This deal is driving me crazy. We own our home (owe less than 80%), and have a PenFed 15 year fixed mortgage with perfect payment history. Lived here 6 1/2 years. Both employed.
We have no student loan debt, no car loans. Some CC debt, all 0% and with excellent repayment history. We make over six figures. Own a rental property that cash flows and has equity. Max out 401(k), Roth, 529s, etc... not wealthy by any means, but we have enough disposable income to save quite some of it.
Yet PenFed will NOT raise my credit card limit above $5,000 (which it has been for a long time).
I would love to use this to payoff a second mortgage on our rental property that is an ARM scheduled to reset in a few years. The balance on the mortgage is about $20,000, so I don't NEED this deal, but it would be nice just to not have to worry about it. I've applied myself, jointly, high limits, low limits. They won't even counter.
Update - found out they won't raise my limit because my card is less than 12 months old. I am having my husband apply for an account and card to see if he can get the deal.
I call Penfed to apply this Visa Credit Care. Now they are asking me to provide W-2, 2008 Tax Return and Copy of my driver licenses. When I called them asking why I have to provider those information since this is just a normal credit card. They told me they process it like a loan.
Can any of you confirm you have been the same process like me in order to get this Visa Card?