topic PenFed and Credit Line Increases in Credit Cards

PenFed and Credit Line Increases

mark1210 — Wed, 17 Jul 2013 18:49:16 GMT

Hello,

I recently became a member with PenFed last week, was instantly approved for a credit card and earlier this week approved (wasn't instant but required loan officer review, no faxing of paystubs or anything) for an auto refinance at the lowest rate offered. My question is, although I was instantly approved for a credit card it wasn't with a high enough limit to do any real balance transfers (10K CL).

I've read on here that 20K is fairly common with PenFed - when I spoke to a CSR their suggestion was to fax paystubs and a letter explaining the CLI request. Before I go through all that - has anyone done it before? Has it worked for them?

I'm a bit puzzled at their process - 10K CC approval, manual approval for auto loan, but yet send a letter and pay stubs for a CLI? I would have thought they had enough information to make a judgement on but apparently nott.

Either way, totally happy with PenFed so far.

Re: PenFed and Credit Line Increases

Exonumist — Wed, 17 Jul 2013 18:57:27 GMT

They stuck me with a $500 limit. Yes $500. Everytime I have asked about a cli they have told me I have to wait 12 months before the account would be eligible.

Re: PenFed and Credit Line Increases

chnceit — Wed, 17 Jul 2013 19:06:44 GMT

12 months is they key for CLI for PenFed

Re: PenFed and Credit Line Increases

lhcole77 — Wed, 17 Jul 2013 20:29:36 GMT

mark: Did they pull EQ for you?

Re: PenFed and Credit Line Increases

mark1210 — Wed, 17 Jul 2013 20:32:31 GMT

Yes they did - wish it was TU or Ex.. but it was EQ.

Re: PenFed and Credit Line Increases

GatorGuy — Wed, 17 Jul 2013 22:42:04 GMT

I got $20k without having to do paystubs when NavyFederal wanted to verify paystubs. Although NavyFederal did give me double that and then gave me an immediate $10k increase.