Reply
Established Member
becita
Posts: 24
Registered: ‎11-06-2009
0

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.

 

 

 

 

Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
0

Re: Penfed 'counter offer'

the counter offer is an approval for 2k instead of 6k.  you already spent the inq why not accept?
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Member
becita
Posts: 24
Registered: ‎11-06-2009
0

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. 

Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
0

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.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
0

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.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

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
Frequent Contributor
manyquestions
Posts: 307
Registered: ‎10-20-2008
0

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. 

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

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. 

 

 

Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

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.

Regular Contributor
JimB
Posts: 179
Registered: ‎10-21-2008
0

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!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}