topic Re: Penfed automatic CL in Credit Cards

Penfed automatic CL

Creditcurious74 — Wed, 04 Feb 2015 16:06:48 GMT

Hello, I applied for two penfed credit cards back in Nov 20th of last year and I know is fairly new but I'd like to know if someone who have this card if they receive a quarter pre-approval CLI......I've until the 20th of this month to request one manually using same HP or should I wait until a year.

Re: Penfed automatic CL

Anonymous — Wed, 04 Feb 2015 16:16:07 GMT

I have had Penfed cards for over two years and never got an auto CLI

Re: Penfed automatic CL

Creditcurious74 — Wed, 04 Feb 2015 16:19:41 GMT

@Anonymous wrote:
I have had Penfed cards for over two years and never got an auto CLI

So you had to request one manually. It's weird why Penfed won't give you one annually, that's crazy!

Re: Penfed automatic CL

Exonumist — Wed, 04 Feb 2015 16:47:12 GMT

Usually you won't see preapprovals unless you do everything that Penfed likes. Your credit will need to be spotless with no new accounts or inquiries. I barely got them to approve my card and even though I've had it for 2 years I've never seen any preapproval. Still stuck at a $500 limit and frankly I'm scared to ask for one. My EQ has no inquiries, but with all my new accounts I know they will deny it. I actually over pay them so I have a negative balance just so i won't get too close to the limit. One of the downsides of aggressively building credit I suppose.

Re: Penfed automatic CL

hot4u — Wed, 04 Feb 2015 16:52:26 GMT

After 6 months got pre approval for auto loan,

Declined it..

Re: Penfed automatic CL

Creditcurious74 — Wed, 04 Feb 2015 17:15:39 GMT

@Exonumist wrote:
Usually you won't see preapprovals unless you do everything that Penfed likes. Your credit will need to be spotless with no new accounts or inquiries. I barely got them to approve my card and even though I've had it for 2 years I've never seen any preapproval. Still stuck at a $500 limit and frankly I'm scared to ask for one. My EQ has no inquiries, but with all my new accounts I know they will deny it. I actually over pay them so I have a negative balance just so i won't get too close to the limit. One of the downsides of aggressively building credit I suppose.

Thanks for the info. I'm surprised they only gave you 500 CL toy card

Re: Penfed automatic CL

takeshi74 — Wed, 04 Feb 2015 18:16:48 GMT

@Creditcurious74 wrote:
Hello, I applied for two penfed credit cards back in Nov 20th of last year and I know is fairly new but I'd like to know if someone who have this card if they receive a quarter pre-approval CLI......I've until the 20th of this month to request one manually using same HP or should I wait until a year.

As always, depends on your credit. What does your NextGen score from PenFed look like (keeping in mind that score plays a part but it's not the only thing that matters)? Has it improved?

I've only had offers for one quarter since being approved but during the other quarters I have been adding other accounts so I'm really not surprised that PenFed isn't eager to offer me anything.

@Creditcurious74 wrote:
I'm surprised they only gave you 500 CL toy card

Again, depends on one's credit and the creditor's criteria.

Re: Penfed automatic CL

Anonymous — Wed, 04 Feb 2015 18:19:09 GMT

@takeshi74 wrote:
@Creditcurious74 wrote:
Hello, I applied for two penfed credit cards back in Nov 20th of last year and I know is fairly new but I'd like to know if someone who have this card if they receive a quarter pre-approval CLI......I've until the 20th of this month to request one manually using same HP or should I wait until a year.
As always, depends on your credit. What does your NextGen score from PenFed look like (keeping in mind that score plays a part but it's not the only thing that matters)? Has it improved?

I've only had offers for one quarter since being approved but during the other quarters I have been adding other accounts so I'm really not surprised that PenFed isn't eager to offer me anything.

@Creditcurious74 wrote:
I'm surprised they only gave you 500 CL toy card
Again, depends on one's credit and the creditor's criteria.

Where in the world can you find your NextGen score on the site. I've only had the account for a month so is it something they provide periodically or what?

Re: Penfed automatic CL

OnTheRebound — Wed, 04 Feb 2015 19:14:53 GMT

My wife's PenFed Visa account is almost 5 years old. Pristine CR's. Her Fico's low 800's. Her NexGen score is 844. 2 money market CD's, 1 savings account (well over 6 figures combined). Never any preappovals. One auto $1000.00 CLI at about the two year mark. They did however, offer, via mail, to give her a personal loan secured with saving account. Why would I do that?

I use her card once in a blue moon to keep it active.

Re: Penfed automatic CL

Ysettle4 — Wed, 04 Feb 2015 19:26:23 GMT

I believe PenFed checks EQ quarterly for it's members so if you have a credit monitoring product with EQ, you can pull an update report and see the SPs from Penfed (Ar's). If you're going to get offered anything, it will happen after the AR

Re: Penfed automatic CL

OnTheRebound — Wed, 04 Feb 2015 19:39:28 GMT

Where in the world can you find your NextGen score on the site. I've only had the account for a month so is it something they provide periodically or what?

If you have a score, it will be on your main accounts page at the top, in one of those three boxes. You are probably too new to have one. PenFed provides score quarterly. You more than likely get yours in April.

Re: Penfed automatic CL

Anonymous — Wed, 04 Feb 2015 19:44:09 GMT

@OnTheRebound wrote:

Where in the world can you find your NextGen score on the site. I've only had the account for a month so is it something they provide periodically or what?
If you have a score, it will be on your main accounts page at the top, in one of those three boxes. You are probably too new to have one. PenFed provides score quarterly. You more than likely get yours in April.

Thanks! Figured it was something like that.

Re: Penfed automatic CL

Creditcurious74 — Wed, 04 Feb 2015 20:09:01 GMT

@Ysettle4 wrote:
I believe PenFed checks EQ quarterly for it's members so if you have a credit monitoring product with EQ, you can pull an update report and see the SPs from Penfed (Ar's). If you're going to get offered anything, it will happen after the AR

Thanks for the info. Unfortunately I cancelled my equifax monitoring account.

Re: Penfed automatic CL

Anonymous — Wed, 04 Feb 2015 21:31:37 GMT

@Creditcurious74 wrote:
@Anonymous wrote:
I have had Penfed cards for over two years and never got an auto CLI
So you had to request one manually. It's weird why Penfed won't give you one annually, that's crazy!

No, I never asked as I don't want/need one. Recently I called about something else, and they asked if I wanted one, but as it was a HP, I said no.

Re: Penfed automatic CL

Ysettle4 — Thu, 05 Feb 2015 00:08:29 GMT

@Creditcurious74 wrote:
@Ysettle4 wrote:
I believe PenFed checks EQ quarterly for it's members so if you have a credit monitoring product with EQ, you can pull an update report and see the SPs from Penfed (Ar's). If you're going to get offered anything, it will happen after the AR
Thanks for the info. Unfortunately I cancelled my equifax monitoring account.

It has it's advantages to have a membership - you can see all HPs and SPs. The premiere plan is $17.95/month but you can ask to have it reduced to $9.99/month and this allows you to pull daily updated reports and such.

Re: Penfed automatic CL

iwazl71 — Thu, 05 Feb 2015 04:47:08 GMT

It depends on your score and profile. I got my penfed card about 5 months ago with a 33k starting limit. Then beginning of the year, in January, I got one of those quarterly preapproved increase to 50k without a credit pull.