Credit Cards

[firstinlastout]

very impressive !

[Jazzytimes]

thanks for the replies

i did not have to present paystubs. what amazed me was how the csr refused to use both of our incomes. I placed myself as an AU. I am really excited about this. the funny part is he asked if i wanted to increase the CL, he would have. I felt really greedy already for asking that much, but why settle for less if I could get that much.

So i asked am I going to get one of those " we have a problem calls" about the credit limit. he said no, once approved, that was it. I want to be positive, but I will be a true believer when i have the card in my hands.

I am actually fixing my credit so I can be on the same level as my wife. I am the one pushing it. she does not really care about having more credit.

in total I've applied for three cards:

Chase freedon world master card yesterday/ instant approval for $7000

Marryll Lynch + visa/ need more time

Penfed gas card/ instant approval for 20k

I am going to let the dust clear to see how much damage i've done to her FICO score.

[mindbot7]

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Jazzytimes wrote:

Chase freedon world master card yesterday/ instant approval for $7000

Marryll Lynch + visa/ need more time

Penfed gas card/ instant approval for 20k

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Congrats Jazzytimes.

[jmbfl]

PenFed does not use HHI. All CC app's are done on the basis of individual income only.

Max CL on VISA PCR card = $50K.

I would call them in a month and jack the CL to whatever they have already internally qualified you for. They have already determined a number internally and if you are at a lower CL now they will bump you without any problem. If you ask within 60 days (or so) they will not do another hard inquiry to process this request. You might also consider getting a second card from them. The other cards do have a lower APR and are better if you are going to carry a balance. Just no rewards.

[Jazzytimes]

first he talked to my wife to verify that she really wanted to go ahead and apply. 

seeing that approval would be based on her income alone I told the csr that she makes 26,000 annually, which is true and that she contributes $200 to our monthly rent.

then he said how high of a cl are you looking for. and i said if you're not able to approve what i ask for, would you consider a lower limit? he said " if you ask for 30k and i am not able to approve it, I would consider 20k". So I said let's go for 20k than.

I was worried that she was not going to be approved due to a recent $4700 balance transfer (her first BT) we just did to her BOA one month ago. Nope. no pyramid yet.

so the highest CL one can get on this card is 50k? do they do a hard pull when request a CL if requested after the first hard pull?

Penfed also sent me 4 emails with various info  

thanks again for you  replies.

[Jubeyy]

Who needs 20K, I have a $300 Capital One card and I can change the image on it every 30 days if I want. Heehe heee

[CanDoAttitude]

Super Congrats Jazzytimes!!!!!

$20,000 is an absolutely phenomenal opening credit limit

for a PenFed credit card. You must be ecstatic and PenFed

will take really good care of you.

Once again, Congratulations on the new card!

CanDo

"The right attitude is everything"

[Carrot1]

That is one hell of a CL for a $26k income!  I can't believe they would issue a CC with a limit that almost equals her annual income!  Congrats!

[smallfry]

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Carrot1 wrote:

That is one hell of a CL for a $26k income! I can't believe they would issue a CC with a limit that almost equals her annual income! Congrats!

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That's what I was thinking. Kinda extremely strange.

[lurknomore]

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smallfry wrote:

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Carrot1 wrote:

That is one hell of a CL for a $26k income! I can't believe they would issue a CC with a limit that almost equals her annual income! Congrats!

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That's what I was thinking. Kinda extremely strange.

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My sentitments as well, but I wouldn't look a credit gift horse in the mouth.  Congrats, JT!