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PenFed Total Exposure

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arifjk
Frequent Contributor

PenFed Total Exposure

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.

 



AVEN Visa $80k; BCU LOC $50k; PSECU LOC: $20K; Langley FCU LOC $10K; CuSoCal LOC $25k; BECU LOC: 15k; Apple FCU LOC $20k

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6 REPLIES 6
tcbofade
Super Contributor

Re: PenFed Total Exposure

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.

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 2 of 7
SouthJamaica
Mega Contributor

Re: PenFed Total Exposure


@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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 7
cashorcharge
Community Leader
Super Contributor

Re: PenFed Total Exposure

I believe you are correct and CLOC's are included.  When I first learned of the $50K max, I was asking about options about CLI's and got the run down of Max Limits on specific cards and exposures.  This was about a year ago...

Message 4 of 7
12njoy
Super Contributor

Re: PenFed Total Exposure

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)
___________ 12Njoy
FICO - EX 810; EQ 797; TU 804 I'm climbing back to 800+
Message 5 of 7
user979797
Established Contributor

Re: PenFed Total Exposure

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.

>
Message 6 of 7
arifjk
Frequent Contributor

Re: PenFed Total Exposure


@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. 



AVEN Visa $80k; BCU LOC $50k; PSECU LOC: $20K; Langley FCU LOC $10K; CuSoCal LOC $25k; BECU LOC: 15k; Apple FCU LOC $20k

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