topic Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies... in Credit Cards

Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 00:05:48 GMT

I just got off the phone with a really informative senior loan officer that I talked with for 30 minutes about PenFed credit limits and ways to max things out.

She confirmed in 2018 that PenFed's MAXIMUM total credit limits are still $75,000 and $50,000 for credit cards (spread over 1-2 cards).

She told me why with a 777 EQ FICO 08 score, single digit utilization, only six inquiries, and 6-figure income why I got denied for a CLI on both my PLOC and one of my PenFed credit cards a few days ago.

She told me that she would've no problem giving me another $5K-$10K increase today if they were using the OLD lending guidelines, not the new stricter ones.

She said I am now $10,500 OVER the maximum ($30,000) that they'll give someone based on my income but I got that $40,500 based on PenFed's OLD credit limit system.

She said she has been a loan officer with PenFed for over five years and PenFed just made lending amount max's way more strict and lower over the last 45 days.

I told her my "triple lindy" goal of getting $75,000 with PenFed and she confirmed it would be easier to get the $50,000 in credit card limits with two cards (like I have) then just one card.

She said as of 2018 and I quote, "to be eligible to get $50,000 in total unsecured credit (PLOC + CC) from PenFed you would now need to make at least $15,000+/month."

I asked her how long do the new lending requirements (less strict and more strict) last when PenFed roles them out and she said usually a year or so. Sometimes longer and sometimes shorter.

She also told me that she could move credit limits around on my two credit cards if I wanted or merge them together into one bigger credit line but you can't do that with the PLOC only credit cards.

Looks like way too many people have been screwing over PenFed so the really large lines are getting harder to get.

Hope that helps.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

AverageJoesCredit — Wed, 03 Jan 2018 00:11:32 GMT

Lol, 15k a month Forget PF, im joining McDonalds National Credit Union where for a monthly sum of $2.99, i get access to credit lines up to 90K, of QUARTER POUNDER

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

SouthJamaica — Wed, 03 Jan 2018 01:57:32 GMT

@Anonymous wrote:
I just got off the phone with a really informative senior loan officer that I talked with for 30 minutes about PenFed credit limits and ways to max things out.

She confirmed in 2018 that PenFed's MAXIMUM total credit limits are still $75,000 and $50,000 for credit cards (spread over 1-2 cards).

She told me why with a 777 EQ FICO 08 score, single digit utilization, only six inquiries, and 6-figure income why I got denied for a CLI on both my PLOC and one of my PenFed credit cards a few days ago.

She told me that she would've no problem giving me another $5K-$10K increase today if they were using the OLD lending guidelines, not the new stricter ones.

She said I am now $10,500 OVER the maximum ($30,000) that they'll give someone based on my income but I got that $40,500 based on PenFed's OLD credit limit system.

She said she has been a loan officer with PenFed for over five years and PenFed just made lending amount max's way more strict and lower over the last 45 days.

I told her my "triple lindy" goal of getting $75,000 with PenFed and she confirmed it would be easier to get the $50,000 in credit card limits with two cards (like I have) then just one card.

She said as of 2018 and I quote, "to be eligible to get $50,000 in total unsecured credit (PLOC + CC) from PenFed you would now need to make at least $15,000+/month."

I asked her how long do the new lending requirements (less strict and more strict) last when PenFed roles them out and she said usually a year or so. Sometimes longer and sometimes shorter.

She also told me that she could move credit limits around on my two credit cards if I wanted or merge them together into one bigger credit line but you can't do that with the PLOC only credit cards.

Looks like way too many people have been screwing over PenFed so the really large lines are getting harder to get.

Hope that helps.

Wow this is one of the most useful posts I have ever seen!!! Thank you so much for the detailed information.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

CreditCuriosity — Wed, 03 Jan 2018 02:18:07 GMT

Sure they are taking losses like every other lender and limiting what they might possibly lose esp with a huge credit bubble looming even though the economy is overall in good shape. Over 4.4 trillion owed on CC, that is what was owed back in 2008 when all hell broke loose. It certainly will happen again as well. Not a matter of if, but when. Less likely in the housing market, just the CC market defaults are going to continue to rise. Just my take on it possibly why they changed their rules.

Also this is assuming the UW you spoke with is really telling the truth, but sounds like he/she was. Them saying a few years that is just a guess though as they don't make the rules

You can see Navy tigethening up along with many other lenders as well such as Discover and their CLI dried up for many along with Cap1 CLD'ing people for not using their cards and harder overall to get those 30k limit approvals, etc.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 02:24:01 GMT

Hang on one second there, you received: honest, actionable, and most amazingly useful information from a loan officer? Must be a credit union!

While I'm thankful to have such useful information spelled out in a clear and concise manner, CRAP. There goes my $50k dreams with PF, $15k/mo is about DOUBLE my income. Maybe they'll give me $25k and a nice fruit basket.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 02:32:08 GMT

When you're as charming as me you can pry information out of anyone even grizzled credit ball busting loan officers.

She said for me to call her whenever I wanted so in six months I'm going to call her back to see if the new stricter credit limit parameters are still in place or not.

No sense in using a hard pull until they go back to the older more giving credit limit parameters since I'm maxed out with them already.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 02:38:55 GMT

You forgot humble...

Keep us posted I'm hoping next quarter is kind to me. I might not have all my ducks in a row by then but they should at least be in the same pond!

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

bizarrocreditworld — Wed, 03 Jan 2018 02:45:32 GMT

@Anonymous wrote:
I just got off the phone with a really informative senior loan officer that I talked with for 30 minutes about PenFed credit limits and ways to max things out.

She confirmed in 2018 that PenFed's MAXIMUM total credit limits are still $75,000 and $50,000 for credit cards (spread over 1-2 cards).

She told me why with a 777 EQ FICO 08 score, single digit utilization, only six inquiries, and 6-figure income why I got denied for a CLI on both my PLOC and one of my PenFed credit cards a few days ago.

She told me that she would've no problem giving me another $5K-$10K increase today if they were using the OLD lending guidelines, not the new stricter ones.

She said I am now $10,500 OVER the maximum ($30,000) that they'll give someone based on my income but I got that $40,500 based on PenFed's OLD credit limit system.

She said she has been a loan officer with PenFed for over five years and PenFed just made lending amount max's way more strict and lower over the last 45 days.

I told her my "triple lindy" goal of getting $75,000 with PenFed and she confirmed it would be easier to get the $50,000 in credit card limits with two cards (like I have) then just one card.

She said as of 2018 and I quote, "to be eligible to get $50,000 in total unsecured credit (PLOC + CC) from PenFed you would now need to make at least $15,000+/month."

I asked her how long do the new lending requirements (less strict and more strict) last when PenFed roles them out and she said usually a year or so. Sometimes longer and sometimes shorter.

She also told me that she could move credit limits around on my two credit cards if I wanted or merge them together into one bigger credit line but you can't do that with the PLOC only credit cards.

Looks like way too many people have been screwing over PenFed so the really large lines are getting harder to get.

Hope that helps.

This is great information to have. I like where I am right now with them and I want to stay in the garden for 2018. I have the score and the income to go much higher, but I'd rather focus on what I have right now and not try to upset the apple cart.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 02:50:12 GMT

Hopefully it won’t happen to nfcu since the doors are closed so let’s hope it will stay close lol

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

simplynoir — Wed, 03 Jan 2018 02:50:56 GMT

Hmm I'm guessing that for those that want to push the envelope it's looking like POI is a requirement to get ahold of those high limits in the future. Not a bad thing but something I need to keep in mind when I go looking to getting a CLI for the Promise card sometime soon.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

simplynoir — Wed, 03 Jan 2018 02:52:16 GMT

@Anonymous wrote:
Hopefully it won’t happen to nfcu since the doors are closed so let’s hope it will stay close lol

From what I'm understanding in the NFCU thread they are already changing what was typically the norm especially towards the end of 2017.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

kugel — Wed, 03 Jan 2018 02:57:34 GMT

Got approved today amex nfcu $25.000 a year and half after bk

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

seattlecredit08 — Wed, 03 Jan 2018 03:59:06 GMT

@Anonymous wrote:
When you're as charming as me you can pry information out of anyone even grizzled credit ball busting loan officers.

She said for me to call her whenever I wanted so in six months I'm going to call her back to see if the new stricter credit limit parameters are still in place or not.

No sense in using a hard pull until they go back to the older more giving credit limit parameters since I'm maxed out with them already.

Question: Any way to find out from this friendly banker what PenFed's new income treshold may be for triggering Proof of Income (POI) or does anyone else have experience with this?

Thank you in advance!!

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 05:23:07 GMT

Weird. I just got an email with an preapproval for a power cash card with a 35k$ loc, bringing me to a total cc lines of credit of 50k$. I also have a line of credit of $5k and a thrifty loc of $500. So total unsecured limits of $55,500 and I don’t make 15k$/month

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 05:26:59 GMT

Those are "pre-approvals" not underwritten and signed off by a loan officer approvals.

Don't count your PenFed credit chickens before they hatch is all I'm saying.

But as always may the high credit limit force be with you always.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

BPebbles — Wed, 03 Jan 2018 06:06:51 GMT

@Anonymous wrote:
When you're as charming as me you can pry information out of anyone even grizzled credit ball busting loan officers.

She said for me to call her whenever I wanted so in six months I'm going to call her back to see if the new stricter credit limit parameters are still in place or not.

No sense in using a hard pull until they go back to the older more giving credit limit parameters since I'm maxed out with them already.

Wow... thanks for all the good info, CreditLuv. Please let us know what you find out in 6 months! Thank you for posting all this good info!

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

UpperNwGuy — Wed, 03 Jan 2018 11:38:03 GMT

@Anonymous wrote:
Hopefully it won’t happen to nfcu since the doors are closed so let’s hope it will stay close lol

Trust me, NFCU already knows. About half of their board members work in the Pentagon and also belong to PenFed. There's a fair amount of crosstalk between the leaders of the two institutions. I'm a long-time member of both institutions and have worked with board members in former jobs.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 12:30:45 GMT

@seattlecredit08 wrote:
@Anonymous wrote:
When you're as charming as me you can pry information out of anyone even grizzled credit ball busting loan officers.

She said for me to call her whenever I wanted so in six months I'm going to call her back to see if the new stricter credit limit parameters are still in place or not.

No sense in using a hard pull until they go back to the older more giving credit limit parameters since I'm maxed out with them already.
Question: Any way to find out from this friendly banker what PenFed's new income treshold may be for triggering Proof of Income (POI) or does anyone else have experience with this?

Thank you in advance!!

Income level has nothing to do with whether they ask for POI or not. That is based on your credit profile and completely varies person to person.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

Anonymous — Wed, 03 Jan 2018 13:35:04 GMT

Does anyone have any idea what the new maximum credit limits on Penfed cards (specifically the Power Cash Rewards) would be for someone earning $52,000/year? I got a CLI to $7k on mine in November and had been considering trying another app in a month or so (my current EQ FICO 9 pull should be good until the 28th of February), but I also have an auto loan with them for $10k (down to about $8.8k balance as of today, next payment due on the 16th) so my total exposure with them would be $17k or so. I was also considering trying a consolidation loan at some point but I don't know if that'll be approved under the new stricter rules.

Re: Big (bad) news on PenFed's NEW STRICT in the last 45 days credit limit policies...

mattmyFIC0 — Wed, 03 Jan 2018 14:51:00 GMT

I can confirm this seems to be true. My current exposure is 38K on cards and 7.5K on LOC (OD and PLOC) I tried for a CLI on my platinum cash rewards (20K limit) and PLOC (5K limit) and the response for both was: