Question abt PENFED apr reductions & cli

[Onthe27thday]

Do they make you wait 6 months between CLIs, like cap1? Any advice to increase my chances of getting one? Also... Do they entertain APR reduction requests?

I don't need either of these right now, just wondering.

Thank you!

[Ysettle4]

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@Onthe27thday wrote:

Do they make you wait 6 months between CLIs, like cap1? Any advice to increase my chances of getting one? Also... Do they entertain APR reduction requests?

I don't need either of these right now, just wondering.

Thank you!

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There are a couple of options with Penfed:

1. Any time you get a new CC, you can always try or a CLI within 90 days of that last HP. Usually folks try at the 89th and 90th day.

2. PenFed does quaterly SP on member's EQ reports and based on what comes back, they will usuall offer you eiher another product or an increase on an existing CC. All without a HP.

APR reductions can be done at any time and it doesn't cost you anything but your time. With CLIs, it's usually good to wait atleast 3 months between reqeusts BUT will cost you a HP.

[NYFan63]

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@Ysettle4 wrote:

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@Onthe27thday wrote:

Do they make you wait 6 months between CLIs, like cap1? Any advice to increase my chances of getting one? Also... Do they entertain APR reduction requests?

I don't need either of these right now, just wondering.

Thank you!

---

There are a couple of options with Penfed:

1. Any time you get a new CC, you can always try or a CLI within 90 days of that last HP. Usually folks try at the 89th and 90th day.

2. PenFed does quaterly SP on member's EQ reports and based on what comes back, they will usuall offer you eiher another product or an increase on an existing CC. All without a HP.

APR reductions can be done at any time and it doesn't cost you anything but your time. With CLIs, it's usually good to wait atleast 3 months between reqeusts BUT will cost you a HP.

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Ysettle - I called Penfed a while back and inquired about an APR reduction and they indicated I would have to app again...are you saying they will offer if you qualify?

[Onthe27thday]

Ysettle, great info! thank you for your help.

anyone know if they react better with PIF or carrying a balance?

[Ysettle4]

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@NYFan63 wrote:

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@Ysettle4 wrote:

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@Onthe27thday wrote:

Do they make you wait 6 months between CLIs, like cap1? Any advice to increase my chances of getting one? Also... Do they entertain APR reduction requests?

I don't need either of these right now, just wondering.

Thank you!

---

There are a couple of options with Penfed:

1. Any time you get a new CC, you can always try or a CLI within 90 days of that last HP. Usually folks try at the 89th and 90th day.

2. PenFed does quaterly SP on member's EQ reports and based on what comes back, they will usuall offer you eiher another product or an increase on an existing CC. All without a HP.

APR reductions can be done at any time and it doesn't cost you anything but your time. With CLIs, it's usually good to wait atleast 3 months between reqeusts BUT will cost you a HP.

---

Ysettle - I called Penfed a while back and inquired about an APR reduction and they indicated I would have to app again...are you saying they will offer if you qualify?

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Correct.

[Anonymous]

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@Ysettle4 wrote:

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@NYFan63 wrote:

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@Ysettle4 wrote:

---

@Onthe27thday wrote:

Do they make you wait 6 months between CLIs, like cap1? Any advice to increase my chances of getting one? Also... Do they entertain APR reduction requests?

I don't need either of these right now, just wondering.

Thank you!

---

There are a couple of options with Penfed:

1. Any time you get a new CC, you can always try or a CLI within 90 days of that last HP. Usually folks try at the 89th and 90th day.

2. PenFed does quaterly SP on member's EQ reports and based on what comes back, they will usuall offer you eiher another product or an increase on an existing CC. All without a HP.

APR reductions can be done at any time and it doesn't cost you anything but your time. With CLIs, it's usually good to wait atleast 3 months between reqeusts BUT will cost you a HP.

---

Ysettle - I called Penfed a while back and inquired about an APR reduction and they indicated I would have to app again...are you saying they will offer if you qualify?

---

Correct.

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I just got off the phone with a loan officer at Penfed I asked about an APR reduction as I had seen on their website that the lowest rate on the card was 9.24%.  My current rate is 10.24% the LO told be that my rate could not be reduced as 10.24% is the lowest they offer.  I asked him about the information on their website stating that they were offering 9.24% he said he could not tell me why that was there.  The LO also stated that I could not receive an APR reduction and would have to reapply to get a better rate if it was ever offered.  I did not get into a debate about the discrepency in the advertized rate on the website and what he told me but I am very disheartened by Penfed's handeling of this. 

[Anonymous]

Thats too bad. I applied for the Promise card back when it was a 7.49% fixed card for 3 years; after three years it would reprice to 9.99% variable (now 10.74%) but I see that they are currently offering Promise and Gold at 8.99% variable. My 7.49% fixed expires in October so I am sure I will have to wait until then to ask for a reduction. Honestly, other than the fact that my Promise card has my highest credit line, it really does not offer much and with another Prime rate hike or two this year, this will be an 11% APR card, which in my opinion, is too high for a credit union, non reward card with my 800+ FICO scores. May have to consider closing it if they won't budge. PenFed is weird that way...they change their rates often so you have to jump when they offer a lower rate on something.