Penfed New Policy

[Anonymous]

Hi Guys,

I recently got approve for Penfed power cash and immediately called for a increase but was truned down. The rep stated its a new policy that requires us to wait a year and they dont take verbal request. Is that true?

[FinStar]

It's possible that your account currently does not qualify for a CLI. What SL did you get approved with?

I'm not sure whether that is a *new* policy, but I'm sure at some point your account may qualify for a CLI in less than a year. The CLI request can also be submitted online.

[Anonymous]

SL 10K. Fico 9 700. I will wait a little and see.

[FinStar]

$10K out of the gate from PenFed these days is not a bad outcome. They have tightened their UW standards from a while back. There's multiple threads that point some of the recent changes.

[Anonymous]

Oh ok, thank you. That would explain it. I am still on page 20 of the Penfed data share thread lol.

[FinStar]

It's a good read. The last few pages definitely outline some of the most recent data points/changes.

[Anonymous]

PenFed starting limiting the maximum credit available for new members to $10,000 in January 2018.  However, I am unaware that you have to wait one year for a CLI.

The bright side is that it gives you time to improve your scores.

[CreditCuriosity]

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@Anonymous wrote:

PenFed starting limiting the maximum credit available for new members to $10,000 in January 2018.  However, I am unaware that you have to wait one year for a CLI.

The bright side is that it gives you time to improve your scores.

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+1 correct

[CramEiko]

I've had my PCR card for almost a year now, but at about the 6 month mark I said what the hey I'll try for a CLI. My SL was $14,500 @ 14.5% (mid score of 783) and I took a new HP for the CLI (be careful of the dates because I may have missed the 6 month mark by a few days) and was turned down. PenFed CS stated that I was given the most that they would allow at that time. I just use it to pay my utilities so I'm just leting it ride. It's not my highest limit nor my lowest apr, but I do like their customer service. It's no Navy CS but its better than most.

[Anonymous]

The best approach with PenFed is to wait for quarterly offers; which may include credit line increases without the penalty of a hard pull.  PenFed does soft pulls of Equifax FICO 9/account reviews in February, May, August, and November and use those account reviews to make quarterly offers in January, April, July, and October.