caninelover
Full time employment: Posting here.
Hi,
Been awhile since I've posted so hope everyone's doing well.
I have a question for those of you who have accounts with PenFed.
I have an AMEX charge card that I use for all of my primary purposes, incl. Costco. I pay it off every month and collect rewards points. I like the card, have had it for years, and find the customer service is particularly good. Have had this card since 1999. I also have a Citi Platinum Rewards Mastercard as a basic, no frills, no annual fee second card, mostly for places that don't take Amex. This card I have had since about 1994 and has a $25K credit limit although I only charge about $20 or so a month on it (and pay it off at the end of the month). For many years these were the only 2 cards I carried.
With all the news about the credit law changes, I have been worried about the Citi card starting to charge an annual fee (so far, they haven't). As it is a back-up card I would rather not pay it but since it is one of my oldest credit lines and carries a high limit I don't want to cancel either as I think it will impact my Fico score (currently hovers around 800).
So a month or so ago, I decided that it may be a good idea to open up a new credit line somewhere in case Citi did start charging a fee, so at least I had the option of eventually cancelling it. After researching here and elsewhere I thought a credit union would be the best choice since it seems they would be less likely to charge outrageous fees for things. So I joined PenFed, and opened up a Visa account with them (the one that pays 5% back on gas) and figured I would also use it as the primary gas card.
Before I applied, I checked my own credit score - 810 so no issues there. However when I applied I asked for a $10K limit, but was counteroffered at $2500, and even with that had to supply last two paystubs, and last year's W-2. My income is pretty good (over $100K last year and the year before) so I am a little confused about the low line of credit.
Is this typical of PenFed and can I expect them to increase the credit line over time? Otherwise, I will still be in the same predicament of at Citi's mercy if they start charging an annual fee...as cancelling a $25K line and replacing with a $2.5K line isn't helpful...
Been awhile since I've posted so hope everyone's doing well.
I have a question for those of you who have accounts with PenFed.
I have an AMEX charge card that I use for all of my primary purposes, incl. Costco. I pay it off every month and collect rewards points. I like the card, have had it for years, and find the customer service is particularly good. Have had this card since 1999. I also have a Citi Platinum Rewards Mastercard as a basic, no frills, no annual fee second card, mostly for places that don't take Amex. This card I have had since about 1994 and has a $25K credit limit although I only charge about $20 or so a month on it (and pay it off at the end of the month). For many years these were the only 2 cards I carried.
With all the news about the credit law changes, I have been worried about the Citi card starting to charge an annual fee (so far, they haven't). As it is a back-up card I would rather not pay it but since it is one of my oldest credit lines and carries a high limit I don't want to cancel either as I think it will impact my Fico score (currently hovers around 800).
So a month or so ago, I decided that it may be a good idea to open up a new credit line somewhere in case Citi did start charging a fee, so at least I had the option of eventually cancelling it. After researching here and elsewhere I thought a credit union would be the best choice since it seems they would be less likely to charge outrageous fees for things. So I joined PenFed, and opened up a Visa account with them (the one that pays 5% back on gas) and figured I would also use it as the primary gas card.
Before I applied, I checked my own credit score - 810 so no issues there. However when I applied I asked for a $10K limit, but was counteroffered at $2500, and even with that had to supply last two paystubs, and last year's W-2. My income is pretty good (over $100K last year and the year before) so I am a little confused about the low line of credit.
Is this typical of PenFed and can I expect them to increase the credit line over time? Otherwise, I will still be in the same predicament of at Citi's mercy if they start charging an annual fee...as cancelling a $25K line and replacing with a $2.5K line isn't helpful...