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Penfed Gold Visa Card Approved with only 5K

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mrinal
New Contributor

Penfed Gold Visa Card Approved with only 5K

Hi,

My application for the Penfed Gold Visa Card has been approved with 5k initial credit line. It is too less. Do they reconsider? Should I call them? What should I tell them?

 

Thanks

13 REPLIES 13
FireMedic1
Community Leader
Mega Contributor

Re: Penfed Gold Visa Card Approved with only 5K

Congrats! You may have gotten what they feel was right with your file. Remember lenders baddies are on the rise. Peek into Credit in the News. You'll see.


Message 2 of 14
SUPERSQUID
Valued Contributor

Re: Penfed Gold Visa Card Approved with only 5K

CONGRATS !!!!!!

Its not a terrible sl. I think that card comes with a bt offer 15 months at zero 3pct fee

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 3 of 14
M_Smart007
Legendary Contributor

Re: Penfed Gold Visa Card Approved with only 5K

Congrats on your PenFed Approval.

I doubt that they would reconsider the SL.

Message 4 of 14
CreditMagic7
Mega Contributor

Re: Penfed Gold Visa Card Approved with only 5K

Congratulations on your Penfed Gold Visa Card Approval!

Message 5 of 14
gingerflower
Valued Contributor

Re: Penfed Gold Visa Card Approved with only 5K

Congratulations!

Message 6 of 14
CreditAggie
Community Leader
Super Contributor

Re: Penfed Gold Visa Card Approved with only 5K

Congratulations on your PenFed Gold approval!

Current Cards (in order of approval):

         
Current FICO 8 | 9 (February 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 7 of 14
EAT_SLEEP_JEEP
Valued Contributor

Re: Penfed Gold Visa Card Approved with only 5K

congrats on the approval

KEEPER EVERYDAY CARDS/ AMEX CHARLES SCHWAB PLATINUM NPSL/ AMEX GOLD NPSL / AMEX GREEN NPSL/ AMEX EVERYDAY PREFERRED $30,000 CL/ AMEX BLUE BUSINESS PLUS $5000 SL/ AMEX BLUE CASH EVERYDAY $6000 / FIDELITY REWARDS VISA $23,500 SL/ NFCU FLAGSHIP $38,000 CL/ NFCU MORE REWARDS $33,000 /

SOCKDRAWERED FNBO JEEP CARD $7700/ FNBO FORDPASS REWARDS $1000/ WELLS FARGO ACTIVE CASH $8200/ CAPITAL ONE QUICKSILVER $3000 SL/ APPLE CARD $6500/ / PAYPAL CREDIT LINE $1700
Message 8 of 14
Janneman
Established Contributor

Re: Penfed Gold Visa Card Approved with only 5K


@mrinal wrote:

Hi,

My application for the Penfed Gold Visa Card has been approved with 5k initial credit line. It is too less. Do they reconsider? Should I call them? What should I tell them?

 

Thanks


I am sure that they will NOT reconsider it as I have been in this situation with them a few years back. However, you will be able to ask for CLI after 6 months...At that time, they could increase big time if you would use the account enough. However, keep it in mind that the underwriting for their Gold card is not that good...meaning, most of the time they don't give enough CLI on this card...Don't know why...but you can always apply another card with them or ask for CLI (after 6 months later). Good luck...

Message 9 of 14
alextercero
Super Contributor

Re: Penfed Gold Visa Card Approved with only 5K

Congrats on your approval

Current Credit Cards


Currently rebuilding as of (May 2021)

Current Fico Scores 8/9: (February 2024)


Credit Age:

Inquiries:

Message 10 of 14
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