PenFed CLI Request

[user979797]

Yesterday morning I reliazed it had been over 6 months and I could apply for a CLI with PenFed on my Gold card. I submitted the application like i always had done but this time a error prevented me from viewing the application or continuing so it was stuck on action needed from me and customer service reps were not able to do anyting about it.

Today they advised me to let them submit another CLI request and instead of getting the instant approvals I always got before I got a "under review" and they said I will get an email in the next few days with what steps to take next. Not sure what that means I have never had to submit POI before or DL or any other info so maybe they will want that not sure but I am currently just waiting hoping I get my increase this time on the card. I really hope I get it fingers crossed

[captainsensation]

It means underwriting is looking at it so you should see some message on the website in 48 hours. 

[user979797]

It was denied

[SUPERSQUID]

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@user979797 wrote:

It was denied

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Please post the reasons why you were denied when you get the letter. I want to request a cli on my gold card in a few months and im curious about denials from them.

I was lucky enough last year to get a cli 7500 - 10000 on my PCR after i paid off a bt and the card was 1 year old.

[user979797]

@SUPERSQUID 

Reasons for denial were number of new accounts and number of accounts with balances. I have 5 new accounts in the last 2 years, and 6 inquiries on EQ of which 4 belong to PenFed. Score is 701 on the form. I am also utilizing under 30% and total only about 10% but do have balances on multiple cards right now for promo offers and rewards. I'll try again after I pay a few of the cards off and a few of the new accounts age past 2 years which 2 are getting ready to do so. 

[SUPERSQUID]

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@user979797 wrote:

@SUPERSQUID 

Reasons for denial were number of new accounts and number of accounts with balances. I have 5 new accounts in the last 2 years, and 6 inquiries on EQ of which 4 belong to PenFed. Score is 701 on the form. I am also utilizing under 30% and total only about 10% but do have balances on multiple cards right now for promo offers and rewards. I'll try again after I pay a few of the cards off and a few of the new accounts age past 2 years which 2 are getting ready to do so. 

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I have 2 cards with penfed, When my PCR turned 1 year old right after i paid off a bt i requested a cli and got 2500 instant, 7500 - 10000

A while before that M SMART had posted that the optimum time to ask for a cli on a penfed card is after 1 year.

I plan to ask for a cli on my gold card 7500 cl in december, the card will be 19 months old but i will pay off a bt on the card that month.

I have been reading that with our present economy woes that lenders are tightening up

[user979797]

I requested a CLI on my gold card at 6 months and was instantly approved as well as the 1 year mark. At the 1.5 year mark was my first manual review and denial. I used the same pull to request a PCR card and have been waiting a week and it is still under review but I feel like because they denied my gold card increase they will also deny my PCR application for probably the same reasons but beacuse their UW is different for each we shall see.

I hope you have amazing luck when you push that button @SUPERSQUID