topic Re: PenFed CLI + 2nd credit card strategy in Credit Cards

PenFed CLI + 2nd credit card strategy

Expansion — Tue, 19 Sep 2023 01:44:42 GMT

Hey Fico Friends!

I have a PenFed platinum CC that I've had for almost a year.

I'd like to apply for a 2nd Penfed CC

and also ask for a credit line increase on the first card.

Any strategy recommendations on what to ask for first?

Apply for card #2 first?

Or ask for CLI on card #1 first?

As always, I eagerly await your insight and wisdom

tagging @SouthJamaica @tcbofade @bizcredit11 and any other wise ones

Re: PenFed CLI + 2nd credit card strategy

nwa479 — Tue, 19 Sep 2023 03:49:29 GMT

@Expansion wrote:
Hey Fico Friends!

I have a PenFed platinum CC that I've had for almost a year.

I'd like to apply for a 2nd Penfed CC
and also ask for a credit line increase on the first card.

Any strategy recommendations on what to ask for first?

Apply for card #2 first?
Or ask for CLI on card #1 first?

As always, I eagerly await your insight and wisdom

tagging @SouthJamaica @tcbofade @bizcredit11 and any other wise ones

It's hard to tell what the best option is without further details. What is your current CL on the Platinum card? What's your current scores, inquiries, utilization?

I have two Penfed cards at 15k CL. I had acquired the first card two years ago with a starting line of 15k. They pull Equifax. My score was about 740. Rather than ask for an increase on the 15k power cash rewards, I thought I had a better chance at more credit with a second card vs increasing the first card. Last year I was approved for a second card at 15k SL.

Your experience may vary, but I would probably go for the second card first just because you may get more available credit than with an increase on the first card. Ive never applied for an increase on either card, preferring to diversify with other cards.

Re: PenFed CLI + 2nd credit card strategy

SouthJamaica — Tue, 19 Sep 2023 04:41:00 GMT

@Expansion wrote:
Hey Fico Friends!

I have a PenFed platinum CC that I've had for almost a year.

I'd like to apply for a 2nd Penfed CC
and also ask for a credit line increase on the first card.

Any strategy recommendations on what to ask for first?

Apply for card #2 first?
Or ask for CLI on card #1 first?

As always, I eagerly await your insight and wisdom

tagging @SouthJamaica @tcbofade @bizcredit11 and any other wise ones

I have no idea, but I guess I'd apply first for the one I want the most.

Re: PenFed CLI + 2nd credit card strategy

SUPERSQUID — Tue, 19 Sep 2023 07:16:49 GMT

I really had no strategy with my 2 Penfed cards although I had read a post from MSMART where he recommended waiting one year for a cli request. I waited 1 year on my PCR and got a cli for 2500, 7500 - 10k, ymmv.

As far as the 2nd card SJ might be right, I applied for my 2nd Penfed cc the Gold 8 months after I was approved for the PCR and was approved for a 7500 sl,

so I was approved for the 2nd card 4 months before the cli on the first cc, ymmv.

Re: PenFed CLI + 2nd credit card strategy

Priory_Man — Tue, 19 Sep 2023 10:25:43 GMT

I would app for the second card first, then in a few months ask for the CLI

Re: PenFed CLI + 2nd credit card strategy

JoeRockhead — Tue, 19 Sep 2023 11:43:19 GMT

Go for the second card, then the CLI, best of luck!

Re: PenFed CLI + 2nd credit card strategy

tcbofade — Tue, 19 Sep 2023 21:05:14 GMT

I, too, would go for the second card first...then the CLI.

YMMV, but typically the starting line on a second card will be greater than the amount of a line increase on the existing card.

Good luck!