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Carrot1
Posts: 122
Registered: ‎05-24-2008
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Re: Got A Penfed Gold Card

I just said that my deceased grandfather was retired military.  He was, but they didn't verify anything. 
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Got A Penfed Gold Card


PurpleHaze wrote:
Geesh you would think I have been around here long enough to know this stuff, but here I go looking silly again ...
What is NMFA and MOAA and ABCD (oops that one wasn't listed)? I am not familiar with all of the acronyms listed.



These are just affinity groups that might make you eligible to join PenFed or other credit unions.

MOAA = Military Officers Association of America

NMFA = National Military Family Association. To join this, you don't have to be a member of a military family! It's a group that works to help military families, period. If you go this route to join PenFed, you only have to pay one year's worth of dues. You don't have to re-up each year or do the life-time membership, although I'm sure that they'd be delighted if you did.

Credit unions were originally made up of people who all worked for the same employer, or belonged to the same social organization, or were in the same university, etc. who pooled their money to provide loans to one another. That's why so many have employer names in their name. In my area, we have several major CU's that might be titled "Appalachian Nuclear Weapon Builders CU" or "Big Honkin' Dam Builders CU." But several years ago, CU's won a battle with the banks to allow them to choose to widen their eligibility requirements. One option is geography, so our bomb and dam builders CU's now advertise that membership is open to anyone who works, lives, goes to school, worships, shops, or dines in their counties. For CU's with a wider presence, like PenFed, a different option is to join an affinity group that is felt to have similar goals to those of the CU members. That's when organizations like MOAA and NMFA come into play. Here's the PenFed eligibility link:

https://www.penfed.org/howToJoin/overview.asp

thrasher, PenFed doesn't like to see a lot of recent new credit, whether used wisely or not. I'd give it at least 6 months after your recent acquisitions, with very low util, before joining them. But I think they'll be a great option for you when you do.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Got A Penfed Gold Card



thrasher865 wrote:


cheddar wrote:
NMFA membership is all that's required to join Penfed, and anyone can join NMFA.  Therefore, anyone can join Penfed. :smileyhappy:
 
That's all there is to it.
 


But a lifetime membership to NMFA is $300
 
Can you get a membership for one year, then join penfed, then opt out of NMFA the next year and retain your penfed membership?  :smileyhappy:

 


Yes, but you don't need a lifetime membership.  A one-year membership is $20.
 
As far as retaining Penfed membership, once you're in, you're in, regardless of whether you continue to qualify.  That's the way virtually all (if not all) CUs work.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Got A Penfed Gold Card



haulingthescoreup wrote:

PurpleHaze wrote:
Geesh you would think I have been around here long enough to know this stuff, but here I go looking silly again ...
What is NMFA and MOAA and ABCD (oops that one wasn't listed)? I am not familiar with all of the acronyms listed.



These are just affinity groups that might make you eligible to join PenFed or other credit unions.

MOAA = Military Officers Association of America

NMFA = National Military Family Association. To join this, you don't have to be a member of a military family! It's a group that works to help military families, period. If you go this route to join PenFed, you only have to pay one year's worth of dues. You don't have to re-up each year or do the life-time membership, although I'm sure that they'd be delighted if you did.

Credit unions were originally made up of people who all worked for the same employer, or belonged to the same social organization, or were in the same university, etc. who pooled their money to provide loans to one another. That's why so many have employer names in their name. In my area, we have several major CU's that might be titled "Appalachian Nuclear Weapon Builders CU" or "Big Honkin' Dam Builders CU." But several years ago, CU's won a battle with the banks to allow them to choose to widen their eligibility requirements. One option is geography, so our bomb and dam builders CU's now advertise that membership is open to anyone who works, lives, goes to school, worships, shops, or dines in their counties. For CU's with a wider presence, like PenFed, a different option is to join an affinity group that is felt to have similar goals to those of the CU members. That's when organizations like MOAA and NMFA come into play. Here's the PenFed eligibility link:

https://www.penfed.org/howToJoin/overview.asp

thrasher, PenFed doesn't like to see a lot of recent new credit, whether used wisely or not. I'd give it at least 6 months after your recent acquisitions, with very low util, before joining them. But I think they'll be a great option for you when you do.


In some cases it might be wise to wait longer than 6 months. I was knocked down by Patelco for having too many new accounts and too much available. At that time last month my newest account was 8 months old all of the other new accounts were very close to 12 months.
Frequent Contributor
firstinlastout
Posts: 339
Registered: ‎12-12-2007
0

Re: Got A Penfed Gold Card

got my platinum cash rewards Visa today in the mail ! Already used it for my 4.54 premium gasoline !
God is keeping score....be good to others.
Valued Member
gettintherequick
Posts: 56
Registered: ‎04-11-2008
0

Re: Got A Penfed Gold Card

[ Edited ]
I too have my new platinum cash rewards Visa. I had to get it through a recon though. I apped PenFed a few months ago on an apping spree and didnt realize that they dont like lots of new accounts at the time. So they declined me. I app'ed 4 new CC in April (Chase, Discover, Cap1, Wamu).
 
Last week I was thinking well being that my 90 days arent up yet, why not recon PenFed. I faxed in my recon request and within 6 days had my lovely new card. No questions were asked, no phone calls made, it just showed up. So despite the new lines of credit, I still got though to them.
 
Just thought I would share my expierence so that others may know that it isnt "impossible" to get the PenFed CC with alot of inquiries. You might have to work for it, but it is doable.


Message Edited by gettintherequick on 06-14-2008 12:38 PM
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