05-23-2012 01:40 PM
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.
05-23-2012 02:36 PM
05-23-2012 03:34 PM
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.
05-23-2012 03:49 PM
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.
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