@Anonymous wrote:Also, following up to Dave, I've been a Penfed member for close on to 40 years (since my parents opened a share account for me), but I'd been basically dormant since paying off my last loan with them some 12 years ago when it was consolidated in a mortgage refinance, until I took out a used-car loan and simultaneously made a sizable deposit in my share account in late February, a bit over 4 months ago now (time flies - I only had 2 CC's on February 4, and I have 8 CC's including my new PCR, which should go into the mail as soon as tomorrow, as of July 4!)
Dave: Also, if you got your PCR on May 8, make sure to check the Offers section at the next quarterly review in early October. You might get a CLI offer at that time. I'll be doing the same.
Thanks, Joe. I'm hoping to get a CLI on my Power Cash a little sooner than October. A rep told me 2 months was the soonest to request a CLI, so I'm thinking August - I'll take a HP is necessary, I only have 3 inquiries on EQ, 1 of them for Penfed membership. I just got the $500 minimum CL on Power Cash, they probably didn't like my utilization - was only 11% overall at the time I app'd, but they probably didn't like the 48% util on Cap One from a 0% BT.
So I figured the way to make a good case for a CLI was to go for the $1500 spend for a $100 bonus statement credit. And it hasn't been easy. I just joined in early May and for new members they put on several account restrictions for the first 6 months. One of the most annoying is that payments on a CC, even from a Penfed checking account, don't get released to Available Credit for 10 days. 
So I've been paying charges as soon as they clear pending and post the the account. I last used the card last Sunday for $89, it left me with $6 available credit, lol. It cleared today so I paid it this morning. In the 6 weeks I've had the account I've already run $1,025 through it, I will hit the $1500 by the end of July, and I even time charges/payments/10 day delay so that it reports a $0 balance on the statement. If that doesn't convince them it deserves a CLI, nothing will. 
Congrats on your Power Cash approval, it's a nice card.
@DaveInAZ wrote:@Anonymous wrote:Also, following up to Dave, I've been a Penfed member for close on to 40 years (since my parents opened a share account for me), but I'd been basically dormant since paying off my last loan with them some 12 years ago when it was consolidated in a mortgage refinance, until I took out a used-car loan and simultaneously made a sizable deposit in my share account in late February, a bit over 4 months ago now (time flies - I only had 2 CC's on February 4, and I have 8 CC's including my new PCR, which should go into the mail as soon as tomorrow, as of July 4!)
Dave: Also, if you got your PCR on May 8, make sure to check the Offers section at the next quarterly review in early October. You might get a CLI offer at that time. I'll be doing the same.
Thanks, Joe. I'm hoping to get a CLI on my Power Cash a little sooner than October. A rep told me 2 months was the soonest to request a CLI, so I'm thinking August - I'll take a HP is necessary, I only have 3 inquiries on EQ, 1 of them for Penfed membership. I just got the $500 minimum CL on Power Cash, they probably didn't like my utilization - was only 11% overall at the time I app'd, but they probably didn't like the 48% util on Cap One from a 0% BT.
So I figured the way to make a good case for a CLI was to go for the $1500 spend for a $100 bonus statement credit. And it hasn't been easy. I just joined in early May and for new members they put on several account restrictions for the first 6 months. One of the most annoying is that payments on a CC, even from a Penfed checking account, don't get released to Available Credit for 10 days.
Congrats on your Power Cash approval, it's a nice card.
Thanks - I've been wanting to get a Penfed rewards card for months now, might actually have tried for it after I got my car loan in February but it was probably too soon at that point, and also the PCR hadn't yet been introduced; I forget what the rewards tier under the Visa Signature was, but that was the one I was originally considering before PCR came along. I guess they're not as skittish about recent accounts as they used to be, as I got the PCR after having obtained three other cards since late May!
I hope I'll be able to avoid that problem with CC payments clearing in a timely fashion, seeing as I've been a member for so long; I had a bit of a nerve-wracking time, the first payment I made on my car loan, waiting several days for the transfer from my BoA checking account to clear through even though it posted to Penfed right away. I didn't know that about two months being the minimum amount of time necessary to have an account open before requesting a CLI; for me, that would be early September - paradoxically, back in the early spring I was planning to try for this card right around that time!