Is it normal for PenFed to reduce your CL? I finally bite the bullet after 2.5 years and applied for a CC with PenFed. My equifax fico score at the time of the application was 794, 0 inquiries, and less than 1% util. Anyway, I applied and was approved for a CL of $42,000. However, the application went to underwriting and the next day my approved CL was only $19,000. I'm not complaining but I was curious if that was normal. Thanks in advance for your thoughts.
Some Loan officer there cut my pre-approved amount from 20k to $2500!! I had to fight a bunch but got it re-instated to 20K by a supervisor. I had a little different issue....I had applied a few months before and was declined due to a collection that wasnt mine and I didnt know about. It tanked my score by over 100 points. When I re-applied I had to have them manually pull credit which made a very conservative loasn officer kind of still count the collection against me in his head. My main argument was that if the system would have been allowed I would have my 20k line....Supervisor agreed. Especially since my wife had a 20k line with slightly worse stats than me.
Btw, I think my CL was reduced from 40ishk to 35k. Didn't really matter to me so I didn't do anything about it. I know PenFed is conservative initial lender and much more generous once you have built up history with them.