topic Re: PenFed CCs - CL Reallocations or Account Combos Still Possible? in Credit Cards

PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Fri, 31 Jan 2020 01:33:55 GMT

So, given some of the upcoming changes/conversions (based on the thread further below) to all of PenFed's existing AmEx CCs (Defender, Premium Travel, Pathfinder), I wanted to gather some recent experiences for those who have gone through (or attempted) any CC reallocations and/or account combinations.

In the past, these requests seemed to be straightforward, but since they've tightened things up and placed certain 'caps' on maximum thresholds for single accounts, I was exploring some options, especially since my current Premium Travel AmEx will be converted to Pathfinder, but I already have that as well 🥴. For DPs, I currently have 5 cards with PenFed and the max exposure of $50K.

I haven't reached out to them yet since I'm fairly aware I'll probably get all kinds of different answers 😁

https://ficoforums.myfico.com/t5/Credit-Cards/Changes-to-PenFed-Amex/td-p/5794967

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

K-in-Boston — Fri, 31 Jan 2020 04:01:27 GMT

Thanks for starting this thread! I was curious too as I was thinking about combining my Defender and Power Cash Rewards cards this year. 2 cards at $49,000.

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Fri, 31 Jan 2020 04:12:08 GMT

Well, since you only have 2, that makes me a PenFed ho ho 😜 Heck, if you could combine them, might as well squeeze the extra $1K!

Well, for me, no point in having 2 Pathfinder CCs. Unless, I can hafs the $100 travel credit 2x (one per card) 🤔

Is your current Defender an AmEx or Visa?

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

K-in-Boston — Fri, 31 Jan 2020 04:14:36 GMT

It’s a Visa. (The sideways card in my signature.)

They were at $20k and $10k, and I took a HP at the end of 2017 to get CLIs and they gave me $9500 each. 😂 I have not wanted to take a HP for a pair of $500 CLIs since then.

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Fri, 31 Jan 2020 04:17:38 GMT

Ah gotcha, that makes perfect sense. Yeah, I agree... no point in a HP for $500 a piece.

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

AverageJoesCredit — Fri, 31 Jan 2020 13:35:59 GMT

Easiest solution is for the Finstar and KIBer to just send some over to AJC and we be Sunny in Ficodelphia

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

CreditCuriosity — Fri, 31 Jan 2020 18:06:10 GMT

@FinStar and @K-in-Boston

YMMV although caps exists there are exceptions to every rule as my PCR was at 27k higher than the cap, but wanted to do a BT a few months back to it and asked them to take 8k from Amex to feel confortable with util and they went to UW and UW was willing to do it, so credit reallocation is certainly still around, but might be on a case by case basis and how long a member etc? Also might of helped for them to get a BT or possibly since they are my primary FI as well or a multiple of factors, but a few minute call solved my issue. Hope this helps!

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Wed, 05 Feb 2020 15:08:15 GMT

@CreditCuriosity wrote:
@FinStar and @K-in-Boston
YMMV although caps exists there are exceptions to every rule as my PCR was at 27k higher than the cap, but wanted to do a BT a few months back to it and asked them to take 8k from Amex to feel confortable with util and they went to UW and UW was willing to do it, so credit reallocation is certainly still around, but might be on a case by case basis and how long a member etc? Also might of helped for them to get a BT or possibly since they are my primary FI as well or a multiple of factors, but a few minute call solved my issue. Hope this helps!

Just circling back on this @CreditCuriosity, how long ago did you do this? And, was there a HP involved?

The HP is no issue for me, but just to be aware of the process.

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

imaximous — Wed, 05 Feb 2020 15:12:09 GMT

Did I read correctly that Penfed now has a cap of $25k per card? It used to be $50k combined, so you could have 1 at $50k if you wanted to or if you qualify. Now it's still $50k but $25k max per card?

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Wed, 05 Feb 2020 15:27:49 GMT

@imaximous wrote:
Did I read correctly that Penfed now has a cap of $25k per card? It used to be $50k combined, so you could have 1 at $50k if you wanted to or if you qualify. Now it's still $50k but $25k max per card?

My understanding is that those who are grandfathered under the old rules or UW policy still have their 'uncapped' CLs (however they are distributed).

After caps were introduced/implemented, $25K was the max per CC. Overall unsecured CC exposure is still $50K.

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

CreditCuriosity — Wed, 05 Feb 2020 15:28:46 GMT

@FinStar wrote:
@CreditCuriosity wrote:
@FinStar and @K-in-Boston
YMMV although caps exists there are exceptions to every rule as my PCR was at 27k higher than the cap, but wanted to do a BT a few months back to it and asked them to take 8k from Amex to feel confortable with util and they went to UW and UW was willing to do it, so credit reallocation is certainly still around, but might be on a case by case basis and how long a member etc? Also might of helped for them to get a BT or possibly since they are my primary FI as well or a multiple of factors, but a few minute call solved my issue. Hope this helps!
Just circling back on this @CreditCuriosity, how long ago did you do this? And, was there a HP involved?

The HP is no issue for me, but just to be aware of the process.

Approx two months ago and no HP involved.. Said I wanted to BT a certain amount but wanted to stay below a certain utilization and they spoke with UW while on phone and got a good to go on it. I didnt transfer all my limit just 8k.

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Wed, 05 Feb 2020 15:30:30 GMT

@CreditCuriosity wrote:
@FinStar wrote:
@CreditCuriosity wrote:
@FinStar and @K-in-Boston
YMMV although caps exists there are exceptions to every rule as my PCR was at 27k higher than the cap, but wanted to do a BT a few months back to it and asked them to take 8k from Amex to feel confortable with util and they went to UW and UW was willing to do it, so credit reallocation is certainly still around, but might be on a case by case basis and how long a member etc? Also might of helped for them to get a BT or possibly since they are my primary FI as well or a multiple of factors, but a few minute call solved my issue. Hope this helps!
Just circling back on this @CreditCuriosity, how long ago did you do this? And, was there a HP involved?

The HP is no issue for me, but just to be aware of the process.
Approx two months ago and no HP involved.. Said I wanted to BT a certain amount but wanted to stay below a certain utilization and they spoke with UW while on phone and got a good to go on it. I didnt transfer all my limit just 8k.

Awesome, thanks for the DPs 😁👍

Re: PenFed CCs - CL Reallocations or Account Combos Still Possible?

FinStar — Mon, 02 Mar 2020 17:37:16 GMT

Just circling back with an update.

So, I waited until the recent wave of conversions and CC activations went through and I called them up (2/28) and the requests were all completed with no issues (3/1). 5 CCs combined into 3 and no HP was incurred. So, pretty much anyone who obtained a PenFed CC before their system enhancements is still 'grandfathered' to combine or reallocate CLs in excess of the current $25K cap on a single card. Overall exposure is still $50K across CC products.

So, @K-in-Boston, it looks like this is a perfect opportunity to consolidate yours (if you wish). Again, thanks for the DPs @CreditCuriosity 😁