When should I ask PenFed for a CLI?

[IFtkkdx428]

I was approved for the Penfed Promise on 6/20/15 with a $3,000 SL. I know everything that you apply for during the 2-3 month approval results in SPs from the orignal HP. There is a CLI request button next to the Promise card I have on the "products & rates" tab. I was wondering when I should take advantage of the SP CLI? Also, does PenFed require you ask for a specific amount when asking for a CLI? If so, how much should I ask for? 

Age: 23
Annual Income: $19,000.00

Monthly Rent/Mortgage Payment: $0

TU FAKO (Provided by Credit Karma on 7/3/15): 756
EQ FAKO (Provided by Credit Karma on 7/3/15): 754
TU FICO (Provided by Barclay on 6/13/15): 750
TU FICO (Provided by Discover on 7/5/15): 749
EQ FICO (Provided by Huntington on 6/2/15): 742
Credit Card Utilization Rate: 2%

Percent of On Time Payments: 100%
On Time Payments: 66
Total Payments: 66
AAoA: 1 YR
Oldest Open Credit Line: 2 YRS 5 MOS
Newest Open Credit Line: 1 MO
Total Accounts: 6
Total Credit Limit: $23,750
Hard Credit Inquiries: 5
Derogatory Marks: 0



Current Credit Cards



Capital One
 Quicksilver One Mastercard (AF waived for lifetime)
APR: 24.90%
Credit Limit: $2,250
Card issued: Jan/2013


Credit Card Utilization Rate: 1%

Chase Freedom Visa
APR: 18.99%

Credit Limit: $3,000

Card Issued: Jan/2014
Credit Card Utilization Rate: 3%

Sallie Mae Barclaycard Mastercard
APR: 0% (Promotion ends 7/10/15, after that 22.99%)
Credit Limit: $2,000
Card Issued: July/2014
Credit Card Utilization Rate: 0%

American Express Blue Cash Everyday
APR: 0% (Promotion ends 4/11/2016, after that 15.99%)
Credit Limit: $9,000
Card Issued: Nov/2014
Credit Card Utilization Rate: 0%

Huntington Voice World Mastercard
APR: 17.99%
Credit Limit: $1,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 4%

Discover It
APR: 14.99%
Credit Limit: $3,000
Card Issued: May/2015
Credit Card Utilization Rate: 18%

PenFed Promise Visa

APR: 13.99%

Credit Limit: $3,000

Card Issued: June/2015

Credit Card Utilization Rate: 1%

[ojefferyo]

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@IFtkkdx428 wrote:

I was approved for the Penfed Promise on 6/20/15 with a $3,000 SL. I know everything that you apply for during the 2-3 month approval results in SPs from the orignal HP. There is a CLI request button next to the Promise card I have on the "products & rates" tab. I was wondering when I should take advantage of the SP CLI? Also, does PenFed require you ask for a specific amount when asking for a CLI? If so, how much should I ask for? 

Age: 23
Annual Income: $19,000.00

Monthly Rent/Mortgage Payment: $0

TU FAKO (Provided by Credit Karma on 7/3/15): 756
EQ FAKO (Provided by Credit Karma on 7/3/15): 754
TU FICO (Provided by Barclay on 6/13/15): 750
TU FICO (Provided by Discover on 7/5/15): 749
EQ FICO (Provided by Huntington on 6/2/15): 742
Credit Card Utilization Rate: 2%

Percent of On Time Payments: 100%
On Time Payments: 66
Total Payments: 66
AAoA: 1 YR
Oldest Open Credit Line: 2 YRS 5 MOS
Newest Open Credit Line: 1 MO
Total Accounts: 6
Total Credit Limit: $23,750
Hard Credit Inquiries: 5
Derogatory Marks: 0



Current Credit Cards



Capital One
 Quicksilver One Mastercard (AF waived for lifetime)
APR: 24.90%
Credit Limit: $2,250
Card issued: Jan/2013


Credit Card Utilization Rate: 1%

Chase Freedom Visa
APR: 18.99%

Credit Limit: $3,000

Card Issued: Jan/2014
Credit Card Utilization Rate: 3%

Sallie Mae Barclaycard Mastercard
APR: 0% (Promotion ends 7/10/15, after that 22.99%)
Credit Limit: $2,000
Card Issued: July/2014
Credit Card Utilization Rate: 0%

American Express Blue Cash Everyday
APR: 0% (Promotion ends 4/11/2016, after that 15.99%)
Credit Limit: $9,000
Card Issued: Nov/2014
Credit Card Utilization Rate: 0%

Huntington Voice World Mastercard
APR: 17.99%
Credit Limit: $1,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 4%

Discover It
APR: 14.99%
Credit Limit: $3,000
Card Issued: May/2015
Credit Card Utilization Rate: 18%

PenFed Promise Visa

APR: 13.99%

Credit Limit: $3,000

Card Issued: June/2015

Credit Card Utilization Rate: 1%

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They will most likely deny you for the CLI, they felt comfortable with the $3k they gave you and that's what they will stick with. Wait 6 months or so and see if you have an offer, if not then apply for the CLI. They want to see your history with them. 

[PNW_Hunter]

Just applied for one yesterday on my Penfed Cash Rewards Visa at the 9 month mark since account opening.

Went from $11,000.00 to $15,500.00 on instand approval. Was hoping for higher, but I'll take it.

[IFtkkdx428]

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@ojefferyo wrote:

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@IFtkkdx428 wrote:

I was approved for the Penfed Promise on 6/20/15 with a $3,000 SL. I know everything that you apply for during the 2-3 month approval results in SPs from the orignal HP. There is a CLI request button next to the Promise card I have on the "products & rates" tab. I was wondering when I should take advantage of the SP CLI? Also, does PenFed require you ask for a specific amount when asking for a CLI? If so, how much should I ask for? 

Age: 23
Annual Income: $19,000.00

Monthly Rent/Mortgage Payment: $0

TU FAKO (Provided by Credit Karma on 7/3/15): 756
EQ FAKO (Provided by Credit Karma on 7/3/15): 754
TU FICO (Provided by Barclay on 6/13/15): 750
TU FICO (Provided by Discover on 7/5/15): 749
EQ FICO (Provided by Huntington on 6/2/15): 742
Credit Card Utilization Rate: 2%

Percent of On Time Payments: 100%
On Time Payments: 66
Total Payments: 66
AAoA: 1 YR
Oldest Open Credit Line: 2 YRS 5 MOS
Newest Open Credit Line: 1 MO
Total Accounts: 6
Total Credit Limit: $23,750
Hard Credit Inquiries: 5
Derogatory Marks: 0



Current Credit Cards



Capital One
 Quicksilver One Mastercard (AF waived for lifetime)
APR: 24.90%
Credit Limit: $2,250
Card issued: Jan/2013


Credit Card Utilization Rate: 1%

Chase Freedom Visa
APR: 18.99%

Credit Limit: $3,000

Card Issued: Jan/2014
Credit Card Utilization Rate: 3%

Sallie Mae Barclaycard Mastercard
APR: 0% (Promotion ends 7/10/15, after that 22.99%)
Credit Limit: $2,000
Card Issued: July/2014
Credit Card Utilization Rate: 0%

American Express Blue Cash Everyday
APR: 0% (Promotion ends 4/11/2016, after that 15.99%)
Credit Limit: $9,000
Card Issued: Nov/2014
Credit Card Utilization Rate: 0%

Huntington Voice World Mastercard
APR: 17.99%
Credit Limit: $1,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 4%

Discover It
APR: 14.99%
Credit Limit: $3,000
Card Issued: May/2015
Credit Card Utilization Rate: 18%

PenFed Promise Visa

APR: 13.99%

Credit Limit: $3,000

Card Issued: June/2015

Credit Card Utilization Rate: 1%

---

They will most likely deny you for the CLI, they felt comfortable with the $3k they gave you and that's what they will stick with. Wait 6 months or so and see if you have an offer, if not then apply for the CLI. They want to see your history with them. 

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Thank you for responding! Just figured I would take advantage of the SP CLI. I saw success stories here on myFICO about requesting a CLI using the same HP from the original application and figuired I might have a shot. I suppose I will wait.

[Ron1]

It doesn't hurt to ask if it is SP. You usually hear from them within a day or next day.


Ron.

[IFtkkdx428]

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@Ron1 wrote:
It doesn't hurt to ask if it is SP. You usually hear from them within a day or next day.


Ron.

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Thank you, for responding! I know you also have a lot of experience with PenFed. I don't however, want to get off on the wrong foot with PenFed. I'm greatly as it is to have been approved for their Promise Visa. Is PenFed a lender who asks for a requested CLI and counter?

[cem13]

I hit the luv button today as well.  My card is only 3 months old and my scores are hovering around 700ish.  My file is referred to a loan officer for review.  My CRs are on ice so I will get denied for teh CLI but that is alright by me.  No harm, no foul, right?

I sit at $5k with both Visa and AMEX.

[IFtkkdx428]

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@cem13 wrote:

I hit the luv button today as well.  My card is only 3 months old and my scores are hovering around 700ish.  My file is referred to a loan officer for review.  My CRs are on ice so I will get denied for teh CLI but that is alright by me.  No harm, no foul, right?

I sit at $5k with both Visa and AMEX.

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Does PenFed require you ask for a specific amount when asking for a CLI? I hope you had a favorable outcome!

[cem13]

---

@IFtkkdx428 wrote:

---

@cem13 wrote:

I sit at $5k with both Visa and AMEX.

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Does PenFed require you ask for a specific amount when asking for a CLI? I hope you had a favorable outcome!

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It did not ask me for a "requested amount".  I still have not heard from them.

[IFtkkdx428]

I submitted the app. for the CLI. I will update on the outcome.