topic PenFed Credit Limit Reallocation? in Credit Cards

PenFed Credit Limit Reallocation?

Anonymous — Mon, 12 Jul 2021 01:51:27 GMT

Hi everyone,

Was wondering if anyone knew if PenFed did any credit limit reallocations? I currently have power cash, platinum, and pathfinder and find myself hardly ever using platinum so I was wondering if I could move the limit over to my power cash and shut that one down?

Thanks in advance 🙂

Re: PenFed Credit Limit Reallocation?

CreditCuriosity — Mon, 12 Jul 2021 01:55:40 GMT

Not sure of their current policy they use to allow it then they didn't. I have had them reallocate for me before, but has been some time and others have tried fairly recently with no success.. Things change all the time so worth a try if you want?

Re: PenFed Credit Limit Reallocation?

FinStar — Mon, 12 Jul 2021 02:25:32 GMT

Last I recall, they weren't doing them anymore (or one had to go through considerable hoops to do so). In the past, for those of us who had any of their cards (prior to their system conversion), there was such option and I was able to do so during Feb 2020.

OP, I would reach out to PenFed and see whether the reallocation option is available for your accounts.

Re: PenFed Credit Limit Reallocation?

Anonymous — Mon, 12 Jul 2021 02:36:15 GMT

Thank you both for the advance! I'll try it out tomorrow. Fingers crossed!

Re: PenFed Credit Limit Reallocation?

M_Smart007 — Mon, 12 Jul 2021 13:46:35 GMT

@Anonymous wrote:
Hi everyone,
Was wondering if anyone knew if PenFed did any credit limit reallocations? I currently have power cash, platinum, and pathfinder and find myself hardly ever using platinum so I was wondering if I could move the limit over to my power cash and shut that one down?

Thanks in advance 🙂

As far as I know, the only time they will re-allocate,

is when you apply for a new card, and the take CL from another card.

Like as in "Rob Peter to pay Paul"

I don't believe I have read any DP's on a straight up re-allocation, as of the last year or more. YEMV

I guess it cannot hurt to try?

Re: PenFed Credit Limit Reallocation?

FinStar — Mon, 12 Jul 2021 18:37:44 GMT

@Anonymous wrote:
Thank you both for the advance! I'll try it out tomorrow. Fingers crossed!

Anytime @Anonymous. Let us know the outcome since I'm sure other members are likely curious whether this is still viable or not.

Re: PenFed Credit Limit Reallocation?

Anonymous — Sat, 17 Jul 2021 21:50:19 GMT

They would not combine them and close one for me but they did let me take most of my credit line and add it to the other card anticipating a balance transfer that I didn't have enough available credit.