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Pentagon FCU CL reduction during underwriting

Regular Contributor

Pentagon FCU CL reduction during underwriting

Is it normal for PenFed to reduce your CL?  I finally bite the bullet after 2.5 years and applied for a CC with PenFed.  My equifax fico score at the time of the application was 794, 0 inquiries, and less than 1% util.  Anyway, I applied and was approved for a CL of $42,000.  However, the application went to underwriting and the next day my approved CL was only $19,000.  I'm not complaining but I was curious if that was normal.  Thanks in advance for your thoughts. 

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Valued Contributor

Re: Pentagon FCU CL reduction during underwriting

Had something similar happen. They approved for high amount pending documents. Sent them some stuff. Nothing happened. Called and they said hey needed some more stuff. Was in process of trying to get when I got signature card for cc. Checked online. Was approved but cl was less. Similar scores to you.
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Message 2 of 4
Regular Contributor

Re: Pentagon FCU CL reduction during underwriting

Some Loan officer there cut my pre-approved amount from 20k to $2500!! I had to fight a bunch but got it re-instated to 20K by a supervisor. I had a little different issue....I had applied a few months before and was declined due to a collection that wasnt mine and I didnt know about. It tanked my score by over 100 points. When I re-applied I had to have them manually pull credit which made a very conservative loasn officer kind of still count the collection against me in his head. My main argument was that if the system would have been allowed I would have my 20k line....Supervisor agreed. Especially since my wife had a 20k line with slightly worse stats than me.

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Valued Contributor

Re: Pentagon FCU CL reduction during underwriting

Btw, I think my CL was reduced from 40ishk to 35k.  Didn't really matter to me so I didn't do anything about it.  I know PenFed is conservative initial lender and much more generous once you have built up history with them.

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