topic Re: PENFED PCR Approved...but I'd like to decline the offer. in Credit Card Applications

PENFED PCR Approved but...Should I decline or recon the offer?

Anonymous — Tue, 25 Aug 2020 09:05:28 GMT

Hey guys!

I was approved for the Power Cash Awards $1000 SL.

So on one hand I'm happy about the approval because I need to grow my file...but I'm disappointed with the SIL. ( And I know I shouldn't be...but I'm so bummed.

My Data Points:

EQ : 777 ( at application)

Cards: Amex HH $5000 / 9% utilization/ PIF each month.

An old SYNC closed acct dating back to 2008 - reporting as paid as agreed - positive.

That's all on my report. No other loans or cards. No baddies. No lates no Enquires (at time of application).

Anyway- I applied for Membership and while that was pending also applied for the card (I'm hindsight perhaps I should have waited).

They requested a ton of documents from me to verify my Identity. By the end of the process I had provided my DL, 1040 Tax doc, US Passport, W2, Chase Bank Statement and SSN Card. The SSNcard I couldn't find intially which spawned the request for the other documents.

The CSR's were not rude. But I didn't quite experience the warm and fuzzy treatment some folks have described here.

Intially I was considering a recon on that SIL...but as I thought about it over the weekend, I'm considering declining the card all together and perhaps reapplying in a couple months in hopes of getting a better SL.

What say you?

Next month I'll be applying for my first 3xCLI on the Amex. And I'll be apping for the Discover It and the Macy's Amex before gardening for a year.

Re: PENFED PCR Approved...but I'd like to decline the offer.

M_Smart007 — Tue, 25 Aug 2020 08:36:03 GMT

keep the card ask for a CLI in 6 months.

Re: PENFED PCR Approved...but I'd like to decline the offer.

Anonymous — Tue, 25 Aug 2020 09:01:29 GMT

@M_Smart007 wrote:
keep the card ask for a CLI in 6 months.

Hey @M_Smart007

I guess this is also an option....🤔

But will the lower SIL affect my future limits on other cards? I'm going for my first CLI on the Amex next month and also will be apping for the Discover IT and the Macy's Amex...

6 months is such a long time! But I can wait if that's the best option.

Re: PENFED PCR Approved...but I'd like to decline the offer.

Jnbmom — Tue, 25 Aug 2020 10:15:03 GMT

Isn't there another thread about this very topic??

Re: PENFED PCR Approved...but I'd like to decline the offer.

Anonymous — Tue, 25 Aug 2020 10:28:32 GMT

@Jnbmom wrote:
Isn't there another thread about this very topic??

Hey there!

Perhaps it was mine? I do have a thread on my application for

PenFed Membership and cc application process under - CC applications- which I updated this morning to approved with this same question in my update under the post.

Wasn't sure if it was going to be closed since it was approved and I had this follow up question.

My sincerest apologies if this was the wrong move. Pls delete or merge accordingly.

Thanks

Re: PENFED PCR Approved...but I'd like to decline the offer.

Brian_Earl_Spilner — Tue, 25 Aug 2020 11:51:48 GMT

@Anonymous wrote:
@Jnbmom wrote:
Isn't there another thread about this very topic??

Hey there!
Perhaps it was mine? I do have a thread on my application for
PenFed Membership and cc application process under - CC applications- which I updated this morning to approved with this same question in my update under the post.
Wasn't sure if it was going to be closed since it was approved and I had this follow up question.
My sincerest apologies if this was the wrong move. Pls delete or merge accordingly.
Thanks

You're fine because a mod will lock the other thread. I would take the card and hopefully it will grow as you build history with them.

Re: PENFED PCR Approved...but I'd like to decline the offer.

AverageJoesCredit — Tue, 25 Aug 2020 12:24:18 GMT

im not so sure of building history with them as i had a Promise card @ $1500 and " created " history over the course of a year with 9n time payments and usage and it didnt help much.

However id recommend to keep it because somehow i feel they remember all to well when you close a card lol. I closed mine regrettably and have been 8n even bigger doghouse since lol. Just my opinion. Keep it and hope you get offers in future.

Re: PENFED PCR Approved...but I'd like to decline the offer.

Brian_Earl_Spilner — Tue, 25 Aug 2020 12:40:42 GMT

@AverageJoesCredit wrote:
im not so sure of building history with them as i had a Promise card @ $1500 and " created " history over the course of a year with 9n time payments and usage and it didnt help much.

However id recommend to keep it because somehow i feel they remember all to well when you close a card lol. I closed mine regrettably and have been 8n even bigger doghouse since lol. Just my opinion. Keep it and hope you get offers in future.

Well, I had a NFCU cash Rewards that didn't grow for 19 months and I couldn't get approved for anything else. Still haven't gotten a monster starting limit or huge increase. Everyone said to keep that to create history.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

Anonymous — Tue, 25 Aug 2020 17:43:24 GMT

@Anonymous Personally I would accept the card since you already took the hp, you can feel free to recon the SL.

Ultimately its your choice. Since you are planning to app for more cards in the next month or two, ask yourself if you really need this card? Do you have a purpose for this card? You can always apply again at a later date.

Good luck with whatever you decide!

Re: PENFED PCR Approved but...Should I decline or recon the offer?

AllZero — Tue, 25 Aug 2020 19:34:50 GMT

Congratulations on your approval! Accept the offer.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

Mr_Mojo_Risin — Tue, 25 Aug 2020 19:41:27 GMT

I would definitely keep the card. Sometimes we don't get the limits we want. I know all about that btw lol.

PenFed probably wouldn't look favorably on that either.

Enjoy that new CC. Congratulations!

Re: PENFED PCR Approved...but I'd like to decline the offer.

AverageJoesCredit — Wed, 26 Aug 2020 02:05:18 GMT

@Brian_Earl_Spilner wrote:
@AverageJoesCredit wrote:
im not so sure of building history with them as i had a Promise card @ $1500 and " created " history over the course of a year with 9n time payments and usage and it didnt help much.

However id recommend to keep it because somehow i feel they remember all to well when you close a card lol. I closed mine regrettably and have been 8n even bigger doghouse since lol. Just my opinion. Keep it and hope you get offers in future.
Well, I had a NFCU cash Rewards that didn't grow for 19 months and I couldn't get approved for anything else. Still haven't gotten a monster starting limit or huge increase. Everyone said to keep that to create history.

Yeah, just shows how different lenders can treat people differently. Regardless of your recent scores and uphill battles due to the situation that you found yourself, sorry dont remember if you had a bk or something, im still amazed they held you back so long considering your excellent income and owning a home. Looking back at what i got in credit i still have to smh because no way will i ever achieve what i did in this Pandemic era.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

Anonymous — Fri, 16 Oct 2020 22:10:44 GMT

"Intially I was considering a recon on that SIL...but as I thought about it over the weekend, I'm considering declining the card all together and perhaps reapplying in a couple months in hopes of getting a better SL."

Is "declining the card" even possible with PenFed? I thought PenFed CCs were considered open as soon as they're approved? Thanks.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

spiritcraft1 — Fri, 16 Oct 2020 22:43:28 GMT

You just went though the wringer for it so I would keep it, let it age etc. Prove to them that they should have given you $17.5k like so many with lesser scores. You will likely get a healthy CLI in time.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

AverageJoesCredit — Fri, 16 Oct 2020 22:46:29 GMT

with your file and how much you had to give i would accept. Its a goid starting point and it can grow if they like you. The limit probably had more to do with the reason they wanted so much verification on you.

Re: PENFED PCR Approved...but I'd like to decline the offer.

AverageJoesCredit — Fri, 16 Oct 2020 22:48:57 GMT

@Anonymous wrote:
@M_Smart007 wrote:
keep the card ask for a CLI in 6 months.
Hey @M_Smart007
I guess this is also an option....🤔

But will the lower SIL affect my future limits on other cards? I'm going for my first CLI on the Amex next month and also will be apping for the Discover IT and the Macy's Amex...

6 months is such a long time! But I can wait if that's the best option.

It wont affect your other limit potential. Those are affected more by your income, score, debt etc and each lender is different. When i first got in with Penfed they gave me $1k. I had to fight for $500 after a year. Navy Federal trust me with $27k in credit.....i dont even make that much

Re: PENFED PCR Approved...but I'd like to decline the offer.

Hex — Sat, 17 Oct 2020 01:16:56 GMT

My first 2 PenFed cards were $2K and my 3rd was $39K. I still have those two $2K PenFed cards too. I have been able to get higher limits from other lenders despite the two low limit cards. I think PenFed rewards those who pay their dues. I would keep the card. They usually eventually offer SP CLI's you could use to increase the limit in time.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

FishingGuy — Mon, 19 Oct 2020 02:58:43 GMT

Take the card, why waste a hard hit & not get anything out of it..... use it, let it grow. Start to build a relationship with them... and work on your other cards. I would not ask for a CLI, or apply for another card with them..... apply with the others you're considering and start to build & thicken your file.. Remember lenders are still being cautious due the the pandemic situation.

Re: PENFED PCR Approved but...Should I decline or recon the offer?

SouthJamaica — Mon, 19 Oct 2020 03:43:26 GMT

@Anonymous wrote:
Hey guys!
I was approved for the Power Cash Awards $1000 SL.
So on one hand I'm happy about the approval because I need to grow my file...but I'm disappointed with the SIL. ( And I know I shouldn't be...but I'm so bummed.

My Data Points:
EQ : 777 ( at application)
Cards: Amex HH $5000 / 9% utilization/ PIF each month.
An old SYNC closed acct dating back to 2008 - reporting as paid as agreed - positive.
That's all on my report. No other loans or cards. No baddies. No lates no Enquires (at time of application).

Anyway- I applied for Membership and while that was pending also applied for the card (I'm hindsight perhaps I should have waited).
They requested a ton of documents from me to verify my Identity. By the end of the process I had provided my DL, 1040 Tax doc, US Passport, W2, Chase Bank Statement and SSN Card. The SSNcard I couldn't find intially which spawned the request for the other documents.
The CSR's were not rude. But I didn't quite experience the warm and fuzzy treatment some folks have described here.

Intially I was considering a recon on that SIL...but as I thought about it over the weekend, I'm considering declining the card all together and perhaps reapplying in a couple months in hopes of getting a better SL.

What say you?

Next month I'll be applying for my first 3xCLI on the Amex. And I'll be apping for the Discover It and the Macy's Amex before gardening for a year.

You should go ahead with the card.

I've been with PenFed 5 years. I would not describe them, and have never heard them described, as "warm and fuzzy".

But in my book they're a good credit union.