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Penfed CLI ??

The-Credit-Disciple
Frequent Contributor

Penfed CLI ??

Great afternoon My Fico Fam😀

 

I have a question, how is Penfed with CLI? For example if you apply and the SL is on the low side like $3500. Can you ask for more? Just a question

Message 1 of 11
10 REPLIES 10
AverageJoesCredit
Mega Contributor

Re: Penfed CLI ??

For the people who are on their DO lend list, their cli can be quite good. For those they dont deem worthy, trying to get cli is like pulling teethSmiley Wink. In my experience, $3500 isnt really low sl but then again its subjective. PF has been giving out crazy limits and cli recently so if you did actually get an approval from them, id say worth a shot to ask for more if you need it. Just mhoSmiley Wink

Message 2 of 11
wingennis
Established Contributor

Re: Penfed CLI ??

I was approved with a 3500 SL.  A year later, I took a hard pull and they increased to $15k.  They said no soup before that.

Message 3 of 11
JR_TX
Valued Contributor

Re: Penfed CLI ??

Their CL allocation is income driven. The more dough, the more soup! Granting, that you've made it past their UW of course.

Mission Accomplished on Dec 07 2020! Rebuild Complete!

New cc TLs : 1/6 ; 2/12 ; 3/24
HPs EX 3 EQ 3 TU 1
AAoA 5y6m
UTIL 1% - 3%

$236K+ Total Limits











Message 4 of 11
CarolynArt
Regular Contributor

Re: Penfed CLI ??

I have a PenFed Power Cash Rewards card for 7 months with a $7500 starting limit. I'd like to get it to $17,500 so I am paying off ALL credit cards to zero except 1. How can I request a soft pull for a CLI on this card? I'm buying a house soon and don't want the hard pull. Can I send a direct message? I have over $50,000 in my savings at PenFed. Will that help influence my CLI? Any help is much appreciated. Income $70k. 

Message 5 of 11
SouthJamaica
Super Contributor

Re: Penfed CLI ??


@CarolynArt wrote:

I have a PenFed Power Cash Rewards card for 7 months with a $7500 starting limit. I'd like to get it to $17,500 so I am paying off ALL credit cards to zero except 1. How can I request a soft pull for a CLI on this card? I'm buying a house soon and don't want the hard pull. Can I send a direct message? I have over $50,000 in my savings at PenFed. Will that help influence my CLI? Any help is much appreciated. Income $70k. 


AFAIK it's always a hard pull with PenFed


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 6 of 11
UH_HUH
Valued Contributor

Re: Penfed CLI ??

I believe I started 2 years ago at $6,500

Had to wait 20 months then they offered 

a CLI or a new card approval. Took the CLI,

$2,300.00 IIRC

and apped for the Promise card. Got 12K on that.

A few months later got the Gold card at 10K 

Like @AverageJoesCredit said they seem to

be more open to lending lately.

Good luck,

Cheers

Message 7 of 11
The-Credit-Disciple
Frequent Contributor

Re: Penfed CLI ??

Thanks for the information

Message 8 of 11
Joe2020
New Visitor

Re: Penfed CLI ??

my experience with PenFed,  I had a bk7 discharge in August 2018.  In July 2019 PenFed gave me a 1200 SL.  July 2020 I applied for a CLI through the website application and was given a credit line of 15,000.   I got a hard credit pull from that applciation for credit line increase from equifax.

Message 9 of 11
RootDet
Frequent Contributor

Re: Penfed CLI ??

Just so everyone knows, IF you ask for the increase, it is a hard pull, no doubts, no questions.

 

If they offer you a CLI during the quarterly preapprovals, then it is a soft pull. Note that not everyone will ever see a quarterly preapproval. I have been a member for 5+ years, have never seen one which is odd, but it is what it is. 



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