Credit Cards

[Mank]

I just opened two credit cards in December. I got sucked into AMEX (it's the only thing they take at Costco!) and opened a WAMU card with my sister in law before Chase took away the free monthly credit score. Now I'm looking for a car loan and trying to find the best rates possible. I discovered PenFed and their cash Visa Platinum Rewards card which looks like it will beat out my AMEX Cash rewards. My score is hovering around 710 right now, and I've got those 2 recent accounts. What do you think the chances of being approved with PenFed are? I'd love to be able to open that card and the auto loan with the same credit pull.

By the way, is it really true that credit checks within a few days or weeks of each other are counted as one? If so maybe I can roll the dice with PenFed, BECU, and the dealership.

[nathan]

Your score looks good, but just know that penfed is unpredictable even with good scores. I hope the 710 is eq. From what I have read from this forum, penfed frowns on new accounts especially when opened within a short period of time. If you don't have too many inq on your eq, you may roll the dice and hope for the best. Good luck.

[Mank]

Does PenFed use Equifax exclusively? I have 4 inquiries on my Equifax, but should count as 3 as two of them were in the same week if that rule really does apply. The newest inquiry is already 6 months old.

Can I apply for the Credit Card and the Auto Loan in the same application so it only dings my report once?

[nathan]

Yes penfed pulls eq exclusively just like most cus,  and you can do both applications under one pull. I got my cc and auto loan with one application back in july 2008.I haven't heard of any changes so far, atleast not from this forum.

[Mank]

Oh, one more question - we're about $2500 upside down on the trade in car. Would PenFed finance this?

[thebostonredsox]

Don't waste your time with PenFed - Alliant Credit Union is much better. Better deposit rates, better credit products, faster approvals.

[Mank]

Good to know, and it does look like they have good rates....but I really want that Rewards Card!

[thebostonredsox]

PenFed does have a decent rewards card, but their deposit rates are lousy. Alliant is a better choice overall.

[haulingthescoreup]

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thebostonredsox wrote:

PenFed does have a decent rewards card, but their deposit rates are lousy. Alliant is a better choice overall.

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Depends on what you're looking for. If you want an all-around financial institution, my vote is for USAA, and maybe Alliant (haven't read through all the non-CC stuff.) If you're looking for a killer rewards card, I say PenFed.

I'd never blow off one for the other.

[txjohn]

From a FICO standpoint, credit pulls in a short time frame (from same type lenders) is given lenience.....but that does not mean the creditors looking at your app will view it that way....especially if you are shopping for multiple types of credit.

The lenience is based upon the premise that you are, for example, shopping for an auto loan and get pulled multiple times but only execute a single loan, not for shopping multiple loans.

If you are shopping cc's, auto, mortgage, store....broad gamut....every pull and every new account hurts you on the next app.

Message Edited by txjohn on 03-28-2009 01:06 PM