I know from this forum PenFed has a total exposure CC limit of $50k, except those who were perhaps grandfathered in. Does anyone know that the $50k total exposure limit extends to all types revolving such as LOC as well? I asked this because I got a pre-approval for LOC but when I applied for it, I got denied, and their reason is it is outside PenFed guidance lending policy. The reps that I talked to can't seem to explain it well. But I think it is saying that I have hit my limit with PenFed since my total CC limit is already at $50k.
I don't KNOW the answer, but I agree with your logic.
Perhaps PenFed's $50k limit refers to ALL unsecured revolving credit, not just cards.
...makes sense to me... not certain tho.
@tcbofade wrote:I don't KNOW the answer, but I agree with your logic.
Perhaps PenFed's $50k limit refers to ALL unsecured revolving credit, not just cards.
...makes sense to me... not certain tho.
I don't know either. My total unsecured revolving credit with PenFed is 63k, comprised of 2 cards totalling 48k and a 15k PLOC. But mine are old. I've had those accounts for > 5 years.
I was told that a couple of years ago that 50k was aggregate, but that's just what a Penfed rep told me. I am at 50k CC limit now and just applied (check your rate) for LOC and was instantly told "unable to approve". No HP so no issue. I should receive my letter in 7-10 days and will update once I receive it.
(Formerly known as: Credit is my hobby/TCL objective)
I have noticed that for the last few days PenFed doesn't have a PLOC listed on their website so you currently cannot apply for a PLOC. I wonder if pre approvals are still live?... or if they would even be approved if they were? That could be a slight possible reason why you had trouble and got denied yourself if they are no longer offering them. I hope this isn't true because I want one myself. Sorry you got denied.
@user979797 wrote:I have noticed that for the last few days PenFed doesn't have a PLOC listed on their website so you currently cannot apply for a PLOC. I wonder if pre approvals are still live?... or if they would even be approved if they were? That could be a slight possible reason why you had trouble and got denied yourself if they are no longer offering them. I hope this isn't true because I want one myself. Sorry you got denied.
You can get a pre-approval for PLOC by calling the loan department. Then the pre-approval will show up on your main dashboard. From there, if you click Application number, you can continue on to review and accept terms, and they will review your application.