Penfed: The Strive for 45

Journeygod · ‎08-16-2016

Came here for a little psychological assistance. I figure you Fico guys and gals are the best qualified.

I have 2 Penfed cards; 1 for $27,500 and one for $8000

I'd like to apply for an increase on the $27,500, which I've owned the longest and then combine the 2 cards.

My last increase was in January 2016 for $10,500. The card was originally $17,000 ..

I'm trying to hit $40-$45,000 before I start my next app spree.

1. I apply. Maybe get another $10-$14,000 increase.

2. Try to combine off the same pull?

3. If successful, wait for the statement to cut before starting my new spree. (* Trying to get a $40,000 card on next spree)

Does that make sense?

Profile:

Top 3 cards: British Airways $33,000.00 United Mileage $30,000 Amex $30,000

Scores: EQ 780 EX 769 TU 765

Inquiries: EQ 6 EX 6 TU 4

No Baddies

CreditUnionFan · ‎08-17-2016

@Journeygod wrote:
Came here for a little psychological assistance. I figure you Fico guys and gals are the best qualified.
I have 2 Penfed cards; 1 for $27,500 and one for $8000

I'd like to apply for an increase on the $27,500, which I've owned the longest and then combine the 2 cards.
My last increase was in January 2016 for $10,500. The card was originally $17,000 ..

I'm trying to hit $40-$45,000 before I start my next app spree.

1. I apply. Maybe get another $10-$14,000 increase.
2. Try to combine off the same pull?
3. If successful, wait for the statement to cut before starting my new spree. (* Trying to get a $40,000 card on next spree)

Does that make sense?

Three things I can think of -

1. If you have two different PenFed cards, they each could ahve their own benefits. (e.g. Visa earns bonus rewards on gas and groceries, while the Amex earns bonus rewards on airfare)

2. Each HP could potentially be the HP that another lender looks at and says that you have too many inquiries.

3. If your spending habits don't warrant a CLI, PenFed (like any issuer) could reject the CLI request anyway. (e.g. Have you spent 50% of your CL before paying it off?)

I'd hate to go through, or have to ask for, a manual review without a good reason to actually NEED a large CL.

I was going to garden... Honest!

takeshi74 · ‎08-17-2016

@Journeygod wrote:

which I've owned the longest

Picking nits but you don't own your cards. You're just authorized to use them.

@Journeygod wrote:
Does that make sense?

The obsession over higher limit just for the sake of higher limit doesn't make sense. What are you specifically looking to accomplish? What does the $40K limit enable that you can't accomplish with your current limits?

It's not uncommon around here but don't just follow the herd.

You can't just assume that getting a CLI from a creditor means that you'll get another CLI or of the same magnitude. It all depends on what your credit profile and income qualify for.

Journeygod · ‎11-02-2016

@takeshi74 wrote:
@Journeygod wrote:

which I've owned the longest
Picking nits but you don't own your cards. You're just authorized to use them.

@Journeygod wrote:
Does that make sense?

The obsession over higher limit just for the sake of higher limit doesn't make sense. What are you specifically looking to accomplish? What does the $40K limit enable that you can't accomplish with your current limits?

It's not uncommon around here but don't just follow the herd.

You can't just assume that getting a CLI from a creditor means that you'll get another CLI or of the same magnitude. It all depends on what your credit profile and income qualify for.

Update: Got It!!!

Preapproval of another $8K on Penfed Visa Signature Rewards

New limit: $36,100

LMAO!!!

austinguy907 · ‎11-02-2016

This is just a "goal" or "sense of achievement" from seeing the posts around here and having the ambition to chase them. It's just a personal journey re/building from ground zero to following people on here. Hell someone on here posting regularly has ~900K in revolving credit which is a bit insane IMO but, hey we all have different goals. now that I think about it my biggest opener isn't all that high but I approach more with a CLI hunting game strategy instead of going for quantity of cards. I get more of a sense of accomplishment from opening say Discover for $4500 and pushing it to $35K in a year or AMEX at $10K and pushing that to $50K in a year than hunting down a BS NFCU account for $30K out the door or Cap1 for $30K or more. I just like some diversity in my collection and trimmed the fat over the years and 2/10 of my accounts are store based but co-branded MC/AMEX cards outside of the proper Centurion Bank (AMEX) noted above.