05-17-2009 07:36 PM
joined PenFed last month and refi'd car...
decided to maximize use of the hard inquiry by applying for the credit card w great BT option.
Asked for $15k and specified that I wanted to BT $10k. Now status shows 'transferred'.
So, here are my questions:
I've been half-expecting them to request income verification info. Does 'transferred' mean it's a done deal - no info required?
Next, am I limited to BT only $10k or am I allowed to BT up to my limit?
05-17-2009 08:35 PM
Thanks Cory - that's great news, I'm happy to hear that.
Do you know about the BT question?
If not, of course I can call them in the morning. I'm just very pleased by the progress!
05-18-2009 02:53 AM
Congrats , it does appear that you have been approved and sometimes Pen Fed does not ask for income verification.
You can transfer up to the full amount of your credit line if you choose, although I'm not sure how that appears to Pen Fed since it would also be the same as charging your whole CL immediately.
It also seems that there is no real confirmation as to what your credit line is by your post. Although you asked for 15k the only item showing up on the page is the transfer.
I'd call in and confirm what line they gave you.
Also, when I app'ed for PenFed last year I asked for 10k. After it was granted I asked for a CLI within a day because I was told by a CSR that although they will counter offer lower they only give up to what you ask for if approved. Basically you can lowball yourself. I asked for and recieved a 5k increase and also app'ed for a second Platinum card and they issued that at 10k.
So I recieved two cards at 15k and 10k. They had determined my CL could be up to 25k apparently but all Iasked for was 10k originally. I would have been approved for a 25k card if I had asked for it.
The beauty of PenFed is the all you can eat 60-90 day inquiry. I never took another hard for any of this.
Just a thought, that's the way it worked for me.
But either way, call in and check your CL first, who knows, they might have only given you the 10k to cover the BT.
I hope not and congratulations.
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