way to know spending limit before applying for a card ?

[Anonymous]

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@Anonymous wrote:

Yes.  It seems like the process is backwards.  It needs maybe a Lending Tree effort where the banks come crawling to me....LOL

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Good luck with that...  Let me know how it works out 

[CreditInspired]

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@Anonymous wrote:

thanks for all the replies.  i decided to give PenFed a try with an online application.

i received an instant approval with a 10K spending limit.  

Expecting to see something higher, i opted out of the offer.

i spoke today with someone from member services who said that 10k is their 'starting point' with most new applicants and that a CLI would be considered after 6 months.

Does this sound accurate from others' experiences?

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Since you took the HP, why not accept the $10K SL. I think that's a pretty awesome CL with only 1 CC in your portfolio.

[CreditInspired]

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@BungalowMo wrote:

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@Anonymous wrote:

thanks for all the replies.  i decided to give PenFed a try with an online application.

i received an instant approval with a 10K spending limit.  

Expecting to see something higher, i opted out of the offer.

i spoke today with someone from member services who said that 10k is their 'starting point' with most new applicants and that a CLI would be considered after 6 months.

Does this sound accurate from others' experiences?

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I'm gonna give you a little tough love here, so please take this in the spirit it's intended...

It is always a good idea to have a foot in the door with a great CU.  Their products & CS are amazing compared to any bank you'll ever owe money to.

It sounds like the only other credit you have is the one card with the $10k limit, as you haven't mentioned any other accounts.  That is a pretty thin file. 

When a CU like Pen Fed gives an offer like that, I wouldn't look my nose down on it like you were expecting more....  That's when you smile and say "Thank you, this will be the first day of a long, wonderful, expanding relationship".

In the future, they will give you wonderful mortgage rates, great personal loans, car loans, and many other products.

I love my Navy Federal & cherish the day they took me in!!

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+1

Great advice Bungalomo. You hit the nail on the head. Now hopefully OP will follow all the excellent advice MyFIOCOers are giving him, and IMHO, not look a gift horse in the mouth.

[CreditInspired]

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@AverageJoesCredit wrote:
Turning down a 10k card because its not what you were expecting, even though you did mention that very limit, is not wise. With the right profile, PF can grow. Your scores are great but sometimes not every high score tells ones whole story. If you are looking for only high limit cards, there are plenty of cards that fit the bill with some research. Adding a second 10k would go a long way in further establishing your profile.

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+1

Excellent advice AJC

[DeeBee78]

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@Anonymous wrote:

Good information! Thanks.  Have I found the only 2 cards that will do the balance transfer free for the first 60 days and 15 months 0 interest?

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Bank of America’s BankAmericard has 0% for 15 months and $0 fees for the first 60 days.

Chase Slate is the same, but 12 months, and isn’t known for generous starting limits.

Discover will give you anywhere from 9-18 months at 0% (with a 3% fee), depending on your creditworthiness. They’re good for ongoing BT offers. Right now I have two offers on mine (12 months, 0% APR, 3% fee and 18 months, 4.99% APR, $0 fee).