Penfed check? could that mean I have a chance at CC cli

[Anonymous]

Received a check in the mail yesterday from Penfed.  Apparently I am approved for up to 25000 personal loan.  All I have to do is fill out the amount I want, sign the check and deposit it.   Rate is 14.99 percent so way too high for me to actually use.  But it got me to thinking.

I have a penfed platinum rewards card.  Currently have a 15,500 limit.  Since this check is technically an unsecured loan and if the whole thing was used,  It would put me at just over 40000 in revolving unsecured credit.  I wonder if that means there is a good chance that I could get a cli.  Only thing is it might require a HP.  According to the score on the website, current fico 9 is 752.  

Any thoughts?

[tcbofade]

You don't mention how long you've had the card...  I have no idea what their CLI time line is, hopefully someone who knows better will chime in.

...but it seems to me that if you're qualified for a signature loan, you should be qualified for a credit line increase on your existing account.

Plan on a hard inquiry.  If it ends up being a soft pull, then you're ahead. 

[CreditCuriosity]

You can certainly try for a CLI on your card, but it as others have stated will be a HP.  Also as another mentioned how long have you had the card for?  Might want to wait for their quarterly pre-approvals to happen the next go around and might be able to avoid the HP all together if you get pre-qualifed for another card you call them up and say you aren't interested in that but can you use that for a CLI of other card and usually they say yet and it is done.  

[Anonymous]

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@tcbofade wrote:

You don't mention how long you've had the card...  I have no idea what their CLI time line is, hopefully someone who knows better will chime in.

...but it seems to me that if you're qualified for a signature loan, you should be qualified for a credit line increase on your existing account.

Plan on a hard inquiry.  If it ends up being a soft pull, then you're ahead. 

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Had the card about a year and a half.   I'm pretty sure it will be a HP too.  

[Anonymous]

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@CreditCuriousity wrote:

You can certainly try for a CLI on your card, but it as others have stated will be a HP.  Also as another mentioned how long have you had the card for?  Might want to wait for their quarterly pre-approvals to happen the next go around and might be able to avoid the HP all together if you get pre-qualifed for another card you call them up and say you aren't interested in that but can you use that for a CLI of other card and usually they say yet and it is done.  

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Great idea.  Unfortunately won't be all clean for about early next year on EQ.  Which means if I'm lucky might get some quarterly preapprovals by this time next year.  LOL

Just gonna have to think about it a little bit and see if I want to pull the trigger.  Have a couple inquiries falling off soon.  

[Anonymous]

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@Anonymous wrote:

Received a check in the mail yesterday from Penfed.  Apparently I am approved for up to 25000 personal loan.  All I have to do is fill out the amount I want, sign the check and deposit it.   Rate is 14.99 percent so way too high for me to actually use.  But it got me to thinking.

I have a penfed platinum rewards card.  Currently have a 15,500 limit.  Since this check is technically an unsecured loan and if the whole thing was used,  It would put me at just over 40000 in revolving unsecured credit.  I wonder if that means there is a good chance that I could get a cli.  Only thing is it might require a HP.  According to the score on the website, current fico 9 is 752.  

Any thoughts?

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If you used the full amount or a partial amount of the Penfed personal loan it would not factor into your unsecured REVOLVING debt. 

A personal loan is not counted by FICO as revolving debt. It would classify under "installment".

[Loquat]

I received that same check in the mail over the weekend.  17.99% up to $25k.  No thanks...I'll pass.  Craziness!  They seem to send these out at the same time every year.  I received one from SDFCU and PenFed around time last year...and those went in the trash as well.  

[Anonymous]

Nana.  Nana.  My check was $25,000 with 9.9% APR.  Went in the trash.  They wanted a second person to be added to my CC application.  I said no just cancel the application.  My scores are all 780 and above.

NFCU gave me a cash rewards at nearly $18,000 SL with a 10.15% APR.

[Anonymous]

Lol mine was 25k at 12.99%. Didn’t even realize they sent it till today, going thru junk mail. 

[Anonymous]

My DH got one in the mail as well - $25K for 17.99%.  I am curious, alottacards, if you do get the CLI on your CC.  DH applied for a card with Penfed about a month ago and was denied - and then denied again on recon.  Seems crazy to me that they would want to give him a $25K unsecured personal loan, but won't give him a $500 unsecured credit card......