Mini App Spree Results + Advice Needed

Anonymous · ‎06-10-2009

I apped for an SPG. As stated I currently had a Blue Cash with a 25k limit and a BB store card with a 9k limit.

I apped SPG and got approved for 8k. I felt compelled for some reason to app to another card recommended (the Schwab Invest First 2% Card). Result of that was "check back in 3-7 days". I then apped for the Penfed Cashback card and was approved for 15k limit. In the process of joining Penfed I also got 87 dollars off my Auto insurance premium with Geico, and a Car loan offer for 3.99% which could come in handy in about a year or so.

This morning I called Schwab and they said I was approved for a 10k limit on the Invest First Card.

My Blue Cash is pretty much useless now. It would not convert to the SPG. And they cannot transfer limits. So I can either:

A. Apply for a 25k limit increase in 60 days on the SPG.
B. Request a CL reduction on the Blue Cash and THEN apply for the CLI on the SPG.
C. Something else I have not thought of....

What would you do?

Message Edited by Hawnted on 06-10-2009 08:38 AM

Lyythine · ‎06-10-2009

Do you need to keep a 25k limit on the card you use daily? If not, which I imagine you do not - then keep the Amex, since they havent come at you with a FR or credit limit touch of death, er, i mean, decrease.... I would use the Schwab card for every day purchases or alternate between Schwab and PenFed as both give great rewards. Im not sure I guess, what your issue is? I travel internationally quite a bit to visit family and for business, and would love a schwab card, however, with 9 inq, I believe thats not an option for the next year or so.

P.S. What were your scores like/income/credit history when you got the 10k penfed? I have been a member for years, perfect credit history and a substantial income, however, I get no love from penfed AT ALL.. That is, if you dont mind sharing that info.

Anonymous · ‎06-10-2009

I have a 769 Experian Score, 771 Equifax, 768 TransUnion. I only had 2 cards at the time when I applied for Penfed. American Express Blue Cash and Best Buy store card. Balances on them are both 0. My amex has a limit of 29,000 (I said 25k in my post but I checked it was actually 29,000) and my BB Store card has a 9,000 limit. Nothing at all bad on my report. 8 Year credit history, no lates, nothing at all bad. Income 150,000.

What is the reason your getting no love from Penfed? Do you know? I asked for a 10k limit and was instantly approved. So I would imagine I could have gotten more if I had asked.

Message Edited by Hawnted on 06-10-2009 10:06 AM

Lyythine · ‎06-10-2009

Well, I suppose I shouldnt say no love, rather, no automatic love. Ive never been denied anything, however, they usually give me rates that are higher than my other credit unions for the same products/services. I havent requested an increase, however, I have slightly higher scores and a little less on income (120k) and they started me at 6k. I suppose I could request an increase, however, at the moment, I have other cards that I would prefer to use with higher limits and that are not as prude as PenFed. Im not exactly sure what it is with them. I recently purchased a car and went through the Porsche financing, I then immediately refinanced due to them telling me it was going to be under 4% then changing it to 6%. I ran an app through PenFed and NFCU - Penfed came back with 6.xx% and NFCU came back with 3.99% with a possible 1% reduction in 12 months. So, Ive just given my business elsewhere since they havent shown me any reason to change. Unlike myself, however, many people on these forums swear by PenFed and they are a good CU, so I would reccommend them - just no real luck in my particular case

Anonymous · ‎06-10-2009

Would it be a bad idea to app for Amex HHonors as well (making that 4 cards in the past 2 days?)

SPG in this case would be main card - Applied and Recieved 8k limit
Schwab for Forex fees and solid 2% cashback - Applied and Recieved 10k limit
Penfed 5% for use on gas - Applied and Recieved 10k limit
HHonors would be for the 6 point categories - Still deciding...

Smart? or hold off on Hhonors? I dont want my Fico stuff to drop too much, and most importantly dont want any of my creditors to close my accounts due to suspicion.

smallfry · ‎06-10-2009

@Lyythine wrote:
Well, I suppose I shouldnt say no love, rather, no automatic love. Ive never been denied anything, however, they usually give me rates that are higher than my other credit unions for the same products/services. I havent requested an increase, however, I have slightly higher scores and a little less on income (120k) and they started me at 6k. I suppose I could request an increase, however, at the moment, I have other cards that I would prefer to use with higher limits and that are not as prude as PenFed. Im not exactly sure what it is with them. I recently purchased a car and went through the Porsche financing, I then immediately refinanced due to them telling me it was going to be under 4% then changing it to 6%. I ran an app through PenFed and NFCU - Penfed came back with 6.xx% and NFCU came back with 3.99% with a possible 1% reduction in 12 months. So, Ive just given my business elsewhere since they havent shown me any reason to change. Unlike myself, however, many people on these forums swear by PenFed and they are a good CU, so I would reccommend them - just no real luck in my particular case

Tough to figure out Penfed sometimes.

Lyythine · ‎06-10-2009

I believe Amex HHonors has a requirement of at least 7 open tradelines before appoval - might want to check on that first. Regarding your question, if youre already taking the hit for inq, new accounts, AAoA, etc: might as well get them all out of the way at once. Thats what Ive done in the past

Anonymous · ‎06-11-2009

My main card will be SPG. So my issue was, I wanted it to have "take over" the limit of the blue cash. There is a ~30,000 dollar limit on that card and I am just going to sock drawer it. So I wanted the limit to get moved to the SPG.