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Penfed 'counter offer'

Established Member

Penfed 'counter offer'

Hi

 

I applied for penfed plantinum reward card three days ago and found 'counter offer' as status. I called the csr and was told my initial request of 6k was not favored; they instead gave me a counter offer of 2k...

but I'm still confused: is this an approval?  didn't see any "congratulation..". I was also told there won't be cli during the beginning 12 months... but for now I could write a letter requesting a higher cl and fax.

known before that penfed is generous. what should I do ? continue to call during weekends? I don't even know if they'd turn it down later.

 

 

 

 

Message 1 of 13
12 REPLIES
Senior Contributor

Re: Penfed 'counter offer'

the counter offer is an approval for 2k instead of 6k.  you already spent the inq why not accept?
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 2 of 13
Established Member

Re: Penfed 'counter offer'

Thank you. I always like approvals!

the csr told me I could write a letter and fax to them for a higher credit limit. I'm going to write a letter asking for more cl... though they probably won't give me more than current offer..

Thanks again, for I learned much knowledge from this board since I came to know this forum. 

Message 3 of 13
Super Contributor

Re: Penfed 'counter offer'

IMHO in these times its a bad idea to ask for a CLI especially before you even get the card.  Take the 2k and build it up slowly.

01/23/2018: FICO 829 EQ 827 TU 831 EX
Message 4 of 13
Senior Contributor

Re: Penfed 'counter offer'


marty56 wrote:

IMHO in these times its a bad idea to ask for a CLI especially before you even get the card.  Take the 2k and build it up slowly.


 

+1 especially since some reports indicate pen fed can be a serious AA contender.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 5 of 13
Moderator Emerita

Re: Penfed 'counter offer'


score_building wrote:

marty56 wrote:

IMHO in these times its a bad idea to ask for a CLI especially before you even get the card.  Take the 2k and build it up slowly.


 

+1 especially since some reports indicate pen fed can be a serious AA contender.



+2

$2K will get you all the gas and grocs you can stand in a month. They will start increasing your CL with time, once they get to know you and are comfortable with you.

They're like USAA --be cool, let them get a long, thoughtful sniff, and they'll start rewarding you.
* 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
Message 6 of 13
Established Contributor

Re: Penfed 'counter offer'


haulingthescoreup wrote:

score_building wrote:

marty56 wrote:

IMHO in these times its a bad idea to ask for a CLI especially before you even get the card.  Take the 2k and build it up slowly.


 

+1 especially since some reports indicate pen fed can be a serious AA contender.



+2

$2K will get you all the gas and grocs you can stand in a month. They will start increasing your CL with time, once they get to know you and are comfortable with you.

They're like USAA --be cool, let them get a long, thoughtful sniff, and they'll start rewarding you.

+3

I'd take the 2k and be happy for now. 

Message 7 of 13
Super Contributor

Re: Penfed 'counter offer'

PenFed started me off with $1,000. I have 11 cards,  and the PenFed card won the month of November use.  I'm purchasing gas and grocery with it.  Can't wait to see how much cashback I'll earn.  I'll be going back to cell phone bill payment only next month.  Hopefully, I get a big CLI one day. 

 

 

Message 8 of 13
Valued Contributor

Re: Penfed 'counter offer'

To the OP....I agree with the other posters.

 

I'd take the $2k limit and let it simmer a bit. Do what I do if a card has a low limit and you want to use it more...pay a couple of times a month.

Message 9 of 13
Regular Contributor

Re: Penfed 'counter offer'

Congrats on your acceptance, becita. IMO, you now have one of the best cards currently available. Don't worry about the 2K limit. Although we use our PenFed card for all of our gas & grocery purchases, we rarely break $1,300 per month, so your limit should give you enough headroom.

 

As the others have wisely advised you, let your actions speak for you by paying promptly & in full. The important thing is not your opening limit but the fact that you're now a PenFed insider. That's terrific!

Message 10 of 13