Penfed CLI Process

[SanjeevR]

For all Penfed card holders, how do they work CLI requests?

How long should someone wait on a new account before requesting a CLI? Is there a magic number (2X, 3X) that should be requested or is just open?

How generous are they on CLI's?

[youngman1234]

I'm curious too ?? Do u think they will take AA if I have too many Inq. I have had the card since nov 2011.

[SanjeevR]

Anyone? ...
Anyone? ...
Bueller???

[Iincognito]

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@SanjeevR wrote:

For all Penfed card holders, how do they work CLI requests?

How long should someone wait on a new account before requesting a CLI? Is there a magic number (2X, 3X) that should be requested or is just open?

How generous are they on CLI's?

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Hi SanjeevR,

I recently applied for and was granted a credit line increase from $2,500.00 to $5,000.00; It cost me a hard pull, but I took advantage of the recently aquired credit report and applied for one a new car loan through PenFed. I have been with them for about 1.5 years, carried a balance (~25% util) for a good 6-months and never late. If interested, just click on the "Increase your credit limit" link on your account and it will route you to the appropriate page.

[Anonymous]

A simple search will tell you that PenFed hates inquiries and new accounts.

If you look on the CLI request form you'll see that you can't request a specific amount. You'll put down your income and other info, then your request will be sent to a loan officer. After 1-3 days, you'll get notified regarding the resolution of the request.

For me it's always been a hard pull, and always a small increase. Be prepared to send in pay stubs to back up your income.

[SanjeevR]

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@Iincognito wrote:

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@SanjeevR wrote:

For all Penfed card holders, how do they work CLI requests?

How long should someone wait on a new account before requesting a CLI? Is there a magic number (2X, 3X) that should be requested or is just open?

How generous are they on CLI's?

---

Hi SanjeevR,

I recently applied for and was granted a credit line increase from $2,500.00 to $5,000.00; It cost me a hard pull, but I took advantage of the recently aquired credit report and applied for one a new car loan through PenFed. I have been with them for about 1.5 years, carried a balance (~25% util) for a good 6-months and never late. If interested, just click on the "Increase your credit limit" link on your account and it will route you to the appropriate page.

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Thanks, lincognito. That's very helpful.

[SanjeevR]

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@Anonymous wrote:

A simple search will tell you that PenFed hates inquiries and new accounts.

If you look on the CLI request form you'll see that you can't request a specific amount. You'll put down your income and other info, then your request will be sent to a loan officer. After 1-3 days, you'll get notified regarding the resolution of the request.

For me it's always been a hard pull, and always a small increase. Be prepared to send in pay stubs to back up your income.

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Thanks, OwNt. I don't exactly have an account yet, so I really couldn't access the CLI form. I was more curious about their CLI process and how much of a CLI to expect.

Can anyone comment about the "pyramiding debt" (in my case, I have 7% utilization, some it's more like "pyramiding credit") concept with PenFed? I think I am approaching that point. (Too much available credit???)

[Anonymous]

Either take the hp forcli.  Or wait for quarterly soft pull cli.  However quarterly cli eligibility won't happen for 6 months to 9 months after you initially get card.

[OnTheRebound]

My wife has been a PenFed cardholder exactly 2 years this month. Never any quarterly preapproved offers. However, about 4 months ago they CLI'd by $1K without asking.

[Anonymous]

I have your wife beat. Haha.

Opened a credit card with PenFed in early 2009 and still haven't received any pre-approved offers (800ish FICO). I suspect they see open, non-utilized lines as future debt.