topic Re: Penfed CLI process question. in Credit Card Applications

Penfed CLI process question.

805orbust — Sun, 18 Sep 2022 00:18:41 GMT

Hey all, so I've been reading the forums about Penfed and getting an increase and there are 2 things I'm unclear with. Is it preferable to call in or request online? HP or SP? I've had the Promise Card since 2016 with no Increase and am working on raising all my limits and chopping everything below $10k.

Additionally Is $25,000 the maximum allowable limit for sure?

Thanks in advance.

Re: Penfed CLI process question.

mgood — Sun, 18 Sep 2022 00:34:15 GMT

Call. The button is sometimes there, sometimes not there. When it is there, too many people report having it just spin around until it locks up, then having to call anyway. If you've had the account for at least 6 months, or 6 months since your last CLI, you're eligible. (Doesn't mean they'll approve it, but you're eligible to apply.)

HP. No way around it unless they give you an auto-CLI, which seems very, very rare. I think I've read of only one.

From everything I've seen, $25k is currently the cap on any individual card. The exceptions seem to be people who had higher limits than that before that rule was implemented. I believe there's also a cap of $50k total across all PenFed cards you may have.

EDIT: @805orbust I'm pretty sure the cap on the Gold Visa you have is lower, like $15k. I have no idea what the Promise is.

Re: Penfed CLI process question.

SouthJamaica — Sun, 18 Sep 2022 03:19:36 GMT

@805orbust wrote:
Hey all, so I've been reading the forums about Penfed and getting an increase and there are 2 things I'm unclear with. Is it preferable to call in or request online? HP or SP? I've had the Promise Card since 2016 with no Increase and am working on raising all my limits and chopping everything below $10k.

Additionally Is $25,000 the maximum allowable limit for sure?

Thanks in advance.

My recollection is that it's a HP.

Re: Penfed CLI process question.

805orbust — Sun, 18 Sep 2022 11:25:27 GMT

Ok thanks, that's great info. Are they inquiry sensitive? Ive got 5 dropping off next month (car shopping) and 4 dropping in Dec. The last 3 will be gone by May.

Re: Penfed CLI process question.

mgood — Sun, 18 Sep 2022 15:00:02 GMT

I don't remember reading about them being particularly sensitive to inquiries. I know they look at Eq 9 Classic. Other than that, I'm not sure what they want to see. I know in December 2020, I was approved for a Disco, then declined by Chase, THEN in late December and early January got approved for THREE PenFed cards (one of which was a mistake and I cancelled), then got a CLI on the Gold I already had. So the inquiries from Discover and Chase didn't seem to bother them at that time. (Now that I think about it, the inquiries from Chase and Discover might have not shown up on Eq, but the new account from Discover would have. I'm pretty sure it had already reported when I applied with PenFed.) I know when I got two cards at once, the first was an instant approval and the second went to review where they asked for POI.

Re: Penfed CLI process question.

CreditCuriosity — Sun, 18 Sep 2022 15:16:11 GMT

Did my last one online taking me to their cap of 50k.. one was already at 30k (before 25k rule) meaning grandfathered other one was at 12 being pathfinder and asked online instantly bumped up to 20k capping out on unsecured CC with them. EQ HP. As mentioned sometimes it is there and sometimes it isnt being request CLI. Different CC I believe have different limit caps I believe gold is 15k if not mistaken? while others are 25k. With that said have direct deposit of my pay into them likely to change in near future, but they have always been able to see I make what I say so no POI ever for me.

Re: Penfed CLI process question.

M_Smart007 — Sun, 18 Sep 2022 15:20:36 GMT

@805orbust wrote:
Hey all, so I've been reading the forums about Penfed and getting an increase and there are 2 things I'm unclear with. Is it preferable to call in or request online? HP or SP? I've had the Promise Card since 2016 with no Increase and am working on raising all my limits and chopping everything below $10k.

Additionally Is $25,000 the maximum allowable limit for sure?

Thanks in advance.

@805orbust, ..If you can get the website to work, .. online ..

( i really hate their archaic website), otherwise call in.

EQ HP for CLI's, unless you joined with a very clean profile and want to wait 50 years or so,

then they might sent the very rare unicorn "SP" offer .. again rare as hen's teeth.

No CLI since 2016, I would say you are long overdue. I'd go for it. (if you don't mind a HP)

I believe the Gold card has a $15K hard limit . Per forum DP's Other individual cards have a hard limit of $25K per card,

and a max of combined total of $50K. (Unless you were grandfathered in before the new rules)

I hold the Platinum Rewards and Power Cash Rewards.

ETA: They never required POI for my on (2) cards or a $25K PL / I did it for installment reporting = $20 balance)

Re: Penfed CLI process question.

OmarGB9 — Sun, 18 Sep 2022 18:00:29 GMT

I'll echo what others have said. HP on EQ, auto CLIs rare. Not sure how inquiry sensitive they are though. I'd just call. Not sure if there's special caps on the Promise card, but on their current cards the cap is $25k individually, yes.

Re: Penfed CLI process question.

805orbust — Mon, 19 Sep 2022 03:11:28 GMT

Wow... guys, this is all good info. I was hesitant as I really haven't paid much attention to their policies here, and couldn't get much clarity with the reading up I've done over the past few days, however I think I'm confident enough to give it a shot.

Last months Fico9 was 741 so "perhaps" that'll be good enough. I'll call them tomorrow.

Do they not issue the Promise card anymore?

Re: Penfed CLI process question.

mgood — Mon, 19 Sep 2022 04:15:54 GMT

@805orbust wrote:
Do they not issue the Promise card anymore?

I don't think so. It's not on their website.

Re: Penfed CLI process question.

805orbust — Tue, 20 Sep 2022 02:03:02 GMT

Wow.. @mgood I completely missed that one!

Re: Penfed CLI process question.

Cashbackjunky — Tue, 20 Sep 2022 23:34:53 GMT

@805orbust wrote:
Wow... guys, this is all good info. I was hesitant as I really haven't paid much attention to their policies here, and couldn't get much clarity with the reading up I've done over the past few days, however I think I'm confident enough to give it a shot.

Last months Fico9 was 741 so "perhaps" that'll be good enough. I'll call them tomorrow.

Do they not issue the Promise card anymore?

Inquiring minds must know... Did you call asking for a CLI?!

Re: Penfed CLI process question.

805orbust — Wed, 21 Sep 2022 12:29:23 GMT

@Cashbackjunky I did but I chickened out. I took out a car loan with them in June to buy a new minivan for my oldest daughter and her useless husband after they had child #3 in 4 years. (Having that unsigned Penfed check made it SO much easier to shop and close on the fly) It was still only 2 payments in. So I made a 30% principal payment from my Penfed account (which cleaned it out) while I had the CSR on the phone and will make another transfer and pay it off... THEN I'll hit up Penfed for the increase.

Does it seem like I'm overthinking this? 😆

Re: Penfed CLI process question.

FishingGuy — Wed, 21 Sep 2022 12:30:27 GMT

There's no such thing as "over thinking"

Re: Penfed CLI process question.

805orbust — Wed, 21 Sep 2022 12:38:05 GMT

@FishingGuy tell me about it. I've always felt that way, but you guys embolden me. However it seems like there's more and more weird things happening in the credit world so I just try to stack the deck as much as possible these days. When I poke the bear I bring snacks... and honey 🤣

Re: Penfed CLI process question.

OmarGB9 — Wed, 21 Sep 2022 19:08:56 GMT

@805orbust wrote:
@Cashbackjunky I did but I chickened out. I took out a car loan with them in June to buy a new minivan for my oldest daughter and her useless husband after they had child #3 in 4 years. (Having that unsigned Penfed check made it SO much easier to shop and close on the fly) It was still only 2 payments in. So I made a 30% principal payment from my Penfed account (which cleaned it out) while I had the CSR on the phone and will make another transfer and pay it off... THEN I'll hit up Penfed for the increase.

Does it seem like I'm overthinking this? 😆

A bit, IMO. 😂 But whatever works for you/makes you more comfortable.

Re: Penfed CLI process question.

FishingGuy — Wed, 21 Sep 2022 20:07:45 GMT

If snacks and honey doesn't work...... bring martini's and steaks :-) That usually works for me

Re: Penfed CLI process question.

pc01user — Thu, 22 Sep 2022 05:12:08 GMT

@805orbust Definitely hard pull and through Equifax.

Re: Penfed CLI process question.

CerebralZulu — Tue, 27 Sep 2022 01:39:53 GMT

You can always wait on an offer from them if you are worried about a hard pull.