PenFed Credit Limit Reallocation?

[supill]

Hi, 

this might be a silly question but if I have a PCR for $20k and I also want a platinum card is there anyway I can ask them to put half my limit from the PCR to the platinum? Or would I have to apply and if denied can I do that? Sorry I'm new to this 

[cashorcharge]

Typically, you'll need to apply first....then if you're approved, you "may" be able to do that for you.  Also, if you've hit their internal limit and they decline you for the card...more credit...then you "may" be able to get reconsidered for the card and move some limit over.  The benefit of the Platinum is the lower APR available.

If you haven't had the first card for at least 91 days and 3 closed statements, you will not get approved for anything.

[supill]

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@cashorcharge wrote:

Typically, you'll need to apply first....then if you're approved, you "may" be able to do that for you.  Also, if you've hit their internal limit and they decline you for the card...more credit...then you "may" be able to get reconsidered for the card and move some limit over.  The benefit of the Platinum is the lower APR available.

If you haven't had the first card for at least 91 days and 3 closed statements, you will not get approved for anything.

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Thank you much!!!

[UpperNwGuy]

Be prepared for at least one, but probably two, hard pulls.

[AverageJoesCredit]

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@supill wrote:

Hi, 

this might be a silly question but if I have a PCR for $20k and I also want a platinum card is there anyway I can ask them to put half my limit from the PCR to the platinum? Or would I have to apply and if denied can I do that? Sorry I'm new to this 

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Welcome. Be nice to know your current profile but sanz knowing , just going off your PCR limit im guessing PF likes you so getting a Plat maybe see another big limit? 17.5 seems to be their new norm😀

[DebtStinks]

@cashorcharge @supill I can testify personally that you can get multiple credit cards approved within 91 days of each other. I applied for a Gold card and got approved. Only a few days later applied for a PCR card and was also approved. Both applications went into manual review and were NOT system approvals. After I was approved for the PCR card, I then thought about closing the Gold card but was talked out of it by the rep on the phone citing I would miss out on the SUB of $100 by doing so.

YMMV, but I'm RECENT proof it can be done with PenFed.

Best of luck!

[cashorcharge]

Thanks @DebtStinks for that info!

When you got the 2nd card...the PCR...and since they were processed manually...and I'm thinking likely together (perhaps not reading your post)...I am curious if they decided to give you 1 amount of credit and put it on 2 cards (because they saw two applications in their system ) or if they gave you one card and then said..."sure, actually let's give more credit and put on a 2nd card."  You may or may not know the answer depending on what they told you. If you can share those details if you know them, that would be great as the Gold has a better APR. 

[DebtStinks]

@cashorcharge not a problem.

I applied for the Gold and got a 15k starting line. Didn't like the APR making the card pointless IMO. Got the card in the mail, etc and decided to app for the PCR. Again, went into manual review and got a 35k starting line with almost the lowest APR for the card. I'm still scratching my head about every aspect of the process to this day, but I'm not complaining about the end result.

After finding out what my starting line was on the PCR in conjunction with the APR and 2% cash back, I decided the Gold was, for the most part, useless. I then called and that's when the rep talked me into keeping the Gold card as well. I asked if I use close it after the SUB and reallocated the 15k to my PCR, and they stated they stopped doing that a couple months ago.

I hope this explanation answers your questions, but in case it didn't, feel free to ask away!

[cashorcharge]

Thanks a lot!  I appreciate.  

I applied in the opposite path...App'd the PCR, received it just got my first statement...I keep seeing info about the GOLD and was debating app'ing since I know they reuse pulls so technically I could app for this card and they'd use a HP on file.  Worst case is they say no because they just gave me a card, best case...I get a 2nd card with my original pull.  Think I will app for the Gold and see what they say!  Thanks for the info.

[Anonymous]

I just had an issue with PenFed. I applied for a Platinum Rewards and was declined. They counter offered with a $3500 Power Cash rewards card. I already have this card with a 6k limit. Basically I called 5 times and asked if they could just combine the two and I wouldn't have a new account. They told me it was impossible. So I got a survey from them and put my concerns into that. I received a call from them and the guy agreed it was stupid to have two of the same cards. He said he would send this to his upper management! It was a hard pull so

i didn't want it to go to waste. This morning ( a week later) I opened my app and there my limit sits at $9500!! I guess being persistent helps with them lol