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PenFed CLI to 25K UPDATE! APR reduced to 11.74%

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New Contributor

PenFed CLI to 25K UPDATE! APR reduced to 11.74%

I opened the Power Cash card on on September 30, 2017.  ON 10/1/2017, I was given a 7K starting limit, called in to recon the SL, got 10K.  I have only used the card for a balance transfer, and will have the complete balance paid off before the introductory period ends.

 

I submitted an online request for a CLI Sunday 9/30/18, (didn't realize I was exactly one year from opening), got a notice that they needed to look further and will get back to me.  I remembered that I had a fraud alert and called them this morning to see if they needed any other information.  I answered some identity questions, while I was on hold with the call I made, I received a call from them verifying that I made the request for the CLI.  The second caller hung up and the original lady came back and told me my request had been granted.  I was told my new limit is now 25K and will be available tomorrow.  They never asked me why I wanted the increase or how much I wanted.  

 

My goal is to have no more than five cards, at least two cards at 25K and 2 cards at 15K.  I think at the beginning of the year, I will be able to combine some cards to make this happen. I will close the remaining cards.  I have a total of 11 cards, three of them store cards.

 

According to their (PenFed) site my Fico Score 9 is 776.  I have a BK 7 reporting 12/2010.  

 

 

Message 1 of 11
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Community Leader
Super Contributor

Re: PenFed CLI to 25K

Congrats your CLI!

Message 2 of 11
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Valued Contributor

Re: PenFed CLI to 25K

Nicely done. Congratulations!

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (03/3/2020): FICO 08 EXP: 749; TU: 758; EQ: 761
2019 Goal Score: 800 across the board


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Message 3 of 11
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Established Contributor

Re: PenFed CLI to 25K

Congrats OP. is that an SP or HP cli?

7/12/2019 FICO TU-815|EX - 787|EQ -809
Total Credit - $300K+
Starting Score: 640
Current Score: 785
Goal Score: 810


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Gardening since June/2019
Message 4 of 11
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New Contributor

Re: PenFed CLI to 25K


@GetMeSlick wrote:

Congrats OP. is that an SP or HP cli?


I believe it was a hard pull.  Haven't received notification yet.

Message 5 of 11
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New Contributor

Re: PenFed CLI to 25K UPDATE! APR reduced to 11.74%

***Update****  APR reduced from 16.74 to 11.74 variable.  This reduction was a surprise.


@LAW4ME2 wrote:

I opened the Power Cash card on on September 30, 2017.  ON 10/1/2017, I was given a 7K starting limit, called in to recon the SL, got 10K.  I have only used the card for a balance transfer, and will have the complete balance paid off before the introductory period ends.

 

I submitted an online request for a CLI Sunday 9/30/18, (didn't realize I was exactly one year from opening), got a notice that they needed to look further and will get back to me.  I remembered that I had a fraud alert and called them this morning to see if they needed any other information.  I answered some identity questions, while I was on hold with the call I made, I received a call from them verifying that I made the request for the CLI.  The second caller hung up and the original lady came back and told me my request had been granted.  I was told my new limit is now 25K and will be available tomorrow.  They never asked me why I wanted the increase or how much I wanted.  

 

My goal is to have no more than five cards, at least two cards at 25K and 2 cards at 15K.  I think at the beginning of the year, I will be able to combine some cards to make this happen. I will close the remaining cards.  I have a total of 11 cards, three of them store cards.

 

According to their (PenFed) site my Fico Score 9 is 776.  I have a BK 7 reporting 12/2010.  

 

 


 

Message 6 of 11
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Senior Contributor

Re: PenFed CLI to 25K UPDATE! APR reduced to 11.74%

Congratulations!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 659, EQ- 651
What's in my wallet:



On the chopping block:

Message 7 of 11
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Regular Contributor

Re: PenFed CLI to 25K UPDATE! APR reduced to 11.74%

Very cool...congrats on the CLI...PenFed is a great CU!

With a BK7 from 12/2010 but a EQ of 776 on the PenFed site...the BK7 has dropped off your report. Also when you get your next statement from PenFed on this CC that was just granted a CLI, double check the APR. Their site will reference the lowest API in the CLI approval section but may not be accurate when you see your statement. You may need to call them and question the CLI approval APR and the statement APR.
TU:793 / EQ:771 / EX:793 as of 04/02/2020
Message 8 of 11
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Community Leader
Mega Contributor

Re: PenFed CLI to 25K UPDATE! APR reduced to 11.74%

Congrats, thats a huge jump. They love your profileSmiley Happy
Message 9 of 11
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New Contributor

Re: PenFed CLI to 25K UPDATE! APR reduced to 11.74%

@spotsy, Thank you for the information. I got the interest rate from the email they sent me saying my CL is 25K, under that it says 11.74 Variable APR. At least if anything happens I have it in writing.
Message 10 of 11
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