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Applied for and got a PENFED Plat CC about six months ago. CL was 3K.
I called and asked for a CLI a week ago and they told me that I would have to
submit a CLI application and that it would be another hard inq. I said if I have
to use another inq that it would be at an institution that would give me a
decent CL. They did not budge. Keep in mind that this is after going
through the whole "it takes 10 days to credit your available balance"
crap for six months. This morning I called NFCU and did an app over the phone.
CSR said to check back in 2 days. I waited an hour and then checked the
online status link. "Approved"...20K. Called PENFED right after and told
them to close out my CC account. CSR asked why and I told her.
She said that it was a good card and that I should consider keeping it.
I told her NFCU knows how to treat good customers and that when
they include a CC offer in my "offers" section I will consider it then
if the CL is decent. Man, 6 months ago I would have killed for
that PENFED card...sure is nice not being at their mercy anymore!!!
That is my highest CL now.
NFCU $20K
BOA $10K
USAA MC $10K
USAA AMEX $5K (only asked for 5K)
WOW..... I want to be like you when i grow up..... lol
Thanks for the congrats. I figured since the PENFED CC was only six months old that it would not hurt my AAoA. My available credit limit
went up by 17K so that should help not hurt also...I think...
@Anonymous wrote:Applied for and got a PENFED Plat CC about six months ago. CL was 3K.
I called and asked for a CLI a week ago and they told me that I would have to
submit a CLI application and that it would be another hard inq. I said if I have
to use another inq that it would be at an institution that would give me a
decent CL. They did not budge. Keep in mind that this is after going
through the whole "it takes 10 days to credit your available balance"
crap for six months. This morning I called NFCU and did an app over the phone.
CSR said to check back in 2 days. I waited an hour and then checked the
online status link. "Approved"...20K. Called PENFED right after and told
them to close out my CC account. CSR asked why and I told her.
She said that it was a good card and that I should consider keeping it.
I told her NFCU knows how to treat good customers and that when
they include a CC offer in my "offers" section I will consider it then
if the CL is decent. Man, 6 months ago I would have killed for
that PENFED card...sure is nice not being at their mercy anymore!!!
That is my highest CL now.
NFCU $20K
BOA $10K
USAA MC $10K
USAA AMEX $5K (only asked for 5K)
Comparing NFCU and PenFed is a little like apples and Oranges. PenFed is MUCH more conservative than NFCU in credit criteria, and MUCH more strict on Credit to Income ratios.
If you don't like/want the PenFed card, then no problem. But PenFed may not "OFFER" you any future credit if you don't have current credit.
Also, PenFed is not well known for CLI at 6 months. While it is possible, it is more common for CLI to come at 12 months or later. The fact that you have to wait 6 months before they removed the 10 day hold on available credit demonstrates their extremely conservative nature.
IMO, I would keep the card and just let it age another 6 to 8 months and see what happens then. But, either way CONGRATS on the NFCU!
I do still have an $8K PLOC with PENFED and will probably submit a car app with them sometime
this year. I do not really need/want the CC so that made it easy to let it go.
what ever works for you but....if you didn't need the cc then I take it you didn't need the CLI... why bother playing their waiting game for six months just to bag 6 months before the offers come rolling in? good that the CLI denial prompted the awesome navy approval but if it was me I'd reopen and simply wait for the good times to roll, they almost always do it seems, if you are lucky enough to get a cc from them to start.