Credit Cards

[FaircreditguyFL]

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

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YMMV...  PenFed is actually an outstanding, conservative CU, so don't be so quick to dismiss them. Approval criteria has possible changed over the past year. 

Each person must look at their own needs and assess which CU best meets their needs.  I have account with PenFed, Alliant, NASA, NFCU, Patelco, Justice and Addison Avenue, and each have their own strenghts and weaknesses.  I prefer Navy's checking, CDs and car loans.  I like PenFed's credit card rewards and car loans.  I like Alliant's savings accounts.  I like Patelco and NASA credit cards for their 1% FETF feature, so I use their credit cards on all trips outside the United States.  Above all else, I perfer ANY credit union over a commerical bank.

[txjohn]

PenFed seems to be fair and consistent, just conservative and may require income verification.  And you can speak to a LO about the application and your circumstances and goals.

I referred my brother and his wife who have a BK in 2000 and some lates 1 30 2 years ago and a 30/60/90 6 years ago)...FICO's 710 - 740.  Fortunately, for some reason their BK isn't reported on EQ and that is the CRA PenFed uses. 

They each got an instant approval....her $7.5k plus auto $35k and him $5k plus auto $35k.

[Duplex]

I applied for the Gas card and was denied.  The reason was LACK OF RECENTLY ESTABLISHED ACCTS/ TOO MANY INQUIRIES LAST 12 MONTHS ( I had 4)/ NUMBER OF ESTABLISHED ACCOUNTS

Score really isnt a factor with them.  My EQ score is 762.  Im going to deposit some money every week in the regular share account to build a relationship with them and maybe they will send me an offer sometime down the road.

Hopefully my experience will help you with your decision.

[txjohn]

If you are depositing cash, try doing so then asking for a secured loan against your savings.  Make 4-6 payments and then see talk to a LO.  This will have established a cash account relationship, a loan with payments (which will report to your credit) and a payment history on top of your regular deposits.

If you really want to get in good, sign up for a direct deposit if you have the ability.  They love DD and to see savings.  Combined with a personal loan that you you pay off in 6 to 12 months will get you a lot of mileage with CU's.

[Mank]

TXJohn, do you have any idea how many inquiries or new accounts your brother and SIL had when they applied?

Duplex, was that 4 inquiries or 4 new accounts in the past 12 months? Thanks for sharing your situation, it does help me figure out when to apply.

[txjohn]

Brother had no inquiries in last 1 year, had 7 over 1 year old but within 2 years.  Had an auto loan 12/2007.

His wife had 1 inquiry from recent auto loan, nothing else.

[Duplex]

I had 4 inquiries.  The only other active accounts I have is a car loan, which is 8 months old now and a Chase cc which is 6 months old now.  I guess they like to see some well established active accounts.

[txjohn]

Probably.  Has anyone ever asked PenFed if they will issue a CC against a secured savings account?  It might be worth the call to a LO and ask about it.  If you are going to be putting money with them anyway, see how you can leverage it.....never assume anything.....get informed, sometimes you get a surprise you might like!