topic Re: PenFed Line of Credit Transfer in Credit Cards

PenFed Line of Credit Transfer

Uncle_Money — Thu, 29 Sep 2016 01:54:05 GMT

Hey guys,

I have a $10K personal LOC and a $25K Visa Sig with PenFed. I'm wondering if it's possible to close the LOC and transfer the $10K to my Visa, which I use more and would then have a $35K credit line. They still have my Equifax report on file from July 5th.

So I called and the friendly rep said they still would need to put in an application for the increase and while he thinks they would use the same report, he couldn't guarantee it.

Who thinks they will use the same report or pull a new one? I'd rather not take the hard pull in this case!

Uncle Money

Re: PenFed Line of Credit Transfer

Billybob_TX — Thu, 29 Sep 2016 01:58:14 GMT

Keep 'em both open. Pretty sure they wouldn't do that transfer anyway. Two different types of credit.

Just wait another month, meanwhile use the crap out of the CC, then ask for an increase.

The LOC is something to use in emergencies or when you are temporarily short on bucks.

Re: PenFed Line of Credit Transfer

gdale6 — Thu, 29 Sep 2016 02:23:12 GMT

Hi there OP,

I have removed your cross post on this from the approvals forum. Please refrain from cross posting in the future it can lead to confusion and its not inline with our TOS. I thank you for your understanding on this.

Re: PenFed Line of Credit Transfer

Uncle_Money — Thu, 29 Sep 2016 03:25:57 GMT

My apologies. I tried to delete it in approvals but I didn't see a way to do to.

Re: PenFed Line of Credit Transfer

Uncle_Money — Thu, 29 Sep 2016 03:26:49 GMT

Good point.

Maybe I'll just ask for the increase instead.