Just realized Penfed is not accepting CLI's requests

[burrissa]

I Decided to request a CLI from Penfed but couldn't find the link anywhere on my CC account. Did a google search and this popped up.

How to Increase Credit Card Credit Lines

Currently, PenFed is not accepting member requests for credit card limit increases.

Jul 23, 2024•Knowledge

https://home.penfed.org/help/s/article/How-to-Increase-Credit-Card-Credit-Lines?language=en_US

 

[unsungivy]

Thanks for the heads up.

[Gregory1776]

😩 what is going on with them?

[coldfusion]

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@Gregory1776 wrote:

😩 what is going on with them?

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My guess is they've had a big jump in lates and defaults coupled with worries that if this keeps up the Feds will tell them to boost their loss reserves and this is their chosen first step to control their exposure.   

Put another way I'm guessing that they see themselves either heading in or already in much the same situation Synchrony found themselves in a couple of years ago but chose this comparatively mild initial response instead of Synchrony jumping directly to wholesale account closures and CLDs.

[BallBounces]

I know I am bumping an older thread, but I "Just realized Penfed is not accepting CLI's requests".  

Closed a new auto loan request and asked if they could use that pull for a CLI on my CC.  The rep told me they no longer do CLI and that I could apply for a new card, and that they might re-use the existing pull.   No thanks.  

So, I am sure this is not new news, but it's new news to me!

[coldfusion]

Sounds like their pendulum really has swung back hard toward their days when a common reason for a deniial was due to pyramiding debt and a 5-figure starting limit was almost a miracle.

[UncleB]

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@coldfusion wrote:

Sounds like their pendulum really has swung back hard toward their days when a common reason for a deniial was due to pyramiding debt and a 5-figure starting limit was almost a miracle.

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I'm not a PenFed member, but I remember the "Egyptian Days" very well, LOL.

[Zoostation1]

I've been a Penfed member for roughly 2 yrs but have no cards with them. I really don't have a need for a card with them (or any new cards currently), but a lack of CLI potential is 3 strikes for me.  There's no way in hell I'd consider applying for a card with them knowing that.

[dfwxjer]

I saw this a few months ago and promptly closed an old PenFed Power Cash card that I hadn't used in years.