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Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Closing PenFed Account

What's the furthest back PenFed will accept someone with old mistakes? I haven't had an issue in over 5 years but don't want to waste another pull.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Valued Contributor
Posts: 2,691
Registered: ‎07-29-2009
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Re: Closing PenFed Account


wollepopolle wrote:

I'd be happy having the 5% on gas year round. That would be the only reason to get the Penfed card.

I wonder how long the 5% on gas will last, though, after they started culling the rewards.

Currently, not worth the inquiry and paperwork for me. But if I already had one, I'd keep it open and use it for gas only.



We use ours mostly just for gas, and the cash back buys us a tank of gas each month. To us it's the best, most immediate reward we get. Well worth it.

Valued Contributor
Posts: 2,691
Registered: ‎07-29-2009
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Re: Closing PenFed Account


drkaje wrote:

What's the furthest back PenFed will accept someone with old mistakes? I haven't had an issue in over 5 years but don't want to waste another pull.



I had some old 30-day lates when I applied. Mine were probably about 4-5 yrs old at the time of app. I didn't have any judgments or collections though....just a couple of old 30-day lates.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Closing PenFed Account

I won't be closing this account since I have to watch my back with AMEX.    You never no when they may pull a F/R and freeze the account. 

Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
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Re: Closing PenFed Account

DI.  Okay - so you've decided to keep it open.  What's your thinking on RockinRay's comment:

 


RockinRay wrote:

DI -

 

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

 

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

 

I think at this point, you should hang with them! JMO!

 

Ray


 It appears that would satisfy any CL concerns.

Just puttin' syrup on something, don't make it pancakes.
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Closing PenFed Account


beamMEup wrote:

DI.  Okay - so you've decided to keep it open.  What's your thinking on RockinRay's comment:

 


RockinRay wrote:

DI -

 

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

 

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

 

I think at this point, you should hang with them! JMO!

 

Ray


 It appears that would satisfy any CL concerns.


Since I don't mind closing credit card accounts when they no longer work for me, I rather maintain my LOC.  To me, having a LOC is better than a CC.  I think one will be under less scrutiny with a LOC. 

Senior Contributor
Posts: 3,862
Registered: ‎01-10-2008
0

Re: Closing PenFed Account

[ Edited ]

DI wrote:

beamMEup wrote:

DI.  Okay - so you've decided to keep it open.  What's your thinking on RockinRay's comment:

 


RockinRay wrote:

DI -

 

You have the Visa with a $1k line and you have an LOC with an $18k line right? The last time I spoke with them I was told that the max unsecured they will loan is $20k. This is for the first two years of membership. Then they will give more. So it looks like you are close at $19k - if I read right?

 

Maybe split up and put $10k on the card and leave the rest for the LOC? I know they will do that for you. We split the Visa in to two cards with different CL's.

 

I think at this point, you should hang with them! JMO!

 

Ray


 It appears that would satisfy any CL concerns.


Since I don't mind closing credit card accounts when they no longer work for me, I rather maintain my LOC.  To me, having a LOC is better than a CC.  I think one will be under less scrutiny with a LOC. 


By who?

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Closing PenFed Account

I have some old (5 years+) lates but very high utilization.

 

It's probably best to wait another year before reapplying.


Starting Score: 675
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Senior Contributor
Posts: 4,834
Registered: ‎04-20-2007
0

Re: Closing PenFed Account


DI wrote:

I won't be closing this account since I have to watch my back with AMEX.    You never no when they may pull a F/R and freeze the account. 


You never know when the supermodel will freak out on ya. Now Penfed doesn't look so bad does it?

Highlighted
Regular Contributor
Posts: 164
Registered: ‎09-23-2008
0

Re: Closing PenFed Account

Ray,

 

My experience with PenFed doesn't match those numbers (maybe they've changed their policy).

 

PenFed issued me a Visa with 10K. Seven months later approved a LOC with 25k. Five months later increased Visa to 30k.

 

So after one year, total unsecured credit = 55k. I'll reach the two year mark in September.

 

 

 

 

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