topic Re: PenFed CLI? in Credit Cards

PenFed CLI?

Anonymous — Tue, 24 Aug 2010 16:03:02 GMT

Hi all,

So I have had my PenFed account since May (Visa Rewards) but they only started me with a limit of $9,500 - My USAA MC is $24k and my USAA Amex is $14k. I've heard you can get higher limits with PenFed but I don't know how long it will take to get one? Is it automatic? Do I have to call? Is it a hard Inq? (I have a bunch of those right now...new mortgage, Amex, PenFed within the last year ish) Do I need to wait 6 mo first? 1 year?

And yes, I realize that limit is already "high" but compared to the other two, it's much lower...I wanted at least $12k.

Also, in case it matters, I just started back at school so my income went from $50k+ to around $21k (household is a little higher but my husband is also a student)...do they ask about that?

Thanks! =)

Re: PenFed CLI?

haulingthescoreup — Tue, 24 Aug 2010 16:08:04 GMT

It's automatic. They used to do this at six months, but I've read that now it's at one year.

One day, when you log on, you'll see a box over to the right saying that you have offers. There's an endless list of new RV loans, used boat loans (boats are used, not the loan, of course), lines of credit, and often an offer for an additional card or a CLI on the existing one. The offer stays up for several weeks, maybe a month, so you'll have time to figure what you want.

It's a preapproval, no soft pull, and I've never read of anyone being turned down once they took it, but they will ask you to update your financial info.

Since your income has dropped, I would definitely advise against calling in for a CLI. Just let it happen on its own. JMO.

Re: PenFed CLI?

oracles — Mon, 13 Sep 2010 20:40:55 GMT

Hey Hauling long time i know lol

What if you only have the checking account when you first joined. Will they have this offer box for you to see if you are pre approved for anything?

Re: PenFed CLI?

Creditaddict — Mon, 13 Sep 2010 23:55:43 GMT

@oracles wrote:
Hey Hauling long time i know lol

What if you only have the checking account when you first joined. Will they have this offer box for you to see if you are pre approved for anything?

I want to know too, I don't even log into my account anymore, I might be missing this if they do offers on checking!

Re: PenFed CLI?

haulingthescoreup — Tue, 14 Sep 2010 20:59:07 GMT

@Creditaddict wrote:
@oracles wrote:
Hey Hauling long time i know lol

What if you only have the checking account when you first joined. Will they have this offer box for you to see if you are pre approved for anything?
I want to know too, I don't even log into my account anymore, I might be missing this if they do offers on checking!

I'm not the one to ask, I'm afraid. I joined with the share (savings) account and app'd for the gas card a few days later. I don't even have a checking account.

So I've been pretty much a credit customer all along.

Re: PenFed CLI?

oracles — Tue, 14 Sep 2010 22:01:15 GMT

Thanks Hauling

I too have a share savings account in order to join.

Does anybody have just a shared saving"s account when joined and are receiving any pre-apporval offers on the website?

Re: PenFed CLI?

oracles — Fri, 17 Sep 2010 18:08:04 GMT

bump

Re: PenFed CLI?

Creditaddict — Fri, 17 Sep 2010 18:13:14 GMT

@oracles wrote:
bump

I tend to forget about logging into my accounts very much, but I checked the other day and no offers

Re: PenFed CLI?

Kay_Cee — Sat, 18 Sep 2010 13:13:43 GMT

I opened my PenFed account with a $10.00 savings account and a Visa with a $5K limit in July of 2009. Twice, since I opened the account, I have logged in to find pre-approved offers. Haven't taken advantage of them yet.....

Re: PenFed CLI?

oracles — Sat, 18 Sep 2010 17:23:24 GMT

@Kay_Cee wrote:
I opened my PenFed account with a $10.00 savings account and a Visa with a $5K limit in July of 2009. Twice, since I opened the account, I have logged in to find pre-approved offers. Haven't taken advantage of them yet.....

Thanks Kay but did you receive any offers before you had the visa. I am trying to determine if you need anything else beside a shared savings account in order to start receiving pre-approvals for things.

Re: PenFed CLI?

Kay_Cee — Sat, 18 Sep 2010 22:53:46 GMT

Sorry, I don't know the answer to that. I opened the savings account and applied for the Visa the same day. The Visa approval was immediate, if that helps you any.

Re: PenFed CLI?

CrdtLrnr — Sun, 19 Sep 2010 13:33:51 GMT

Years ago I opened share, checking, and auto loan accounts in rapid order. The pre-approvals started showing up after a few months of loan payments. I believe once they've run a credit check for any reason, then they "know you". I'm not sure if they will conduct soft inquiries without some stimulus. You might want to call and ask..