PenFed Credit Limits

[LittleSal]

Hi, I have read PenFed allows $50k in credit per customer. Is that only for credits cards?

I have a Power Cash credit card with a $50k CL. I’m also interested in adding a $25k PLOC.

Is this possible?

Thanks

[SouthJamaica]

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@LittleSal wrote:
Hi, I have read PenFed allows $50k in credit per customer. Is that only for credits cards?

I have a Power Cash credit card with a $50k CL. I’m also interested in adding a $25k PLOC.

Is this possible?

Thanks

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Yes the 50k limit is just for credit cards.

[Anonymous]

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@LittleSal wrote:
Hi, I have read PenFed allows $50k in credit per customer ...

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Not all customers, Sal. Some of us have to make do with 2K or thereabouts. You're one of the chosen. 

[expatCanuck]

Indeed.  Tho' I'm content with the 10K PF extended to me.  Makes utilization calculations easy.

[UpperNwGuy]

PenFed has had me capped at $37,000 combined limits for four years.  I've tried to break into $40,000 territory twice and failed both times.  I've been with PenFed since 1993 and have had scores in the 800s since 2015.  I think they take income into consideration more than do most other lenders.

[DemonHusker]

I combined 3 cards into 1 card at $50,000 but a few months later when I tried to get a CLOC I had to take my CL down to $40,000 on my Power Cash card to get that and a loan. It might be profile specific, but that's what the loan officer told me for approval

[LittleSal]

Maybe I’ll wait a while. My Power Cash card is new and I’d rather not lose CL on it for a LOC.

[credit_is_crack]

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@LittleSal wrote:
Maybe I’ll wait a while. My Power Cash card is new and I’d rather not lose CL on it for a LOC.

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The good thing is that if PenFed does need to go down that path, they will give you the option first. They'll reach out and say "A, B, C...do you want to proceed" -- if you decide you don't want to then you can reject it and they'll leave everything as is. Not sure how recently you got the card but IME they have used the same credit pull for 90 days.

Some have recently reported they have only been doing it up to 30 days, but it would let you test the waters with no new HP. They say it's a HP, but they end up using the one they just pulled. Mine have always been SP up thru 90 days. 

I agree with above, they seem to have hard guidelines on both credit score and income when extending generous amounts. Good luck if you decide to take a stab at it.

[LittleSal]

That’s good to know. Thanks

Does NFCU have a $50k credit card cap also?

[CreditCuriosity]

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@LittleSal wrote:
That’s good to know. Thanks

Does NFCU have a $50k credit card cap also?

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NFCU is 80k across all CC..  Confirmed that recently as had a CLI on my flagship that put my overall limit on CC with them over 80k got a call a day or two later saying system messed up basically and I was over exposure limit they had to take it down to 80k and where would i want it removed from being which card or cards