topic Re: Closing PenFed Account in Credit Cards

Closing PenFed Account

DI — Mon, 18 Jul 2011 21:07:46 GMT

I want to close my PenFed Platinum Cash Rewards card. It only has a $1000 credit line. I really don't care about the 5% cashback in gas.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 21:18:54 GMT

I just sent them the following message:

I'm considering closing my Platinum Cash Rewards card. I've had the card for almost two years and haven't received a line of credit increase. The card is my lowest limit card at $1,000. I think my credit rating is more deserving of that.

Re: Closing PenFed Account

Anonymous — Mon, 18 Jul 2011 22:47:33 GMT

I'm about going to ask the same question about my thrifty credit service account which I don't even know I have ever applied for.

It popped up in my credit report and hurt score. What number to call to close the account ?

Re: Closing PenFed Account

Anonymous — Mon, 18 Jul 2011 21:23:32 GMT

@DI wrote:
I want to close my PenFed Platinum Cash Rewards card. It only has a $1000 credit line. I really don't care about the 5% cashback in gas.

Ok. Best of luck.

Re: Closing PenFed Account

Anonymous — Mon, 18 Jul 2011 21:25:22 GMT

7/12/11 EX FICO score 778, 8/12/11 EX FICO score 800

You should let PenFed know that you already know your 8/12/11 FICO score and see if that impresses them into a CLI.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 21:32:34 GMT

@Anonymous wrote:
I'm about going to ask the same question to my thrifty credit service account which I don't even know I have ever applied for.
It popped up in my credit report and hurt score. What number to call to close the account ?

Isn't the thrifty service account an overdraft protection option for checking? If you have a checking account with them you may want to keep it. I guess the reason why its on your credit reports is due to it being a line of credit.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 21:28:23 GMT

@Anonymous wrote:
7/12/11 EX FICO score 778, 8/12/11 EX FICO score 800
You should let PenFed know that you already know your 8/12/11 FICO score and see if that impresses them into a CLI.

When they pulled my credit in 2009, the CSR told me my EQ score was 792. I'm not sure if it was a FICO score.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 21:32:11 GMT

@Anonymous wrote:
7/12/11 EX FICO score 778, 8/12/11 EX FICO score 800
You should let PenFed know that you already know your 8/12/11 FICO score and see if that impresses them into a CLI.

The reason why I'm thinking my 8/12/11 EX FICO score will be 800 is because of two new AMEX accounts. I'll have two 1997 AMEX accounts reporting for the next pull. My AAoAs will increase alot. A total of 22 more points shouldn't be hard to obtain.

Re: Closing PenFed Account

Gray — Mon, 18 Jul 2011 22:54:37 GMT

It seems to me that PenFed would make a decision to grant you a larger credit line based on:

(a) your gross income

(b) your income after major obligations (e.g., house/apartment, car payment, child support, student loans, etc.)

(d) your total credit in use.

(e) your credit score.

So if "e" is great, what are the other four items? It might explain PenFed's inaction.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 23:03:26 GMT

@Gray wrote:
It seems to me that PenFed would make a decision to grant you a larger credit line based on:

(a) your gross income

(b) your income after major obligations (e.g., house/apartment, car payment, child support, student loans, etc.)

(c) your total credit available

(d) your total credit in use.

(e) your credit score.

So if "e" is great, what are the other four items? It might explain PenFed's inaction.

A-E are all good. I have no credit card debts. Any creditor that start me off with less than $5000 CL, to me that account is subprime. I command a $5000 or more CL for my business. I'm closing the PenFed card and the Target card this week. That will leave me with 7 prime cards.

Re: Closing PenFed Account

Gray — Mon, 18 Jul 2011 23:23:53 GMT

I would go through a PenFed branch supervisor. Talk to a credit line supervisor, etc.

The only other factors might be the depth of your relationship with PenFed (use of their other services like banking, loans) and whether or not you actively used the card. If it's been in the sock drawer, I can't see them giving you a major increase.

They may also have some other predictive software classifying you as a risk based on elements in your credit profile. I think they tweak these risk profiles all the time so asking again in a few months may yield different results.

To generate activity on all my cards, I run my bills through them and then have the cards auto-debit my bank account in full.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 23:32:35 GMT

@Gray wrote:

I would go through a PenFed branch supervisor. Talk to a credit line supervisor, etc.

The only other factors might be the depth of your relationship with PenFed (use of their other services like banking, loans) and whether or not you actively used the card. If it's been in the sock drawer, I can't see them giving you a major increase.

They may also have some other predictive software classifying you as a risk based on elements in your credit profile. I think they tweak these risk profiles all the time so asking again in a few months may yield different results.

To generate activity on all my cards, I run my bills through them and then have the cards auto-debit my bank account in full.

I'm going to see how they respond to my email inquiry before closing. My mind is set on limiting my credit exposure before an AMEX app in Jan. 2012. So, if I don't get an immediate increase, I'm closing it.

Re: Closing PenFed Account

score_building — Mon, 18 Jul 2011 23:54:08 GMT

This would be a 1st if an emailed threat resulted in an immediate increase, though suppose stranger things have happened.

Re: Closing PenFed Account

DI — Mon, 18 Jul 2011 23:59:35 GMT

@score_building wrote:
This would be a 1st if an emailed threat resulted in an immediate increase, though suppose stranger things have happened.

I'm wanting a valid reason to close the account. If they don't increase the line, that would be my reason. Obviously, I'm really not wanting the account since I'm limiting my credit exposure.

Re: Closing PenFed Account

Anonymous — Tue, 19 Jul 2011 00:43:11 GMT

You mention your gross income and your available income after paying expenses are two reasons to grant you a cli. How do they know what your incom is? Did you just say "This is what it is" or was it substantiated with a paystub or something?

Re: Closing PenFed Account

DI — Tue, 19 Jul 2011 00:56:56 GMT

I've decided to keep it open to have atleast one credit union card. They have proof of my income on file. I was approved for an $18000 line of credit. Why a small limit for the card who knows. I closed my Target Visa card. It took 10 minutes to get them to close it.

Re: Closing PenFed Account

clocktick — Tue, 19 Jul 2011 04:00:51 GMT

Just curious why you applied for their card in the first place? They've never been known to give out high CLs. I'm not sure about their CLIs though. I haven't read anything on them lately.

Re: Closing PenFed Account

clownfico — Tue, 19 Jul 2011 11:36:04 GMT

The complex that overcomes some ppl with the notion of "credit worthiness: what's your affliation to Penfed? Are you currently or formely an employee or member of the armed forces, DoD, or federal agency? Even if you were, how is it you feel that PenFed, a credit union, should placate your phychoneurotic want of some needless, inmoderate CL?

I'll echo someone's comment earlier: " ...good riddance!"

Re: Closing PenFed Account

Anonymous — Tue, 19 Jul 2011 13:09:08 GMT

I'd be happy having the 5% on gas year round. That would be the only reason to get the Penfed card.

I wonder how long the 5% on gas will last, though, after they started culling the rewards.

Currently, not worth the inquiry and paperwork for me. But if I already had one, I'd keep it open and use it for gas only.

Re: Closing PenFed Account

RockinRay — Tue, 19 Jul 2011 20:25:35 GMT

DI -

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

I think at this point, you should hang with them! JMO!

Ray