PenFed CLD

[MrsCHX]

I know that AA is a risk when you've been carrying balances. I refinanced my car with PenFed in 2021 (that's almost paid) and opened the Gold Card at the same time. About a year later, I opened the Cash Rewards. 

I carried a balance on both for a while, and a couple of weeks ago, paid the Gold card in full. They held my payment for 10 days (despite the account being several years old) and today, I happened to log in and saw they CLD me from $2500 to $500. No email, no letter in documents, just AA. I called and she said I'd be sent a letter so I closed the account. 

I was planning on closing it anyway, but later this year. I did close my Credit One card this month as well, so that's two down on my file cleanup. 

[bionictwist]

I am not surprised I have the penfed power cash rewards credit card with a 10,000 limit. I always pay my statement in full and never carry a balance on my credit cards. I also try to keep my utilization on any card less than 10% if it reports. Penfed recently lowered cash advances and removed credit limit increases and increased apr on all cards to 17.99%. It seems that a lot of customers could be defaulting their credit cards and they are protecting themselves I guess if they see people carrying balances for a while.

[sccredit]

Yeah, I think we'll be seeing more of this coming. Consumer debt is at an all time high and defaults have risen. I am sure a few banks/CU's are going to be tightening.