In October 2021, I was approved for a PenFed Platinum Rewards Visa with a $7500 SL. At that time my FICO 8 scores were in the high 600s (yes, I know PenFed uses FICO 9).
I didn't use the card a whole lot for a year and a half. But in 2023, I made some significant charges over the course of the year, which were always PIF.
I used to have a "Luv Button" on my online account but for some reason that seems to have disappeared, so I had to call in last month to request a CLI. This was processed in real time by a phone agent who, after much keypunching, told me that the request was denied and the reason would be communicated to me via snail mail.
When I received the letter, the reason given was "credit line unavailable for applicant". I have no idea what that means.
They pulled my score from Equifax and provided the following helpful information that affected my score of 767:
- Public record (I have a discharged BK7 from 2016)
- Age of accounts (AAoA is 4+ years; AoOA is 16+ years)
- Proportion of loan balances to loan amounts (I have a single "loan"; a car lease that is 44% paid off)
- High amount owed on revolving accounts (balance ~$600 on one card; zero on all others; TCL $130K+)
What are they smoking? I'm thinking about dumping this stupid card.
@NYC_Fella wrote:In October 2021, I was approved for a PenFed Platinum Rewards Visa with a $7500 SL. At that time my FICO 8 scores were in the high 600s (yes, I know PenFed uses FICO 9).
I didn't use the card a whole lot for a year and a half. But in 2023, I made some significant charges over the course of the year, which were always PIF.
I used to have a "Luv Button" on my online account but for some reason that seems to have disappeared, so I had to call in last month to request a CLI. This was processed in real time by a phone agent who, after much keypunching, told me that the request was denied and the reason would be communicated to me via snail mail.
When I received the letter, the reason given was "credit line unavailable for applicant". I have no idea what that means.
They pulled my score from Equifax and provided the following helpful information that affected my score of 767:
- Public record (I have a discharged BK7 from 2016)
- Age of accounts (AAoA is 4+ years; AoOA is 16+ years)
- Proportion of loan balances to loan amounts (I have a single "loan"; a car lease that is 44% paid off)
- High amount owed on revolving accounts (balance ~$600 on one card; zero on all others; TCL $130K+)
What are they smoking? I'm thinking about dumping this stupid card.
Sorry they are being so annoying. It seems there are so many PenFed complaints in the forum lately. Did you call them and ask for an explanation for their "credit line unavailable for applicant" ? You took a hard pull and I would make them explain it.
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@Creditwiser wrote:
Sorry they are being so annoying. It seems there are so many PenFed complaints in the forum lately. Did you call them and ask for an explanation for their "credit line unavailable for applicant" ? You took a hard pull and I would make them explain it.
I have not called yet. I had to be out of the country for a few weeks and it was not a priority. But I will call to get an explanation. If I don't get a good one, I'll cancel the card.
@NYC_Fella wrote:In October 2021, I was approved for a PenFed Platinum Rewards Visa with a $7500 SL. At that time my FICO 8 scores were in the high 600s (yes, I know PenFed uses FICO 9).
I didn't use the card a whole lot for a year and a half. But in 2023, I made some significant charges over the course of the year, which were always PIF.
I used to have a "Luv Button" on my online account but for some reason that seems to have disappeared, so I had to call in last month to request a CLI. This was processed in real time by a phone agent who, after much keypunching, told me that the request was denied and the reason would be communicated to me via snail mail.
When I received the letter, the reason given was "credit line unavailable for applicant". I have no idea what that means.
They pulled my score from Equifax and provided the following helpful information that affected my score of 767:
- Public record (I have a discharged BK7 from 2016)
- Age of accounts (AAoA is 4+ years; AoOA is 16+ years)
- Proportion of loan balances to loan amounts (I have a single "loan"; a car lease that is 44% paid off)
- High amount owed on revolving accounts (balance ~$600 on one card; zero on all others; TCL $130K+)
What are they smoking? I'm thinking about dumping this stupid card.
"Credit line unavailable" might just mean you're at the maximum with them, but it seems like you're below their max... so it doesn't make sense.
The other things are just Equifax reason codes. These codes are often not very informative.
@SouthJamaica wrote:
"Credit line unavailable" might just mean you're at the maximum with them, but it seems like you're below their max... so it doesn't make sense.
I will report back after I call them. It's a ridiculously worded reason.
@SouthJamaica wrote:
The other things are just Equifax reason codes. These codes are often not very informative.
Yep. Just provided for context because they said the decision (in whole or in part) was based on the information provided by Equifax. My score was at least respectable so it should not have been a factor.
I, like you, was also denied a CLI with PenFed and my score was around 729 (higher than i have been since joining them years ago) when they pulled and the high balance on one of my cards was 375.00 on a 10K limit; they also listed high amount owed on revolving lines etc. This goes beyond just protecting ones self against future loss.
Since they have also taken away the balance transfer 0% option and the free cash advance to PenFed account option my gold card is useless (no product changes and no lowering APR) but just wanted you to know its not just you...PenFed has gotten strange lately and a lot of people are noticing and commenting. I am with you however and am also considering calling next week and closing my accounts since they have become the worst in my wallet and lost the functions that were of value to me.
Good luck to you @NYC_Fella i hope you are able to tough it out and get a increase later or find a better product.
They couldn't have been much more vague on that denial reason. lol
