Okay -- so PenFed has been a thorn in my side since day 1. I was approved for the PCR with an SL of $3K in Oct. 2018 (which I was somewhat OK with at the time). I app'd for CLIs twice (3 if you count the initial SL recon) between then and April 2019 and was denied each. I stopped asking after the last denial in April 2019 and just hoped for offers - of which, so far, I have received none. In Sept. 2019 - they sent me one of their pre-approved, up to $25K loan checks with an APR of like 14.xx% or something... didn't need it, but could've used it, but with that APR - nah, thx tho. While I appreciated the loan offer, I couldn't understand why'd they'd be willing to hand me $25K in cash but not increase my limit beyond $3K ¯\_(ツ)_/¯.
I thought maybe the loan pre-approval was a sign that I passed whatever probationary period they had me on and I'd finally be able to be approved for a CLI. So -- eventhough I was solidly in the Garden by that time - I decided to try again. I unlocked EQ and started the app -- but never actually submitted it because I knew how mad I'd be if I was denied and had to start my Gardening all over again as a seedling - and EQ has been seriously punishing me scorewise for new accounts, inquiries, & student loan balances.
Usually - an uncompleted app sits in the portal for 30 days to let you finish before it disappears - but this one didn't... it just sat there waiting to be continued - till just now. I received a phone call from PenFed -- and I'm like, 'whyyy are these people calling me??' It was one of their loan officers - really nice guy that seemed to be in an extremely good mood - and he asked about my app that I never finished (they have some new loan document system now that handles incomplete applications and I got an email about it a while ago but ignored it... apparently, I was supposed to complete "tasks" confirming app cancellation - so that's ultimately why I was contacted). So I explained that I changed my mind and why... and he says he understands and just needed to confirm there were no technical issues so he could close out the app... OK - whatever. Then, he reminds me that I have a BT offer on my account that needs to be used by the end of the month and they sent me checks that I could use or I can use the online transfer and stuff. I let him know that I was aware but, unfortunately would not be using it because the amount I'd like to transfer would max out my card. So then he asked if I'd like a CLI --
And I'm like: 'Didn't I just explain this to you?'
And he said: "I can increase your limit..."
And I said: "Thanks, but I'm not ready to chance another inquiry right now..."
And he said: "I don't need to pull your report - I have your credit file..."
Wat???! So after I re-confirmed that he wouldn't attempt to pull (my reports are locked anyway)...
I said: "OK... then increase it."
And he said: "OK, $10K".
Now... I'm super happy that I finally got an increase -- and a $7K increase is a very decent amount by any standard -- and $10K is more than enough for me on this card and would work for a BT as well -- but, at the same time, i'm thinking: 'that's it? What about my pain & suffering!'
Anyway... I, of course, accepted & thanked him very much for reaching out to me. I also receieved an email of approval. I'm kinda in shock because this was the very last thing I would've expected to happen today (or any day)... And! My card is now a PCR Visa Signature (see - it says so on the email) - will they send me a new card, or do I have to request one? I should have asked Dude while I had him on the phone but I didn't think about it til now... I'd like to have the new card design...
Citi is officially my lowest limit now at $4.1K... IJS.
Congratulations on your CLI!
I'm thinking I need to do some incomplete applications...
That's a great story, tb. Thanks for sharing it in detail.
And Congrats! on a healthy CLI.