topic Re: Penfed CLI Process in Credit Cards

Penfed CLI Process

Anonymous — Wed, 08 Aug 2012 15:32:58 GMT

For all Penfed card holders, how do they work CLI requests?

How long should someone wait on a new account before requesting a CLI? Is there a magic number (2X, 3X) that should be requested or is just open?

How generous are they on CLI's?

Re: Penfed CLI Process

youngman1234 — Wed, 08 Aug 2012 21:44:45 GMT

I'm curious too ?? Do u think they will take AA if I have too many Inq. I have had the card since nov 2011.

Re: Penfed CLI Process

Anonymous — Wed, 08 Aug 2012 21:45:30 GMT

Anyone? ...
Anyone? ...
Bueller???

Re: Penfed CLI Process

Iincognito — Wed, 08 Aug 2012 23:07:16 GMT

@Anonymous wrote:
For all Penfed card holders, how do they work CLI requests?

How long should someone wait on a new account before requesting a CLI? Is there a magic number (2X, 3X) that should be requested or is just open?

How generous are they on CLI's?

Hi SanjeevR,

I recently applied for and was granted a credit line increase from $2,500.00 to $5,000.00; It cost me a hard pull, but I took advantage of the recently aquired credit report and applied for one a new car loan through PenFed. I have been with them for about 1.5 years, carried a balance (~25% util) for a good 6-months and never late. If interested, just click on the "Increase your credit limit" link on your account and it will route you to the appropriate page.

Re: Penfed CLI Process

Anonymous — Wed, 08 Aug 2012 23:07:20 GMT

A simple search will tell you that PenFed hates inquiries and new accounts.

If you look on the CLI request form you'll see that you can't request a specific amount. You'll put down your income and other info, then your request will be sent to a loan officer. After 1-3 days, you'll get notified regarding the resolution of the request.

For me it's always been a hard pull, and always a small increase. Be prepared to send in pay stubs to back up your income.

Re: Penfed CLI Process

Anonymous — Wed, 08 Aug 2012 23:18:53 GMT

@Iincognito wrote:
@Anonymous wrote:
For all Penfed card holders, how do they work CLI requests?

How long should someone wait on a new account before requesting a CLI? Is there a magic number (2X, 3X) that should be requested or is just open?

How generous are they on CLI's?
Hi SanjeevR,

I recently applied for and was granted a credit line increase from $2,500.00 to $5,000.00; It cost me a hard pull, but I took advantage of the recently aquired credit report and applied for one a new car loan through PenFed. I have been with them for about 1.5 years, carried a balance (~25% util) for a good 6-months and never late. If interested, just click on the "Increase your credit limit" link on your account and it will route you to the appropriate page.

Thanks, lincognito. That's very helpful.

Re: Penfed CLI Process

Anonymous — Wed, 08 Aug 2012 23:23:07 GMT

@Anonymous wrote:
A simple search will tell you that PenFed hates inquiries and new accounts.

If you look on the CLI request form you'll see that you can't request a specific amount. You'll put down your income and other info, then your request will be sent to a loan officer. After 1-3 days, you'll get notified regarding the resolution of the request.

For me it's always been a hard pull, and always a small increase. Be prepared to send in pay stubs to back up your income.

Thanks, OwNt. I don't exactly have an account yet, so I really couldn't access the CLI form. I was more curious about their CLI process and how much of a CLI to expect.

Can anyone comment about the "pyramiding debt" (in my case, I have 7% utilization, some it's more like "pyramiding credit") concept with PenFed? I think I am approaching that point. (Too much available credit???)

Re: Penfed CLI Process

Anonymous — Wed, 08 Aug 2012 23:25:27 GMT

Either take the hp forcli. Or wait for quarterly soft pull cli. However quarterly cli eligibility won't happen for 6 months to 9 months after you initially get card.

Re: Penfed CLI Process

OnTheRebound — Wed, 08 Aug 2012 23:54:22 GMT

My wife has been a PenFed cardholder exactly 2 years this month. Never any quarterly preapproved offers. However, about 4 months ago they CLI'd by $1K without asking.

Re: Penfed CLI Process

Anonymous — Thu, 09 Aug 2012 00:03:25 GMT

I have your wife beat. Haha.

Opened a credit card with PenFed in early 2009 and still haven't received any pre-approved offers (800ish FICO). I suspect they see open, non-utilized lines as future debt.

Re: Penfed CLI Process

OnTheRebound — Thu, 09 Aug 2012 00:07:27 GMT

@Anonymous wrote:
I have your wife beat. Haha.

Opened a credit card with PenFed in early 2009 and still haven't received any pre-approved offers (800ish FICO). I suspect they see open, non-utilized lines as future debt.

Well, she has plenty of utilized accounts and still no offers.

Re: Penfed CLI Process

Anonymous — Thu, 09 Aug 2012 00:13:39 GMT

PenFed is extremely polarizing. As was mentioned on another thread, either they really love you or they really hate you.

You kind of roll the dice when establishing a relationship with them.