Long time lurker but I don't post much, just wanted to share my experience
12/31/2020: I applied for penfed PCR and was approved!! With a SL: wait for it....... drumroll: $1500?
Fico 9 Scores 690
0 Baddies , 0 lates , 0 collections
INQ 11/ 24 ( 6 from my recent autoloan )
5/24 - new accounts. ( 1 including my.autoloan )
I have 2 credit cards that are carrying a balance , I usually always PIF each month
1800 / 20,000 - Discover
3000 / 40,000 - PNC
Income $130k I didn't add my wife's income to the application ( didn't know inwas suppose to or not ) her income is $80k
Not doing to to to bad
Today 1/2/2021 ( I got a really bad habit of putting 2020 still lol )
I called in and asked if I could speak to a loan officer to figure out what's going on here. I explained why I wanted to speak to a loan office. The woman I spoke to on the phone was EXTREMELY RUDE !!! And asked what she wsntsd them to do about it. I asked again nicely to be transfered to a loam officer regarding this extremely low starting limit and to see about having it reconsidered ( mind you I have $4500 in savings in this account ) so she goes on telling me, once the computer generates the limit nothing they can do about it.
Since this woman was being extremely rude to me, I will not be spoke to that way from anyone let alone thus woman. I asked for her name and will be putting it in the survey email that I just received
So I hung up and called back, the woman who asked the phone was extremely nice!! I thanked her for being friendly and nice on the.phone and explained my previous call was not so pleasant. Explained that I would like to speak to someone in the LO dept, she transfered me sfter about 10 mins of waiting on the phone.
I was speaking to the LO for. Short time asked if my account could be reconsidered, she ststed that I would have to send a written letter in for them to reconsider? Wait what ? Lol people still send letters ? And then she proceeded with telling me that the computer " automatically gives the maximum when applying " hmmmm?
I explained I have $4500 in my savings ? And explained that to properly utilize this card is not even going to cover 1 of my.buisness trips?
Any advice guys / gals ?
I mean what am I going to do with a $1500 card ? Do they automatically give cli ? Are cli hp or sp ? Should I just close it down or?
I got my survey email about a hour after I got off the phone snd I did mention the woman's name who wss extremely rude on the phone and put alot of useful information in the notes.
Not sure if people actually monitor their surveys or not but I hope someone maybe a little higher up actually reaches out to me.
And of course, sorry for my little rant & rave
Happy New years to All
Bluntly, we don't always get the limits that WE think we should get. I've found PenFed to be reasonably generous when the circumstances call for it. There is simply something about your profile that they're being a bit cautious about. For no derogatory marks on your report, your FICO9 score is pretty low. Do you know why?
You've done about all you can. They've provided their recon procedures and, if I was you, I'd give it a shot. What do you have to lose at this point?
I hate to add insult to injury but unless you are presented an "offer" which has happened and people do share in the Approvals Thread....it seems less "common" than ordinary application/approvals...and to that point...Yes, you likely will be able to get a CLI in the future..HOWEVER, their CLI's are all HP requests. The link/option should/may come up for you online in about 60-90 days but again, it'll be a HP if you proceed with that. Not really the answer you're looking for.
Perhaps try again on Monday when they are properly staffed? Not sure if it will help though..
To follow up a bit on what I was alluding to with your FICO 9 score...
Have you pulled your full reports recently? 6 pulls for an auto loan could also mean there was some trouble qualifying you for that too. Might be worth looking your reports over to make sure there isn't something hiding on them.
I asked the finance mananger about it also, unfortunately they did have a little hard time. Reason for all the inq
I had a previous auto loan with ally ( vehicle was totalled and waiting for check from insurance company to pay it off ) so it was showing a autoloan of only.18 payments made on it
Also he was trying to get me the lowest interest rate available tried for 0% but unfortunately didn't happen
So they went through my other credit.union ( Clearview) and gog.me a.low.rate