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Valued Member
Posts: 47
Registered: ‎08-23-2010
0

PenFed CLI strategy

Okay, so this is a strategic (long term) question regarding PenFed.

 

I joined PenFed in August and applied for their Platinum Rewards card at the same time and was instantly approved for $5,000.

Was hoping for more, but I'll still gladly take it.    Hoping to keep this card for years and hoping to up the CL on it over time.

My concern is my other credit account limits might keep my PenFed card at $5k.  So, I was thinking of closing 1 current card that I just don't use anymore and thereby lower my overall credit limit in hopes that it would result in an eventual CLI from Penfed.

 

Current cards:

USAA World MC (2009) - $8,000 - $220 bal

USAA AmEx (2010) - $9,000 - $0 bal

AmEx Starwood (backdated to 2002)  - $15,000 - $500 bal

Navy Visa Sig (2011) - $14,000 - $200 bal

PenFed Visa (2012) - $5,000 - $196 bal

 

Balances listed are just what's on them now, I haven't carried an actual balance since 2003.  I PIF every month.

Other info:  Oldest acct 18 years, AAoA, 7 years, no derogs of any kind.

 

So I was thinking of closing the USAA Amex since I just don't use it.   The other 4 cards all are more useful in one way or another.

I figure that by reducing my total lines by $9,000, it _might_ keep me from being denied a PenFed CLI because of pyramiding.

 

Thoughts?

USAA World MasterCard - $14,500
American Express SPG - $20,000
NFCU CashRewards Visa Sig - $20,000
PenFed Platinum Rewards Visa - $5,000
Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

Re: PenFed CLI strategy

I would never cut lines in hoping to get a conservative lender like them to give a cli. The others should still grow more
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

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Frequent Contributor
Posts: 451
Registered: ‎10-02-2011
0

Re: PenFed CLI strategy

Dont close the other accounts for that.Thats just not logical.And for what? for a credit limit increase that might not even happen as much as you hope?If  u wanna  have higher limit try commerce bank.They give high limits.Also Us bank is a good lender for a high limits


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
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New Contributor
Posts: 62
Registered: ‎10-07-2007
0

Re: PenFed CLI strategy

PenFed is one of the most conservative lenders in the industry. Do NOT close any cards for the sole purpose of trying to get a CLI from them.

 

If you get a decent CLI it will only be through a pre-approved offer, and definitely not through an underwriter.

 

Every single card in my signature has a higher limit than what PenFed gave me.

~~Credit Cards~~
Alliant Platinum Rewards Visa, AmEx BCP, BofA Power Rewards, Bank of the West Platinum, Barclay Rewards World MC, Chase Freedom/Chase Sapphire Preferred, Citi Thank You Preferred/Citi Dividend Select, Discover IT, FNBOmaha, Paypal MC, US Bank Cash+/US Bank Perks+.

Total: $300,000+ in lines.
Frequent Contributor
Posts: 455
Registered: ‎01-04-2012
0

Re: PenFed CLI strategy


swpopham wrote:
I would never cut lines in hoping to get a conservative lender like them to give a cli. The others should still grow more

+1000

Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: PenFed CLI strategy

[ Edited ]

 

As posters above stated,  please reconsider closing already well established lines in hopes of a CLI from PenFed.   PenFed is great, but very conservative with granting credit, new or CLI's.    They really don't care how many accounts you have or the amounts if they're in line with your income and you have a good history and handle it all well.  It won't impress them to close anything (by lowering your available credit that is).

 

You only really have to worry about PenFed thinking you're pyramiding if you apply for too many more account before you estabish a relationship with them.  So you're kind of in auto-garden mode now Smiley LOL

 

[EDIT]:  You kind of have some of the biggest and best there are now, so I can't see you doing anything but gardening for at least 6 months.  PenFed will probably auto CLI you later without you asking or you'll see an offer on your account page down the road.   You're actually kind of golden right now Smiley Very Happy  Other than you might want to figure out a good usage rotation to keep everyone happy Smiley Happy

Established Member
Posts: 48
Registered: ‎10-19-2012
0

Re: PenFed CLI strategy

not trying to hijack a thread

but penfed started me off at 20k so i feel really lucky (no previous relationship)

New Contributor
Posts: 62
Registered: ‎10-07-2007
0

Re: PenFed CLI strategy

I saw a thread where PenFed gave 50k to a college student, and 1k to somebody making over $50,000/year with perfect credit.

 

There are always exceptions with PenFed, but I would never count on it.

~~Credit Cards~~
Alliant Platinum Rewards Visa, AmEx BCP, BofA Power Rewards, Bank of the West Platinum, Barclay Rewards World MC, Chase Freedom/Chase Sapphire Preferred, Citi Thank You Preferred/Citi Dividend Select, Discover IT, FNBOmaha, Paypal MC, US Bank Cash+/US Bank Perks+.

Total: $300,000+ in lines.
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