topic Re: Penfed Question in Credit Cards

Penfed Question

prabs99 — Wed, 17 Jul 2013 04:36:01 GMT

I have their Amex travel rewards card. Is it possible to switch to their Visa platinum or signature cards?

Re: Penfed Question

chnceit — Wed, 17 Jul 2013 05:19:55 GMT

After reading another post of PCing AMEX to Visa they will close your AMEX account and reissue another account under the Visa card. This is what's posted on here. But I would give a call to them to verify since there is not much info about PCing on here.

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 03:20:38 GMT

They said they cannot change it, but I could apply for the Visa card. Something about not able to close the account because it was new.

Re: Penfed Question

ilovelisa — Thu, 18 Jul 2013 03:36:51 GMT

@prabs99 wrote:
They said they cannot change it, but I could apply for the Visa card. Something about not able to close the account because it was new.

You can do what I did,

Apply for the Visa card, get the referred to loan officer message, call in and ask them to open the visa card, but in return you will let them close the Amex, and move that CL to the Visa.

Re: Penfed Question

chnceit — Thu, 18 Jul 2013 03:38:02 GMT

That makes sense now because they are able to move credit lines around easily. Thanks for the info

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 03:48:40 GMT

Thanks. I will give them a call tomorrow. How many cards can you have from them?

Re: Penfed Question

ilovelisa — Thu, 18 Jul 2013 03:51:35 GMT

I don't know if there is a limit to the number of cards, but I believe they do have a maximum amount of credit they will extend to someone.

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 03:53:07 GMT

Went ahead and applied for the Visa signature. It said a limit of 7k, but referered to the loan officer. I have their Amex @ 12k. Do I just ask for them to close the Amex and transfer it to the visa with a cl of 19k?

Re: Penfed Question

chnceit — Thu, 18 Jul 2013 03:59:39 GMT

Sweet congrats on your approval! Yeah I would call them to move the CL's over.

Re: Penfed Question

ilovelisa — Thu, 18 Jul 2013 04:01:32 GMT

@prabs99 wrote:
@Went ahead and applied for the Visa signature. It said a limit of 7k, but referered to the loan officer. I have their Amex @ 12k. Do I just ask for them to close the Amex and transfer it to the visa with a cl of 19k?

It sounds like you got approved for the visa with a 7k limit, and it was referred to the LO possibly for verification of income. When I apped for the Visa, it did not give me a number, it just said referred to LO. I would definitely call in and ask can they combine them into one. You could say something like "I have too many cards, and I am just trying to condense the number of cards I have down, but I would also like to keep the CL I have on the Amex. Would it be possible just to move that to the Visa?" or "I'm not finding that I use the Amex as much as I would like, would it be possible just to move that CL to my new Visa card?" With me they just said, we are closing your Amex, and it will be reported as closed by consumer and paid as agreed, and we will open a platinum rewards visa with a $5000 limit. Good luck!

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 04:05:07 GMT

Thanks. Will do it in the morning.

Re: Penfed Question

ilovelisa — Thu, 18 Jul 2013 04:06:17 GMT

Awesome, be sure to post an update!

Re: Penfed Question

09Lexie — Thu, 18 Jul 2013 04:07:58 GMT

Congrats on your approval!

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 04:14:13 GMT

Thanks ilovelisa, Lexie and chnceit.

Re: Penfed Question

ilovelisa — Thu, 18 Jul 2013 04:24:28 GMT

If they still say no, are you fine with having 2 penfed cards?

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 04:31:35 GMT

@ilovelisa wrote:
Awesome, be sure to post an update!

Quick question, does PenFed do a hard pull when you apply? I havent seen any inquiries hit my credit report.

Re: Penfed Question

ilovelisa — Thu, 18 Jul 2013 04:32:44 GMT

They do when you apply for membership, but any credit applications use that same HP for 90 days.

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 04:33:43 GMT

@ilovelisa wrote:
If they still say no, are you fine with having 2 penfed cards?

Yeah, I think that should be ok, I am not sure it causes any impacts to my CR.

Re: Penfed Question

prabs99 — Thu, 18 Jul 2013 04:34:39 GMT

I applied for membership and the Amex on the same day (the 3rd of July), but still havent seen a hard pull.

Re: Penfed Question

Anonymous — Thu, 18 Jul 2013 04:46:35 GMT

@prabs99 wrote:
@ilovelisa wrote:
If they still say no, are you fine with having 2 penfed cards?
Yeah, I think that should be ok, I am not sure it causes any impacts to my CR.

Yes, PenFed really doesn't have a smooth PC process, with multiple reports of two TLs staying around. This happened to me getting a chipped card, I ended up with two cards, one with a chip and one without, opening dates a month apart. In this case, the 20K CL on each makes up for the extra TL IMO, so I haven't pushed!