NASA or PenFed

[Anonymous]

So now that I have my AMEX Everyday with a $6k limit, I'm looking at going after a CU membership and credit card and hopefully get a decent limit. I've narrowed it down to NASA or PenFed.

My scores are up. My inquiries are relatively low. My utilization is down. My payment history has been perfect.

Now, one concern I do have has to do with my auto loan. It's very new. I've only made one payment so far. The second payment is due in a couple of weeks but I'm going to make it tomorrow. I think I've read something about CU cc denials due to there being "too much balance" on an installment loan. Is this something that could hold me back right now? Would making a larger payment tomorrow (2 or 3 times the required payment, perhaps) help my chances at all or would I have to pay off a significant amount of my auto loan in order to have a chance with these CUs?

With my details (see signature), with which one would I likely have better luck, NASA or PenFed? I'm having trouble deciding which to go with so at this point, I'll probably go with the one that I have a better chance.

[takeshi74]

You should always select based on specific products that are of benefit to you versus selecting a creditor and attempting to justify.  Take a look at the offerings with each and determine which suits you best.  They're not mutually exclusive so you can join both.

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@Anonymous wrote:

I think I've read something about CU cc denials due to there being "too much balance" on an installment loan.

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CU's aren't all identical just as creditors aren't all identical in general.  If you want to rely on that sort of information you need to carefully look into each of the CU's you're considering to see if you can ascertain trends specific to each CU (e.g. PenFed and pyramiding).

Installments (especially secured) are generally considered less of a risk.

[Anonymous]

People seem to have better luck with Penfed from what I've seen, NASA seems to have gotten stingy.

[travisr0]

If I had to choose between the two, I would go with PenFed both are good cards though.

[longtimelurker]

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@travisr0 wrote:

If I had to choose between the two, I would go with PenFed both are good cards though.

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As takeshi says though, consider what you need.   The cards are pretty different (with Penfed offering a wider range).   Penfed has cards that give 5% on gas, a travel card, a 5/3/1 point card for gas and groceries, and various low APR cards.   NASA offers a 2% card after a small spend threshold (but pays once a year).

[Anonymous]

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@takeshi74 wrote:

You should always select based on specific products that are of benefit to you versus selecting a creditor and attempting to justify.  Take a look at the offerings with each and determine which suits you best.  They're not mutually exclusive so you can join both.

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@Anonymous wrote:

I think I've read something about CU cc denials due to there being "too much balance" on an installment loan.

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CU's aren't all identical just as creditors aren't all identical in general.  If you want to rely on that sort of information you need to carefully look into each of the CU's you're considering to see if you can ascertain trends specific to each CU (e.g. PenFed and pyramiding).

Installments (especially secured) are generally considered less of a risk.

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Thank you. I'll look into each product more carefully before making my decision. I was more interested in PenFed but I noticed what seemed to be more denials from them than NASA so I wanted to be more realistic in hopes of getting an approval. Now, if I were to join both and apply for cards with both, would that likely spook either one? I wouldn't be opposed to going for both but I also don't want to ruin my chances by appearing too greedy.

Pyramiding was something I noticed in a lot of PenFed denial threads but I don't believe I'll have that problem, if I understand the term correctly. Even though my overall limit has increased, my utilization has decreased also due to less debt being reported. I allow one card to report a small balance but I pay in full every month. But now I'll look deeper into each of these CUs individually.

[Anonymous]

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@longtimelurker wrote:

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@travisr0 wrote:

If I had to choose between the two, I would go with PenFed both are good cards though.

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As takeshi says though, consider what you need.   The cards are pretty different (with Penfed offering a wider range).   Penfed has cards that give 5% on gas, a travel card, a 5/3/1 point card for gas and groceries, and various low APR cards.   NASA offers a 2% card after a small spend threshold (but pays once a year).

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The PenFed cards are definitely more appealing to me. 

[stagefoursurvivor]

They both have their "quirks". NASA CSRs have a well-deserved reputation for being "difficult". NASA pulls Ex often HPs, PF uses Eq pinnacle, always HPs for new accounts unless within 90days.

PF seems more inclined to recon unfavorable decisions, NASA rarely.

Once you're established with either one, you're good to go.

Navy is great, too...IF you meet their very strict eligibility requirements for membership

[Anonymous]

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@stagefoursurvivor wrote:

They both have their "quirks". NASA CSRs have a well-deserved reputation for being "difficult". NASA pulls Ex often HPs, PF uses Eq pinnacle, always HPs for new accounts unless within 90days.

PF seems more inclined to recon unfavorable decisions, NASA rarely.

Once you're established with either one, you're good to go.

Navy is great, too...IF you meet their very strict eligibility requirements for membership

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Yes, I hear great things about Navy but I'm not eligible for their membership.

I'm still leaning towards PenFed so in a few weeks when my CLI reports to EQ, I hope PenFed will welcome me even with my limited profile. And if approved, maybe I'll be brave enough to try NASA as well and end up approved by both. At this point, I'd be thrilled with just one, especially the PenFed one.

[longtimelurker]

The big advantage of NASA, for some people some of the time, is that they issued the CC with no HP.   At the peak of NASA mania, the rule seemed to be apply for membership and for the cc together, if you waited the CC was an HP (some people got HPd anyway though).