Credit Card Offer from Pen Fed - Approved 50k CL

[Anonymous]

Just had an email from Penfed who I have a savings account with (sometimes I even forget about the money being deposited into the account) and I applied for their Platinum VISA Rewards and they instantly approved a 50k CL which is the largest I have by a long shot. 

Saphire Preferred 18k

American Express Blue Cash 14k

Discover it Card 16k

Alaska Airlines 12.5k

+ 8 other cards with CL's under 10k

EFX Score according to Credit Karma is sitting @ 750 with 3% utilization and 100k invailable credit (between 12 open Cards!)

Homeowner 4+ years

31 Yeard old (not sure if this matters or not) 

75k Gross Monthly Income 

I have extensive credit history with over 40 accounts on my bureau - 22 inquiries on EFX in last 24 months.

I went ahead and applied for refinancing a used car I just purchased for 65k which they also approved instantly @ 3.74% which I believe is their best "new" refinancing rate (even though car has 9k miles and I'm the second owner)

I also applied for the PenFed Pathfinder card (why not right?) and they are reviewing the application so I'll circle back tomorrow once they're open to let you guys know if I also get that one approved. 

I'm not much of a poster here but I do frequent the site to see what's new and figured you guys could appreciate the massive approval. 

Let me know if anyone has any questions as I'm sure I've left out important details that may be important to some of you!

[Taurus22]

May be slightly off-topic here, but......Omg, what do you do for a living to earn that monthly salary?

With that income you should be good for a 100k CL.....sheesh.

[Anonymous]

business financing broker.

I wish I could find a 100k CL but I don’t know a single bank that offers that kind of limit. My business cards (2 chase and 1 Amex) are all near 50k but those are business cards that do not report outside of my business bureau

[Taurus22]

Ok, so my career path went entirely the wrong way....lol. Honestly, with that kind of income why do you even have to refinance a car? It almost seems that credit itself would be a nonfactor with income that high. You make more in one month than I make in a year. But all that aside, congrats on your 50k CL. I'm hoping to get to a "total" of 50k CL in the next 4-5 years.

Now I'm going to sit here and reflect upon my failures in life.....lol.

[Anonymous]

Anything is possible with hard work and determination. I was making under 6 figures back in 2013 doing exactly the same thing. It’s just persevering and knowing that if you become an “expert” in your field, you’ll earn that of what warrants an expert.

I could lose my job tomorrow and have to start all over again.

I refinanced my car because I can earn higher % on my money with investments or using my money to hire employees or other cash heavy requiring adventures.

More money - more problems. I’m no happier today than I was 5 years ago. less is more and more is less - I spend more as I make more and I’m just staring to be more responsible with my funds as my family grows and play time is over.

[Anonymous]

Just out of curiosity since it sounds like you own your own business. Do you pay yourself a set salary or does it fluctuate as you business revenue changes? Congratulations on a successful business.

[AverageJoesCredit]

Big congrats. I too did a double take on your monthly gross. You wont be approved on your second card because Penfed has a max 50k limit across all cc.

Another note, your other cards now seem low for your income lol. It is possible to get 100k from other lenders but you need to ask. @FinStar could probably offer some good advice.

[Anonymous]

Congrats on the new card! I feel like anything over 50k doesn’t usually make any noticeable difference in spending ability anymore other than just being able to (besides cash flow advantages of a CC) Just like having an 800HP car in NYC, it’s nice, but hardly useful for transportation. It would be more of a show stopper or conversation starter, and also to network which would have more positive value especially for you.

A personal charge card from Amex would probably suit you best since it looks like you’re paying mostly in full and only carrying balances on other avenues like car loan and mortgage. You said you already have business accounts with Amex, they’ll probably just extend you a high spending limit card easily just by looking at your profile.

Out of curiosity, is your stated monthly gross income personal/salary or is that business revenue?

[SouthJamaica]

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@Anonymous wrote:

Just had an email from Penfed who I have a savings account with (sometimes I even forget about the money being deposited into the account) and I applied for their Platinum VISA Rewards and they instantly approved a 50k CL which is the largest I have by a long shot. 

Saphire Preferred 18k

American Express Blue Cash 14k

Discover it Card 16k

Alaska Airlines 12.5k

+ 8 other cards with CL's under 10k

EFX Score according to Credit Karma is sitting @ 750 with 3% utilization and 100k invailable credit (between 12 open Cards!)

Homeowner 4+ years

31 Yeard old (not sure if this matters or not) 

75k Gross Monthly Income 

I have extensive credit history with over 40 accounts on my bureau - 22 inquiries on EFX in last 24 months.

I went ahead and applied for refinancing a used car I just purchased for 65k which they also approved instantly @ 3.74% which I believe is their best "new" refinancing rate (even though car has 9k miles and I'm the second owner)

I also applied for the PenFed Pathfinder card (why not right?) and they are reviewing the application so I'll circle back tomorrow once they're open to let you guys know if I also get that one approved. 

I'm not much of a poster here but I do frequent the site to see what's new and figured you guys could appreciate the massive approval. 

Let me know if anyone has any questions as I'm sure I've left out important details that may be important to some of you!

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As to "why not", they have a 50k total unsecured credit limit, so I'd say you'll either be turned down or they'll tell you that you need to move some of the limit from the rewards card.

[xaximus]

Congrats on the approval.