@practical1 wrote:I'm thinking of applying for this product as well and would appreciate the consensus opinion about likelihood of achieving my objectives, which are to secure a $25,000 Personal Line of Credit (if that's their maximum) and preferably, also ask for a CLI on my PenFed VISA up to that max (also $25,000 if I'm not mistaken). If I can do this right now, the timing would be ideal from an HP and utility perspective. If your counsel is to wait (or space-out the requests), happy to listen to more knowledgeable perspectives.
Here are the relevant details:
- PenFed member since Nov. 2021 -- 6 months
- Have their Rewards VISA for the 6 months, initial and current CL $12,500
- Have 2 savings accounts & 1 checking at PenFed. Current aggregate balances on deposit around $5. Fluctuates from $3K - $10K
- Use Direct Depost for 100% of paychecks from new job (since March) into PenFed Savings account -- about $6,600 twice monthly deposited.
- FICO-8 on EX reporting as 770. Others should be similar or higher -- was told by CSR at PenFed that an HP from EX is require
- Currently, around $150K showing on each CB as total available credit.
- Of this amount, have already some credit cards showing limits of $28.5K, $25K and 17.5K on all 3 CBs
- Have an active personal unsecured credit line with US Bank of $25K, 0% utilization, also included in the above
- Total reported credit history: between 7 and 8 years (depending on CB). AAoA: 4.2 - 4.6 years
- Utilization <1%.
- No BK, no delinquencies.
- 3 - 4 total HPs showing on each CB, with 1 - 2 on each over a year old.
- In about a week, one of the HPs on EX will age-out, over the 1 year mark and FICO-8 might improve by a few points. Same for my TU score.
- Easily documentable income from payrol $220K. Actual income higher. Can furnish paystubs, if required.
My specific questions are:
- If I apply for the Personal Line, requesting 25K, am I likely to receive it?
- Should I wait a week and see if my FICO-8 gets a small bump, to increase my chances, or is this irrelavant at the 770 score level?
- If successful, should I also ask for CLI on the credit card at the same time, or wait? If I should wait, for how long ?
I've always appreciated the keen and useful insights so generously offered by contributors to myFICO forums and hope further guidance will be offered.
Thanks in-advance.
I don't think your chances of getting such large numbers are good.
I can't speak to the odds on the PLOC -- especially since you already have a high-limit PLOC elsewhere that is not being utilized -- but based on your profile, I don't see why they wouldn't approve the CLI on your CC (is it the PCR?) unless 6 months since opening is not enough time. PenFed experts, please chime in.
Be advised that you will likely incur two HPs if you attempt to go for both, since the PLOC and the cards are different classes of products.
@practical1 I don't know of your odds but I can say when you go for a credit product it will be a different pull for the PLOC. I applied for 2 cards and the PLOC within a 5 day span. My PLOC is 5k ( I requested that amount after getting approved for two cards for 7500). I stayed at 20k due to my preapproval for a personal loan was 20k. I have been a member for 1 month (I was a member for 3 days when I applied for the products). I would say try the preapproval on the personal loan to get a feel for how much they would be able to lend then take it from there. Best of luck!
Starting Score: 679
@practical1 wrote:Dear Friends,
Here's what ultimately happened, for those who are interested in following the saga:
I did pull the trigger on the PLOC application. As I could not access the application via the Web (the portal generates an inexplicable "404 -- Page Not Found" error), I called Customer Service and submitted the app via phone. Was vectored to a lovely gentleman, who turned-out to be a branch manager at one of their smaller, remote branches, who was very helpful. Explained the circumstances; he took my application and immedialy advised of approval for $15,000 SL at 8.49 % fixed rate, which he found quite incredible -- especially in light of the Fed's recent 0.5% rate increase. He told me 15K was the top of what they generally offered as an SL, no matter what is requested by a relatively "new" customer but that after 6 months, I could request an increase to the full 25K and would likely get it, all things being equal. At the same time, I asked if enough time had elapse to go for a CLI on my PCR credit card, he thought it probably would be enough and I made that request as well, resulting in an instant increase from the SL of 12.5K to 20K.
So, net result: my 6 month relationship with PenFed now stands with a credit card with $ 20K unsecured at 16.99% current interest rate (all 20K available for cash advances at 17.99%) and an unfettered unsecured cash credit line of $15K unsecured at 8.49% fixed rate. Only cost me one new HP on Experian and one on TU (for the credit card CLI) -- both of which I could afford at this point.
One more DP -- yesterday, I received the required notice from PenFed, stating that they pulled EX and my then-current FICO (for the PLOC) was reporting as 801, probabaly why they offered such an attractive rate on that product.
Thanks, everyone, for sharing your thoughts.
They pulled Transunion? I have only known them to pull EX for loan products and EQ for credit cards.
