Reply
Frequent Contributor
Posts: 274
Registered: ‎12-31-2008
0

PenFed CLI?

Hi all,

 

So I have had my PenFed account since May (Visa Rewards) but they only started me with a limit of $9,500 - My USAA MC is $24k and my USAA Amex is $14k.  I've heard you can get higher limits with PenFed but  I don't know how long it will take to get one?  Is it automatic?  Do I have to call?  Is it a hard Inq? (I have a bunch of those right now...new mortgage, Amex, PenFed within the last year ish)  Do I need to wait 6 mo first?  1 year?

 

And yes, I realize that limit is already "high" but compared to the other two, it's much lower...I wanted at least $12k.

 

Also, in case it matters, I just started back at school so my income went from $50k+ to around $21k (household is a little higher but my husband is also a student)...do they ask about that?

 

Thanks! =)

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

Take the FICO Fitness Challenge
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: PenFed CLI?

It's automatic. They used to do this at six months, but I've read that now it's at one year.

 

One day, when you log on, you'll see a box over to the right saying that you have offers. There's an endless list of new RV loans, used boat loans (boats are used, not the loan, of course), lines of credit, and often an offer for an additional card or a CLI on the existing one. The offer stays up for several weeks, maybe a month, so you'll have time to figure what you want.

 

It's a preapproval, no soft pull, and I've never read of anyone being turned down once they took it, but they will ask you to update your financial info.

 

Since your income has dropped, I would definitely advise against calling in for a CLI. Just let it happen on its own. JMO.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: PenFed CLI?

Hey Hauling long time i know lol

 

What if you only have the checking account when you first joined. Will they have this offer box for you to see if you are pre approved for anything?

Epic Contributor
Posts: 24,179
Registered: ‎10-23-2007
0

Re: PenFed CLI?


oracles wrote:

Hey Hauling long time i know lol

 

What if you only have the checking account when you first joined. Will they have this offer box for you to see if you are pre approved for anything?


I want to know too, I don't even log into my account anymore, I might be missing this if they do offers on checking!

Fico Scores: EQ- 670., TU 705 Sync, EX 700 (04/20/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: PenFed CLI?

 


Creditaddict wrote:

oracles wrote:

Hey Hauling long time i know lol

 

What if you only have the checking account when you first joined. Will they have this offer box for you to see if you are pre approved for anything?


I want to know too, I don't even log into my account anymore, I might be missing this if they do offers on checking!


 

I'm not the one to ask, I'm afraid. I joined with the share (savings) account and app'd for the gas card a few days later. I don't even have a checking account.

 

So I've been pretty much a credit customer all along.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: PenFed CLI?

Thanks Hauling

 

 

I too have a share savings account in order to join.

 

Does anybody have just a shared saving"s account when joined and are receiving any pre-apporval offers on the website?

Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: PenFed CLI?

Epic Contributor
Posts: 24,179
Registered: ‎10-23-2007
0

Re: PenFed CLI?


oracles wrote:

bump


I tend to forget about logging into my accounts very much, but I checked the other day and no offers

Fico Scores: EQ- 670., TU 705 Sync, EX 700 (04/20/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
Regular Contributor
Posts: 201
Registered: ‎01-16-2008
0

Re: PenFed CLI?

I opened my PenFed account with a $10.00 savings account and a Visa with a $5K limit in July of 2009.  Twice, since I opened the account, I have logged in to find pre-approved offers.  Haven't  taken advantage of them yet..... 

Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: PenFed CLI?

 


Kay_Cee wrote:

I opened my PenFed account with a $10.00 savings account and a Visa with a $5K limit in July of 2009.  Twice, since I opened the account, I have logged in to find pre-approved offers.  Haven't  taken advantage of them yet..... 


Thanks Kay but did you receive any offers before you had the visa. I am trying to determine if you need anything else beside a shared savings account in order to start receiving pre-approvals for things.

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.