PenFed Account after applying for a credit card?

[user5387]

The other thing Penfed is noted for beyond loan products is high CD rates.

http://www.depositaccounts.com/blog/2014/03/favorite-credit-unions-of-savers.html

[Rikku]

There is a good deal of information available on their website about the various financial options that they offer. Do some research, consider your banking needs, and then decide whether they have a product that is a good fit for you right now. If not, then decide whether you want to try again for the CC once your scores have improved. If that's what you want to do, just leave the account as it is or direct periodic transfers into it - whatever you prefer.

[p-]

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ddemari wrote:...I made the mistake of opening up a PenFed account ...Does anyone know what I can do/ could do with this account open online?

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 Keep it.  They are a great CU, especially once your credit has improved.  Even if you don't qualify for their card now, you might use them int eh future for an auto loan.  They refinanced mine to 1.49 percent, and now are offering 0 to less than 1% if you use their car buying service.

[ddemari]

Thank you for the advice! I am definitely going to keep it. I am going to work on not apping for new cards and getting utilization below 10 percent (curently at 24). Hopefully if I hold off for 6 months, I can get approved for the amex rewards! thart is my goal!