Joining PenFed? About time?

Anonymous · ‎04-20-2017

Hello guys,

I’m going to jump on the PenFed ship and finally join.

I was originally debating between PenFed and NFCU, but have narrowed it down to PenFed. The main pro of PenFed is that all I’ll have to do is a simple donation and I’m in, and from everything that I’ve read they are awesome and their customer service is one of the best if not the best in the industry

I’m going to apply for an auto refinance, credit card, and personal line of credit. I know that they will use the same pull for up to 90 days

My current scores are 725-740+ across the board. No negatives/collections/derogatory, only one inquiry, and 25-30% utilization.

Credit Card: Power cash reward ($100 bonus for 1.5k spend in first 90 days) 2% cash back. I will be opening a checking account with them. I was originally thinking about the platinum rewards for the 5 points on gas but what if I apply for both? What are the cons?

Auto refi: Current loan is 5.35% with SunTrust. My goal is to definitely decrease the interest and monthly payments, but continue to pay the same amount as I am with SunTrust and pay it down relatively quickly.

LOC: Fixed rate at 14.65% looking for 10k+

What do you guys think? Which product should I apply to first if that makes any difference?

Thank you guys in advanced your feedback is welcome, take care.

Anonymous · ‎04-20-2017

How did you join penfed?

Anonymous · ‎04-20-2017

@Anonymous wrote:
How did you join penfed?

Just go to the site and click the join tab..it will give you options on how to join if you are not government affiliated.

Anonymous · ‎04-20-2017

@Anonymous wrote:
Hello guys,

I’m going to jump on the PenFed ship and finally join.

I was originally debating between PenFed and NFCU, but have narrowed it down to PenFed. The main pro of PenFed is that all I’ll have to do is a simple donation and I’m in, and from everything that I’ve read they are awesome and their customer service is one of the best if not the best in the industry

I’m going to apply for an auto refinance, credit card, and personal line of credit. I know that they will use the same pull for up to 90 days
My current scores are 725-740+ across the board. No negatives/collections/derogatory, only one inquiry, and 25-30% utilization.

Credit Card: Power cash reward ($100 bonus for 1.5k spend in first 90 days) 2% cash back. I will be opening a checking account with them. I was originally thinking about the platinum rewards for the 5 points on gas but what if I apply for both? What are the cons?

Auto refi: Current loan is 5.35% with SunTrust. My goal is to definitely decrease the interest and monthly payments, but continue to pay the same amount as I am with SunTrust and pay it down relatively quickly.

LOC: Fixed rate at 14.65% looking for 10k+

What do you guys think? Which product should I apply to first if that makes any difference?
Thank you guys in advanced your feedback is welcome, take care.

Very cool. I am considering joining in the next month myself. I can't answer any of your questions but keep us posted...I would like to know how it goes for you..thanks!!

K-in-Boston · ‎04-20-2017

@Anonymous wrote:
Hello guys,

I’m going to jump on the PenFed ship and finally join.

I was originally debating between PenFed and NFCU, but have narrowed it down to PenFed. The main pro of PenFed is that all I’ll have to do is a simple donation and I’m in, and from everything that I’ve read they are awesome and their customer service is one of the best if not the best in the industry

I’m going to apply for an auto refinance, credit card, and personal line of credit. I know that they will use the same pull for up to 90 days
My current scores are 725-740+ across the board. No negatives/collections/derogatory, only one inquiry, and 25-30% utilization.

Credit Card: Power cash reward ($100 bonus for 1.5k spend in first 90 days) 2% cash back. I will be opening a checking account with them. I was originally thinking about the platinum rewards for the 5 points on gas but what if I apply for both? What are the cons?

Auto refi: Current loan is 5.35% with SunTrust. My goal is to definitely decrease the interest and monthly payments, but continue to pay the same amount as I am with SunTrust and pay it down relatively quickly.

LOC: Fixed rate at 14.65% looking for 10k+

What do you guys think? Which product should I apply to first if that makes any difference?
Thank you guys in advanced your feedback is welcome, take care.

Your stats are the same as mine were when I joined, except I did have a few more inquiries. Hopefully like me your EQ NG2 score will also end up considerably higher than your EQ FICO 08 score.

The auto refi is pretty much a guarantee. We refinanced my wife's at 1.99% for 36 months. You didn't mention the year, but outside of manufacturer offers for 0.9% (which my car is) or similar, PenFed and DCU seem to offer some of the best rates.

Hopefully you should see at least a $7500 SL on the PCR. Grab that first, then go for the checking and LOC. If you're good up to this point and didn't get a training wheels limit on the PCR, ask for the Platinum Rewards. The worst that can happen is that they say no. Then give them 6 months to a year of solid use and on-time payments and try again. Enjoy and keep us updated!

Anonymous · ‎04-20-2017

You're definitely good to join. You can join membership online, then you can call and talk to a LO and app for all products right over the phone at the same time, then you can negotiate your limits right there if you aren't happy with them. They are very nice to deal with, I highly recommend them.

Anonymous · ‎04-20-2017

make sure you have things lined up like you want when you apply, that initial pull can be used for all the you want to app for.

I opened checking along with savings when I joined, then CCs, then OLOC. I would suggest applying for what you really want first. If the platinum rewards is something you may not want as much, apply for it last. PLOC may be the toughest of what you have listed to get approved for, so even if they don't, you could still grab a second CC

Anonymous · ‎04-20-2017

Thanks for the reply Boston.

Just for note the car is a 2014 Mazda 3 sedan. I’m sure the interest rate will be fantastic with PenFed.

90 day / 1 pull for any credit product (not guaranteed but highly likely) is something that I need to take full advantage of haha. I will go for PCR first then open up checking account and LOC. Should I apply for auto loan after everything else, or before?

I’m going to go all in and app for the platinum rewards as well if loc is declined.. even if it's approved i'll still apply lol

Anonymous · ‎04-20-2017

No problem.

I will definitely update you guys. I’m going to app first week of May so that all of my reports update with new information.

I will keep you posted!

Anonymous · ‎04-20-2017

@Anonymous wrote:
make sure you have things lined up like you want when you apply, that initial pull can be used for all the you want to app for.
I opened checking along with savings when I joined, then CCs, then OLOC. I would suggest applying for what you really want first. If the platinum rewards is something you may not want as much, apply for it last. PLOC may be the toughest of what you have listed to get approved for, so even if they don't, you could still grab a second CC

Hey Tiger!

In all honesty.

I’m using this opportunity primarily to refinance my car but to also get a new cc and the possibility of a loc. I’m still debating in the order of applications but I think I’m going to go with credit card first then auto loan, and last loc, as it’s the least of my worries. A credit card app shouldn’t affect at all an auto loan, and I want to make sure I get a nice limit on the cc.