Penfed Approval - I think?

[Sooners2013]

I opened accounts witch penfed today and after the savings and checkings I applied for the penfed Amex card. But it gave me a message that showed in process or pending. But the next screen shows a credit line of $46,500. I called and they told me it was being reviewed by a loan officer And I should know in 24 to 48 hours. What does this mean? It says pending but shows a credit limit? Does that mean if they approve it that will be the limit? 

Has anyone had this happen to them? 

[-Wade-]

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@Sooners2013 wrote:

I opened accounts witch penfed today and after the savings and checkings I applied for the penfed Amex card. But it gave me a message that showed in process or pending. But the next screen shows a credit line of $46,500. I called and they told me it was being reviewed by a loan officer And I should know in 24 to 48 hours. What does this mean? It says pending but shows a credit limit? Does that mean if they approve it that will be the limit? 

Has anyone had this happen to them? 

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Yes it happen to me. But after the review they gave me a lower CL. You are approved but don't be suprise if your CL is lower than the 46.5K .... Also Congrats and welcome to the PenFed family

[gdale6]

Congrats on your pending approval

[Hockeyplayrr]

happened to me and I was denied.  It can go either way.

[Sooners2013]

What did they end up approving your limit for?  What did they originally show as the limit?  

[mjccredit]

This happened to me as well , said 50K approval and then when I called they said under review give them 48 hours. It finally showed approved instead of pending and was 20K not 50K CLI.

[Sooners2013]

Well, you called it.  It finally after two days showed up as approved but with a measly $20,000 limit.  I have no idea what happened to the 46,500 limit the system was showing at the time of review.  Who knows but NOT happy really.  

[-Wade-]

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@Sooners2013 wrote:

Well, you called it.  It finally after two days showed up as approved but with a measly $20,000 limit.  I have no idea what happened to the 46,500 limit the system was showing at the time of review.  Who knows but NOT happy really.  

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20K is a nice limit why wouldn't you be happy ???

[Sooners2013]

I am content, not overly happy.  I sure would have preferred to had the 46,500.  I have several cards with 20,000 already.  Not sure why the response as I have less than 1% utilitzation on current accounts. 

[-Wade-]

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@Sooners2013 wrote:

I am content, not overly happy.  I sure would have preferred to had the 46,500.  I have several cards with 20,000 already.  Not sure why the response as I have less than 1% utilitzation on current accounts. 

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PenFed is Very Conservative! you got a great starting limit.