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Penfed SL increase(recon)


Penfed SL increase(recon)

So, opened a savings and was approved for auto refi back in January. Denied for Promise Visa, was told to try after three months. A couple of days ago I applied for the Promise again, mind you this is now 7 months later with all loan payments on time. SL of 1k. Needed this for balance transfers around 18k. Needless to say I'm a little bummed. Clean profile with no lates or collections. 18% uti right now overall. 8 inquires and 2 new accounts in the last year. Filled out the survey in regards to my unsatisfactory limit. I was told by an underwriter that I needed to request a CLI. This was all through messaging. Does this sound right? What's the next step to achieve a higher limit. Other cards are sitting at 20 and 25k. Thanks all you Penfed pros!
Message 1 of 4
Valued Contributor

Re: Penfed SL increase(recon)

You applied for the Promise Visa just a couple of days ago and was given just a $1K SL. There’s something on your EQ9 they’re not liking, hence the toy SL. What’s your EQ9 score? Also if the UW told you to request a CLI then might as well do it as most likely they’ll just use the same HP though nothing is guaranteed even the outcome. 

Unfortunately, Penfed has been really tight in their UW standards these past 12 months or so. Maybe they’re having capitalization issues or just grim economic forecasts? Who knows. You already took the HP for a measly $1K SL might as well go all in! Worse case you burn another EQ HP and get a “no” from them! But better than a never ending “what if” questions you’re bound to ask yourself later on right?

Mission Accomplished on Dec 07 2020! Rebuild Complete!

New cc TLs : 2/6 ; 2/12 ; 3/24
HPs EX 3 EQ 3 TU 1
AAoA 5y4m
UTIL 1% - 3%

$250K+ Total Limits

Message 2 of 4

Re: Penfed SL increase(recon)


I haven't gotten my scores in a while. They sent the letter that contained my score, 722. My home loan went on my report in June (although I made payments since January.) Maybe that? I will probably call today and speak to someone. Thanks for chiming in!
Message 3 of 4
Valued Contributor

Re: Penfed SL increase(recon)

Be prepared to not just talk credit scores but DTI. I got only 2k with them and they weren't budging. They were concerned with the amount of unsecured debt I had relative to income. My EQ FICO 09 was similar, if not higher than yours. Good luck.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board

Take the myFICO Fitness Challenge
Message 4 of 4
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