Closing PenFed Account

[Gray]

I would go through a PenFed branch supervisor.  Talk to a credit line supervisor, etc.

The only other factors might be the depth of your relationship with PenFed (use of their other services like banking, loans) and whether or not you actively used the card.  If it's been in the sock drawer, I can't see them giving you a major increase.

They may also have some other predictive software classifying you as a risk based on elements in your credit profile.  I think they tweak these risk profiles all the time so asking again in a few months may yield different results.

To generate activity on all my cards, I run my bills through them and then have the cards auto-debit my bank account in full.

[DI]

---

@Gray wrote:

I would go through a PenFed branch supervisor.  Talk to a credit line supervisor, etc.

The only other factors might be the depth of your relationship with PenFed (use of their other services like banking, loans) and whether or not you actively used the card.  If it's been in the sock drawer, I can't see them giving you a major increase.

They may also have some other predictive software classifying you as a risk based on elements in your credit profile.  I think they tweak these risk profiles all the time so asking again in a few months may yield different results.

To generate activity on all my cards, I run my bills through them and then have the cards auto-debit my bank account in full.

---

I'm going to see how they respond to my email inquiry before closing.   My mind is set on limiting my credit exposure before an AMEX app in Jan. 2012.  So, if I don't get an immediate increase, I'm closing it. 

[score_building]

This would be a 1st if an emailed threat resulted in an immediate increase, though suppose stranger things have happened.

[DI]

---

@score_building wrote:

This would be a 1st if an emailed threat resulted in an immediate increase, though suppose stranger things have happened.

---

I'm wanting a valid reason to close the account.  If they don't increase the line, that would be my reason.   Obviously, I'm  really not wanting the account since I'm limiting my credit exposure. 

[Anonymous]

You mention your gross income and your available income after paying expenses are two reasons to grant you a cli.  How do they know what your incom is?  Did you just say "This is what it is" or was it substantiated with a paystub or something?

[DI]

I've decided to keep it open to have atleast one credit union card.  They have proof of my income on file.  I was approved for an $18000 line of credit.  Why a small limit for the card who knows.    I closed my Target Visa card.  It took 10 minutes to get them to close it. 

[clocktick]

Just curious why you applied for their card in the first place?  They've never been known to give out high CLs.  I'm not sure about their CLIs though.  I haven't read anything on them lately.

[clownfico]

The complex that overcomes some ppl with the notion of "credit worthiness:  what's your affliation to Penfed? Are you currently or formely an employee or member of the armed forces, DoD, or federal agency? Even if you were, how is it you feel that PenFed, a credit union, should placate your phychoneurotic want of some needless, inmoderate CL?  

I'll echo someone's comment earlier: " ...good riddance!"

[wollepopolle]

I'd be happy having the 5% on gas year round. That would be the only reason to get the Penfed card.

I wonder how long the 5% on gas will last, though, after they started culling the rewards.

Currently, not worth the inquiry and paperwork for me. But if I already had one, I'd keep it open and use it for gas only.

[RockinRay]

DI -

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

I think at this point, you should hang with them! JMO!

Ray