Hey all, so I've been reading the forums about Penfed and getting an increase and there are 2 things I'm unclear with. Is it preferable to call in or request online? HP or SP? I've had the Promise Card since 2016 with no Increase and am working on raising all my limits and chopping everything below $10k.
Additionally Is $25,000 the maximum allowable limit for sure?
Thanks in advance.
Call. The button is sometimes there, sometimes not there. When it is there, too many people report having it just spin around until it locks up, then having to call anyway. If you've had the account for at least 6 months, or 6 months since your last CLI, you're eligible. (Doesn't mean they'll approve it, but you're eligible to apply.)
HP. No way around it unless they give you an auto-CLI, which seems very, very rare. I think I've read of only one.
From everything I've seen, $25k is currently the cap on any individual card. The exceptions seem to be people who had higher limits than that before that rule was implemented. I believe there's also a cap of $50k total across all PenFed cards you may have.
EDIT: @805orbust I'm pretty sure the cap on the Gold Visa you have is lower, like $15k. I have no idea what the Promise is.
EQ8 775, TU8 759, EX8 776 as of August 26
@805orbust wrote:Hey all, so I've been reading the forums about Penfed and getting an increase and there are 2 things I'm unclear with. Is it preferable to call in or request online? HP or SP? I've had the Promise Card since 2016 with no Increase and am working on raising all my limits and chopping everything below $10k.
Additionally Is $25,000 the maximum allowable limit for sure?
Thanks in advance.
My recollection is that it's a HP.
Ok thanks, that's great info. Are they inquiry sensitive? Ive got 5 dropping off next month (car shopping) and 4 dropping in Dec. The last 3 will be gone by May.
I don't remember reading about them being particularly sensitive to inquiries. I know they look at Eq 9 Classic. Other than that, I'm not sure what they want to see. I know in December 2020, I was approved for a Disco, then declined by Chase, THEN in late December and early January got approved for THREE PenFed cards (one of which was a mistake and I cancelled), then got a CLI on the Gold I already had. So the inquiries from Discover and Chase didn't seem to bother them at that time. (Now that I think about it, the inquiries from Chase and Discover might have not shown up on Eq, but the new account from Discover would have. I'm pretty sure it had already reported when I applied with PenFed.) I know when I got two cards at once, the first was an instant approval and the second went to review where they asked for POI.
@805orbust wrote:Hey all, so I've been reading the forums about Penfed and getting an increase and there are 2 things I'm unclear with. Is it preferable to call in or request online? HP or SP? I've had the Promise Card since 2016 with no Increase and am working on raising all my limits and chopping everything below $10k.
Additionally Is $25,000 the maximum allowable limit for sure?
Thanks in advance.
@805orbust, ..If you can get the website to work, .. online ..
( i really hate their archaic website
), otherwise call in.
EQ HP for CLI's, unless you joined with a very clean profile and want to wait 50 years or so,
then they might sent the very rare unicorn "SP" offer .. again rare as hen's teeth.
No CLI since 2016, I would say you are long overdue. I'd go for it. (if you don't mind a HP)
I believe the Gold card has a $15K hard limit . Per forum DP's Other individual cards have a hard limit of $25K per card,
and a max of combined total of $50K. (Unless you were grandfathered in before the new rules)
I hold the Platinum Rewards and Power Cash Rewards.
ETA: They never required POI for my on (2) cards or a $25K PL / I did it for installment reporting = $20 balance)
I'll echo what others have said. HP on EQ, auto CLIs rare. Not sure how inquiry sensitive they are though. I'd just call. Not sure if there's special caps on the Promise card, but on their current cards the cap is $25k individually, yes.
Wow... guys, this is all good info. I was hesitant as I really haven't paid much attention to their policies here, and couldn't get much clarity with the reading up I've done over the past few days, however I think I'm confident enough to give it a shot.
Last months Fico9 was 741 so "perhaps" that'll be good enough. I'll call them tomorrow.
Do they not issue the Promise card anymore?
@805orbust wrote:Do they not issue the Promise card anymore?
I don't think so. It's not on their website.