topic Re: Starting limit for chase and PenFed in Credit Card Approvals

Starting limit for chase and PenFed

Anonymous — Wed, 13 Jan 2021 05:16:07 GMT

Hey guys!

So i have two approvals that i was curious about. The first was the chase sapphire preferred got a sl of 16,600 which shocked me quite a bit, and i also joined PenFed where they approved me for an auto refinance of 30,000 and a auto loan of 23,000 with decent interest rats and i was surprised when the customer service rep asked if i wanted to apply for the PenFed Gold. I ended up pulling the trigger and got approved with a sl of 3,500 is this decent considering the other two loans they gave me? Im new to pen fed and not entirely sure how gracious they are

thanks!

Re: Starting limit for chase and PenFed

AllZero — Wed, 13 Jan 2021 05:21:18 GMT

Congratulations on your approvals!

Re: Starting limit for chase and PenFed

Credit4Growth — Wed, 13 Jan 2021 05:24:33 GMT

Congratulations on the handful of approvals! 👍

How long have you been a member of PenFed?

Re: Starting limit for chase and PenFed

Anonymous — Wed, 13 Jan 2021 05:25:13 GMT

Joined 2 days before I applied

Re: Starting limit for chase and PenFed

MyFault — Wed, 13 Jan 2021 05:32:33 GMT

Congrats on your approvals!

Re: Starting limit for chase and PenFed

Credit4Growth — Wed, 13 Jan 2021 07:25:01 GMT

@Anonymous wrote:
Joined 2 days before I applied

I get the impression from these boards that Navy tends to offer a generous SL more so than Penfed concerning the larger mass of people with average or above average credit profiles, including scores.

At the same time I had a thought that crossed my mind concerning exposure and a short history with PenFed, just as I believe you did.

Personally I do not have a great deal of experience with credit unions as of yet (just over 2 years myself).

I just wanted to share my thoughts you.

I think you asked a great question and soon enough PenFed members may chime in.

Re: Starting limit for chase and PenFed

fsalsa2 — Wed, 13 Jan 2021 06:31:23 GMT

Congrats!

Re: Starting limit for chase and PenFed

Anonymous — Wed, 13 Jan 2021 13:52:09 GMT

Congratulations on your approvals!

Re: Starting limit for chase and PenFed

cashorcharge — Wed, 13 Jan 2021 17:10:02 GMT

That's great!! Double Congratulations on your approvals!!

Re: Starting limit for chase and PenFed

M_Smart007 — Wed, 13 Jan 2021 17:11:42 GMT

Congratulations!

Re: Starting limit for chase and PenFed

mrcraft — Wed, 13 Jan 2021 17:44:52 GMT

Congratulations on your approval!!

Re: Starting limit for chase and PenFed

Aim_High — Wed, 13 Jan 2021 20:47:53 GMT

@Anonymous wrote:
Hey guys!
So i have two approvals that i was curious about. The first was the chase sapphire preferred got a sl of 16,600 which shocked me quite a bit, and i also joined PenFed where they approved me for an auto refinance of 30,000 and a auto loan of 23,000 with decent interest rats and i was surprised when the customer service rep asked if i wanted to apply for the PenFed Gold. I ended up pulling the trigger and got approved with a sl of 3,500 is this decent considering the other two loans they gave me? Im new to pen fed and not entirely sure how gracious they are

Congratulations on your string of approvals, @Anonymous! Great job! I do have a few insights for you.

It appears you got a generous approval from Chase relative to your profile? (You don't list your other cards and limits.) From my observation, I believe that travel cards and especially those with AFs can get higher SLs than no-AF cards. (For example, I got five approvals from Chase over a year and a half, and the three highest limits were on AF travel cards. The highest approval limit was on the highest fee card.) So I'm not surprised that Chase might have been a little more generous on the CSP. In my opinion, they want to give you a generous limit to encourage you to use the card and keep paying the fee. I've noticed this with other lenders as well on My Fico approvals.

As for PenFed, they have a reputation on My Fico as being a tough nut to crack for some. For others, they open the doors up easily. @Credit4Growth mentioned Navy Federal being more generous than PenFed, but that's not always the case. On the same day, I applied to both as a new member for cards and NFCU gave me a much-lower approval than PenFed at $10K versus $15K. Generally, it seems that PenFed likes my profile a lot more than Navy but for some they have the opposite experience. Over the same amount of time that it took my PenFed card to grow to $41.7K, my Navy card only grew to $18K and they also turned me down for a second card. But PenFed is often conservative with new profiles and my experience with them is not typical. With both Navy FCU and PenFed, they will grow nicely with time and relationship.

Another factor at play is that the PenFed card was at the end of that run for new credit so it's not unusual for SLs to fall as you take on more inquiries and new accounts.

In the context, that $3500 limit seems reasonable and I'd be glad they offered it! The Gold is good card and having a low-APR card for emergencies and balance transfers is always helpful. You can ask as early as six months after approval for a CLI. It will be a hard pull, but on mine they went up $10K after six months, so I thought it was well worth it!

Enjoy those new cards ... and new cars! Lol

Re: Starting limit for chase and PenFed

gdale6 — Thu, 14 Jan 2021 15:29:31 GMT

Pretty good haul out of the 2 CUs, grats to all your success!!

Re: Starting limit for chase and PenFed

CreditAggie — Fri, 15 Jan 2021 03:35:35 GMT

Congratulations on your approvals!