PenFed Promise Visa

[Anonymous]

Hello,

I am in the process of rebuilding. I have been a member of Penfed since 2002; However, I never used the account because they are so strict. Today while cruising this forum I decided maybe it was time to dust off my membership. Long story short I applied for a checking account after only having a restricted savings account. I was approved, then the rep said he could use that same CR to apply for a credit card, after nervously agreeing I was refered to the review people then only approved for 500 CL. Should I take my chances and email them to recon for a higher limit? So far I only have a 300 Cap One Quicksilver which is about 3 months old, and my PENFED NEXGEN score is 610.

[mrldp40]

Idk .sounds like your very lucky with 500.im new with penfed but I thought they had a strict rule no cc approvals til 640 eq nextgen.

[Anonymous]

I saw a post that said the same about the 640. Well I guess my next option would be to wait a few months then ask for a limit increase? How many months do people usually wait.

[mrldp40]

They update there score every 3 months so that maybe how long u need to wait .but there are plenty of penfed experts to chime in on the subject

[AverageJoesCredit]

The new score update should have been done in june so probably the 1st week of July we'll see our updated nextgen scores.

I would probably hold off for now. I had a 663 when i was originally approved for my promise and only got the $500 as well. Of course my income doesnt help but i was finally about to get a hp cli after a year and my score being 693. 1k increase. Penfed definitely takes into condideration your income and dti. Congrats on getting apptoved though, always a plus

[Anonymous]

Thank you, I just saw your thread while researching the topic, congrats on your increase.

[AverageJoesCredit]

Thanks youll get there bo doubt

If PF was Navy we'd be in a while other ball game but alas, we have to work with what we have or get

[DaveInAZ]

Here's another suggestion (same as I made in youir post in CC Appilcations Forum, Penfed Data Points): The Promise card has a spend bonus of $100 statement credit for charging $1500 or more in the fist 3 months. To charge that much on a card with $500 CL means you'll have to make several payments during the month. But running that much $$$ through the card in 3 months should make a strong case for CLI, and you'll get a free hundred bucks.

[Anonymous]

Thanks maybe i can use that in my RECON email. 

[SouthJamaica]

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@Anonymous wrote:

Hello,

I am in the process of rebuilding. I have been a member of Penfed since 2002; However, I never used the account because they are so strict. Today while cruising this forum I decided maybe it was time to dust off my membership. Long story short I applied for a checking account after only having a restricted savings account. I was approved, then the rep said he could use that same CR to apply for a credit card, after nervously agreeing I was refered to the review people then only approved for 500 CL. Should I take my chances and email them to recon for a higher limit? So far I only have a 300 Cap One Quicksilver which is about 3 months old, and my PENFED NEXGEN score is 610.

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Yes you should recon. And with them you can do it by email, or you can wait for their "survey" -- then tell the survey you're very disappointed with the low credit limit, and why.... They really take action on those surveys.