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Got 3 New Cards right after closing on new home!! YAY

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Jnbmom
Credit Mentor

Re: Got 3 New Cards right after closing on new home!! YAY

Congrats on the new home and the nice new cards. Wow 50k that's amazing.  You stated your  income was 52k and pen fed gave you 50k that's beyond awesome

EXP 780 EQ 791TU 795
Message 11 of 23
AverageJoesCredit
Legendary Contributor

Re: Got 3 New Cards right after closing on new home!! YAY

Thank you for sharing. Ive never seen anything like it in all my time here on myfico. To make 52 k , 2 years post bk and they give a 50k limit is sureal. I have established a 2 year hstory with them of on time and in advance payments good scores and all and i couldnt even get a new loan with them let alone a credit card. Youve definetely hit a home run, enjoy Smiley Happy
Message 12 of 23
CreditCuriosity
Moderator Emeritus

Re: Got 3 New Cards right after closing on new home!! YAY

That PenFed approval honestly sounds like a mistake..  I have 35k CC with them and at max exposure between that 5k LOC and 1k CLOC.  I applied for increase said I was at max exposure with them and I have 3 times the income and FICO 09 scores in the 730's.  Also my primary bank with my car loan as well along with being with them 3 plus years.  Something seems very strange with that approval.. I suppose if they gave it to you take it and run and enjoy!

Message 13 of 23
AverageJoesCredit
Legendary Contributor

Re: Got 3 New Cards right after closing on new home!! YAY

Also not to add on but we have many Penfed Members here and prospective members looking to join. Penfed really looks at DTI and with a 52k income, which i wish i had lol solo or combned, you have to have debt somewhere in terms of monthly bills, car ,or house, so that 52k becomes less in their eyes. We have seen recent posters fet approved for a 40k plus card or increase but once they get the real card , way less. Pended is famous for saying you are approved for something only to take it back and feign ignorance. Happened to me on a cli once where i was told i would have a lower apr then later on no.
Message 14 of 23
Anonymous
Not applicable

Re: Got 3 New Cards right after closing on new home!! YAY

Yeah I was shocked too and actually had to take a 2nd look, then I logged into my account to make sure I wasn't seeing things and it said the same thing. If in fact they made a mistake and should change it later, I would not be mad, even if they lowered it. Getting my foot in the door with them is a plus regardless. I put all correct info on the app, So when I get my card I will see if anything changed and repost it here. 

Message 15 of 23
joltdude
Senior Contributor

Re: Got 3 New Cards right after closing on new home!! YAY

Congrats on the appovals..

Now onto.. Penfed..... Not to rain on your parade. but they are "known" for autoapproving for X and you actually getting less than X...

Please don't be offended, or dissapointed.. They have a very conservative past (when it comes to credit) and its been ebbing and flowing lately with the economy... More folks are getting approved from them.. But not the sky high limits you see with say.. Navy....

 

Its not you, its them

-J

 

Message 16 of 23
Anonymous
Not applicable

Re: Got 3 New Cards right after closing on new home!! YAY

Wow. I might have to join penfed next year .Congrats! As for Cap1 yes. The card you are closing must have been open for 6 months and must have a 0 balance on it. I just posted this yesterday in the "credit cards" forum if you want to read any other rules for it .As for getting a discover increase right away I was hopeful for you until I read that you burned them in the past .Most likely they will hold that against you for now. After about 6 months to a year I would say its safe to ask for a CLI and get approved for it .They are only SP so you can try now but don't get your hopes up .Try again every 91 days and 3 statement after that . good luck and thanks for sharing!

Message 17 of 23
Anonymous
Not applicable

Re: Got 3 New Cards right after closing on new home!! YAY

I haven't gotten my Penfed card yet but I called them to ask when I can expect it since we moved into new home the day I apped so I had to update with the new address. I paid off my Cap 1 that had the yearly fee and combined cards so both hubby and I only have the 1 cap 1 cards now with no yearly fee card. Hopefully by combining them and it closing that 1 card it won't hurt our scores much.

I am done apping for any cards now, To the Garden I go for a very long time lol.

Message 18 of 23
CJ7
Frequent Contributor

Re: Got 3 New Cards right after closing on new home!! YAY

That makes not one but two 50k recent Penfed approvals.  Got me thinking I need to cancel both my

Penfed cards and reapply! Smiley Very Happy


Message 19 of 23
Anonymous
Not applicable

Re: Got 3 New Cards right after closing on new home!! YAY

I recently opened a share saving account with PenFed, and refinanced my auto loan with them at their best rate!

 

Seriously contemplating apping for a card with them as well!

Message 20 of 23
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