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Closing PenFed Account

Senior Contributor

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


Take the FICO Fitness Challenge
Message 21 of 44
Valued Contributor

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.

Message 22 of 44
Valued Contributor

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.

Message 23 of 44
Super Contributor

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. 

Message 24 of 44
Moderator Emeritus

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.
Message 25 of 44
Super Contributor

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. 

Message 26 of 44
Senior Contributor

Re: Closing PenFed Account


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: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 27 of 44
Senior Contributor

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


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Message 28 of 44
Senior Contributor

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?

Message 29 of 44
Highlighted
Regular Contributor

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.

 

 

 

 

Message 30 of 44