... Instead of another $7k, you got $15k!! :-):-):-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | CSP $10k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k | Express $3.05K | Myponts.com Visa $3.5k | Freedom Visa $1k| Amex Surpass $1k
New Visitor
scottandstephanie
Posts: 1
Registered: ‎03-20-2013

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)


chnceit wrote:

As I read on here its usually 25K for new members for a year, but not too sure if that applies to total CLs or just CCs


It's definitely not total CLs.

 

I joined last month, and applied for the Plat Rewards card same day. That was instantly approved for 5K. A few days later I applied for a new car loan of 26K, and then a day or two later refinanced another car loan for 12K.

Established Contributor
emptypockets
Posts: 901
Registered: ‎02-03-2009

Re: New Penfed card less than 12 months after accepting CLI? (Success rate?)

I think with PenFed, you just have to ask a CSR to see what the policy is. Seems they can approve whatever they want, if they want. I got a AMEX from them in June 2012, and they sent me a Pre-Approved draft check for a car loan (50k at 1.49% for 60 mos) last month. I have used the AMEX fairly heavonly, but have not had any Pre-Approvals show up on my account, so I was shocked when they sent the check. I am still holding the check, as I mull over whether I am going to sell my car and but another. The check is good until 4/30/13.

CC's: AMEX Delta/BCP/HH, Alliant Visa, PenFed AMEX, Nordstrom Sig Visa, Lowe's, BBRZ Plat, US Bank Cash+ Visa, Chase CSP/Freedom/Marriott/SWA Prem, Huntington Voice, UMB Visa, Dillard's AMEX, Barclay's NFL Visa, Home Depot, Citi Diamond Pref./Dividend/AA Platinum, Discover IT, Walmart Discover, Cabela's Visa, Cap One Quick Silver, BOA BB Rewards MC, BMW Visa Siggy, Comenity FRN MC/TR Visa, Ebates Visa Siggy, 5/3 Real Life Rewards, Jared, Kohl's, Macy's, Macy's AMEX.

Current Scores: EQ (3/28/14): 798; TU MyFico (3/7/14):781; Walmart TU Fico 08 (4/4/2014): 814; EX (3/7/14): 773

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