Crashem wrote:You got it wrong. Rejection from having available high available limits is rare.
I've looked into the PenFed Platinum. They apparently are one of the rare companies that look into credit limits vs. income. At least that's what I read people saying on various forums...
Although now that you're challenging me on it, I'm gonna double check that that's what people were saying about it. It's the "pyramiding" thing CC Deville mentions that PenFed is apparently trying to make famous in the credit world.
Crashem wrote: Amex reports limits aside from charge cards. Most visa sig report limits now.
Okay thanks, this was the impetus for me originally posting, get opinions on this.
Even though it would be advantageous in my case, I've seen people on various forums complain they're credit limits weren't being reported (probably because they're trying to rebuild credit and want lower utilization scores). But this was just an afterthought I had that "maybe I don't need to close cards!"... Didn't go back and re-read what I vaguely remember people saying because the information is so scattered about everywhere, would take hours and hours to derive an opinion without just posting a question.
CC Deville wrote:Why do you want the PenFed card so badly? It seems that there are better cards out there; Chase Freedom and BankAmericard Cash Rewards being two.
Like FutureBillionaire says, 5 pts on gas, 3 pts on groceries, no revolving categories that make me dizzy trying to keep up, don't need any more errands.
Plus, two other features. No foreign transaction fees and good but not necessary is no fees for cash advance. You don't get an APR grace period for cash advances, but the APR is capped at 10% (less than 1% a month), but you don't get that up front (what is it?) 3-5% fee for a cash advance most cards have.
I'm going to be staying with a friend in South America for about 6 months next year. No foreign transaction fees and if there's trouble with my ATM card bank, a cheap cash advance from PenFed could come in very, very handy while I'm down there.
Basically, if I don't get this card, I'd have to get 2 other credit cards to replace what this one card does. One card for the extra points on gas and groceries and another card for the travel benefits. And these 2 different cards probably wouldn't do their respective jobs as well as the single PenFed would.
Two cards for these jobs are doable, but one card just makes things easier...
I plan on taking two cards with "no foreign transaction fees" down to South America, it would just be really good to have one of them be the PenFed one. Second one maybe a Capital One...
FutureBillionaire wrote:Regarding the original poster, I would not lower limits unless they ask you to do so.
This may be the way to go... Thing is from what I've read, I'm so sure they'll deny me for credit limits so high. Still, let them say no... I don't think that hurts my chances from getting the card in the future.
I'm gonna google around some more, think about what you guys said. Thanks, guys!