So I've been trying to get an increase on my Penfed card. Been at $2000 for about 20 months and I have never gotten past that 'going to underwriter' during my requests. I have tried and tried since the 1 year and nothing... flat out nothing.
So they sent me one of those personal loan checks with a 4.99% int associated with it and I took them up on their offer but not for all of it and made my first payment earlier this month. Logged in to make sure it posted and it was there. So since I wasn't aggravated lately by their denials in a while, I figured that I would try again and wait for them to turn me down again. But wait.... this time I got that spinning arrow icon. What's up with this? I've never seen this before and walked away because I thought it was stuck because my internet was stuck. I walked away to let the dog out, came back after making a sandwich and turned my sleeping laptop back on. And to my surprise, what do I see? "Congratulations your new credit line is $10,000" Well that made me happy because I've been stuck at $2000 for quite some time. So i double check the email that was sent to me and yep.... got the $8000 increase. Woo hoo!!!!!
I go back to my sandwich and sit there thinking, what the heck changed? Same salary as last month, no dings, credit score is 765, went down one point since I last applied but am happliy enjoying my lunch. Then I think wait.... I see people post on here when they give you an increase, try to double dip. So I did.
I app'd for Penfed Plat Rewards Visa Signature. What do I have to lose right? And I click apply. Then I cringe and think that I have been good and havent had an inquiry in about three months and I've messed this up. I meant to garden.... I meant to garden... but I app'd for both. So here I am having apper's remorse when that same spinning arrow shows up on my screen.... and poof!!!! $22,500 starting credit limit. WOW!!!! Couldn't get another nickle out of them and in a metter of minutes, over $30k more in credit from them.
And now I wait.... it's been about 3 hours now and I have not seen anything pop up for a credit pull. They HAVE to credit pull right? There is no way to get that increase and new card without a hard pull, is there? So I'll wait and see and let you know if anything pops up in the next couple days. Usually for me it's a few minutes after applying but here I am hours afterwards and NOTHING.
Congrats on the nice CLI and nice new card with them, yes the pull EQ and a HP will show up on one of your CMS in a few days.. How many HP's you have on EQ if you happen to know? What was the apr given on new card?
Nice story Congratulation!!!
Not sure about wether PenFed does a SP or a HP for existing members, but those are great results. We've seen similar results with CLIs for Discover when carrying a BT. I think they are hoping that the consumer while carrying a BT will use the card for regular swipes due to the increased CL and reduce the effectiveness of the BT low interest rate. That's my theory anyway.
Thanks. I have 3 pulls on Equifax. That has been the same since about the end of February. I received 11.99%
Congrats on the CLI! Thanks for sharing.