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swanky
Posts: 62
Registered: ‎12-25-2009
0

Kicked PENFED CC to the curb

[ Edited ]

Applied for and got a PENFED Plat CC about six months ago.  CL was 3K.

I called and asked for a CLI a week ago and they told me that I would have to

submit a CLI application and that it would be another hard inq.  I said if I have

to use another inq that it would be at an institution that would give me a

decent CL.  They did not budge.  Keep in mind that this is after going

through the whole "it takes 10 days to credit your available balance"

crap for six months.  This morning I called NFCU and did an app over the phone.

CSR said to check back in 2 days.  I waited an hour and then checked the

online status link.  "Approved"...20K.  Called PENFED right after and told

them to close out my CC account.  CSR asked why and I told her. 

She said that it was a good card and that I should consider keeping it.

I told her NFCU knows how to treat good customers and that when

they include a CC offer in my "offers" section I will consider it then

if the CL is decent.  :smileyhappy:  Man, 6 months ago I would have killed for

that PENFED card...sure is nice not being at their mercy anymore!!!

 

That is my highest CL now.

 

NFCU  $20K

BOA    $10K

USAA MC  $10K

USAA AMEX $5K (only asked for 5K)

 

Message Edited by swanky on 01-19-2010 10:18 AM
Message Edited by swanky on 01-19-2010 10:19 AM
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Kicked PENFED CC to the curb

It's all about doing what works for you. No point in having a card that makes you crazy, if you can let it go without being affected.

Congrats on the nice NFCU line!

(and this is from a die-hard PenFed cardholder)

(as if any regular reader of the CC board didn't know this, lol)
* 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
Established Member
VEE74
Posts: 12
Registered: ‎11-30-2009
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Re: Kicked PENFED CC to the curb

 

 

WOW..... I want to be like you when i grow up..... lol:smileywink:


Starting Score: 532
Current Score: 654
Goal Score: 750


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New Contributor
swanky
Posts: 62
Registered: ‎12-25-2009
0

Re: Kicked PENFED CC to the curb

Thanks for the congrats. I figured since the PENFED CC was only six months old that it would not hurt my AAoA. My available credit limit

went up by 17K so that should help not hurt also...I think...

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Kicked PENFED CC to the curb

Well, closed accounts keep reporting for another ten years (that's the tradition, although EQ likes to dump them early), and they continue to count toward your AAoA. So you won't have any damage from that, not for another decade anyway!
* 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
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Kicked PENFED CC to the curb


swanky wrote:

Applied for and got a PENFED Plat CC about six months ago.  CL was 3K.

I called and asked for a CLI a week ago and they told me that I would have to

submit a CLI application and that it would be another hard inq.  I said if I have

to use another inq that it would be at an institution that would give me a

decent CL.  They did not budge.  Keep in mind that this is after going

through the whole "it takes 10 days to credit your available balance"

crap for six months.  This morning I called NFCU and did an app over the phone.

CSR said to check back in 2 days.  I waited an hour and then checked the

online status link.  "Approved"...20K.  Called PENFED right after and told

them to close out my CC account.  CSR asked why and I told her. 

She said that it was a good card and that I should consider keeping it.

I told her NFCU knows how to treat good customers and that when

they include a CC offer in my "offers" section I will consider it then

if the CL is decent.  :smileyhappy:  Man, 6 months ago I would have killed for

that PENFED card...sure is nice not being at their mercy anymore!!!

 

That is my highest CL now.

 

NFCU  $20K

BOA    $10K

USAA MC  $10K

USAA AMEX $5K (only asked for 5K)


Comparing NFCU and PenFed is a little like apples and Oranges.  PenFed is MUCH more conservative than NFCU in credit criteria, and MUCH more strict on Credit to Income ratios.

 

If you don't like/want the PenFed card, then no problem.  But PenFed may not "OFFER" you any future credit if you don't have current credit. 

 

Also, PenFed is not well known for CLI at 6 months.  While it is possible, it is more common for CLI to come at 12 months or later.  The fact that you have to wait 6 months before they removed the 10 day hold on available credit demonstrates their extremely conservative nature.

 

IMO, I would keep the card and just let it age another 6 to 8 months and see what happens then.  But, either way CONGRATS on the NFCU!

 

:smileyhappy:

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
New Contributor
swanky
Posts: 62
Registered: ‎12-25-2009
0

Re: Kicked PENFED CC to the curb

I do still have an $8K PLOC with PENFED and will probably submit a car app with them sometime

this year.  I do not really need/want the CC so that made it easy to let it go.  :smileyhappy:

Senior Contributor
score_building
Posts: 3,532
Registered: ‎01-10-2008
0

Re: Kicked PENFED CC to the curb

what ever works for you but....if you didn't need the cc then I take it you didn't need the CLI... why bother playing their waiting game for six months just to bag 6 months before the offers come rolling in?  good that the CLI denial prompted the awesome navy approval but if it was me I'd reopen and simply wait for the good times to roll, they almost always do it seems, if you are lucky enough to get a cc from them to start.

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06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)

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