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New Member
Posts: 3
Registered: ‎08-08-2012
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Should I lower available credit before applying for PenFed Platinum?

Because of its features, the PenFed Platinum would be a great card for me.

 

But because of what I've read on various forums about it, I'm worried about getting approved for it due to my available credit.

 

I have no debt, no mortgages or car loans or anything like that, all I have is open credit cards. I have no late payments or charge offs or anything like that at all on my credit reports.

 

Unfortunately, I've ended up on disability and my income went down from $80K to what is now $25K. Where I'm living, I don't have to pay rent. I'm living in a house my parents used to rent out but stopped a long time ago because they decided being a landlord was too much work. I send them $400 every month, but don't have to.

 

These are my open credit cards and their credit limits.

 

Citibank Forward - $7.3K

Citibank Dividend World Mastercard - $11.7K

Citibank Thank You Premiere - $6.5K

American Express Blue Cash Everyday - $12K

American Express Clear - $3K

REI Visa - $13K

 

Total credit limit: $53.5K

 

My utilization on these cards is 0%, pay them off every month (really only use the Forward and the Blue Cash Everyday, but the Clear is the only one I have no intention of ever using ever again)

 

Should I lower my avalable credit before applying?  If so, what should my available credit target be? 

 

If I do apply before lowering my credit limits and get denied, how much does it hurt my chances of getting a PenFed Platinum in the future?

 

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Should I lower available credit before applying for PenFed Platinum?

Actually no, I would leave them alone if I were you... 

 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Should I lower available credit before applying for PenFed Platinum?

I am confused who do you send $400 a month to, taht you do not have to

New Member
Posts: 3
Registered: ‎08-08-2012
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Re: Should I lower available credit before applying for PenFed Platinum?

Thanks for the reply hopper!

 

I did want to mention one more thing. From reading around the boards, PenFed is strange with their approval process. They're famous for denying folks due to their not completely understood term "debt pyrmading"!

 

I'm hoping to hear someone familiar with PenFed's approval process. Maybe just people who've tried applying with available credit that's 200% of their income...

New Member
Posts: 3
Registered: ‎08-08-2012
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Re: Should I lower available credit before applying for PenFed Platinum?


john398 wrote:

I am confused who do you send $400 a month to, taht you do not have to


Just because they're my parents and I appreciate them letting me live here.

 

Established Contributor
Posts: 772
Registered: ‎08-02-2008
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Re: Should I lower available credit before applying for PenFed Platinum?


webhopper wrote:

Actually no, I would leave them alone if I were you... 

 


+1

FICO: EX: 743 (10/14); TU: 758 (9/14); EQ 721 (9/14)

In My Wallet: Amex X 5 | Barclays X 3 | BOA X 1 | CapOne X 3 | Chase X 3 | Citi X 7 | DCU X 1 | Discover X 1 | Fidelity X 1 | Fifth Third X 1 | Macys X 1 | PenFed X 1 | PSECU X 1 | Sams Club MC X 1 | Target RedCard X 1 | USAA X 2 | US Bank X 1 | Walmart X 1 | Wells Fargo X 1 = 36 Cards

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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Should I lower available credit before applying for PenFed Platinum?

John398

She does it because it's the right thing to do. Those who bestow blessings onto others will have them returned :smileyhappy:

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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MyFICO Fitness Goal: 800s Club!



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Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Should I lower available credit before applying for PenFed Platinum?


webhopper wrote:
John398

She does it because it's the right thing to do. Those who bestow blessings onto others will have them returned :smileyhappy:

oh I agree, I was thinking she was sending the money to her old landlord the way it sounded

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Should I lower available credit before applying for PenFed Platinum?

I assume you are the same person who asked similar question on another board.  Answer is the same.  No need to lower available credit.  Even if that turns out to be main denial reason which I doubt, you can ask for reconsideration and offer to give up limits.  I doubt it will come to that.  If you get denied, it will be for other reasons.

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