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Regular Contributor
babymixer
Posts: 105
Registered: ‎11-15-2011
0

PenFed...Tell me more...

They're on my radar for an autolease as well as a CC.  Please share your experiences with them before I pull the trigger...

cc's copy
Established Contributor
adavis425
Posts: 525
Registered: ‎02-14-2012
0

Re: PenFed...Tell me more...

+1

I am also considering membership for the platinum rewards card. How conservative/stringent are they about inqs, new accounts, etc.?

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Established Contributor
LesWH
Posts: 608
Registered: ‎10-11-2012
0

Re: PenFed...Tell me more...

My experience with PenFed is one that should be told over a campfire on ghost story night!:smileysurprised: I had about 5-6 inquiries on EQ in the last 6 months.  8 total.  about 12 or so new tradelines in the last 6 months,  Apped for their Platinum Cash Rewards card and wa approved with a $20,000 limit.  THEN, using the same hard pull as membership and card, was approved for a 1.49% refi on my car. :robotsurprised: I also was approved for their Thrifty Line of Credit, whatever that is.  My situation seems to be a once in a lifetime deal with PenFed, so count it as the exception and not the norm.  By the way, my score was like 734 and utilization was like 1 or 2%.


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014






Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: PenFed...Tell me more...

[ Edited ]

adavis425 wrote:

+1

I am also considering membership for the platinum rewards card. How conservative/stringent are they about inqs, new accounts, etc.?


I think they are stringent about "baddies" but not so much other stuff.  

 

Edit:  They also have a reputation for being sensitive to "too much outstanding credit" but I didn't see that personally.

 

When I applied I had 6 or so inqs over the last two years and had two new cards reporting.  It was an instant approval for 20K.  A month later, they gave me another card with a 20K line, but I suspect that is a mistake that will one day be caught!  Scores were in the 750-760 range with utilization around 0, but you see here people getting the card with much lower scores.

 

They have a range of cards, but are probably best known for the 5% gas cards.  (The Amex Travel is also popular) Note there are two very similar names, Platinum Rewards and Platinum Cash Rewards.

 

Plat Rewards gives points, and has 5% gas/3% grocery/1% everything else, Plat Cash Rewards gives instant statement credit, 5% gas/0.25% everything else.

 

At first sight, the Cash Rewards no longer makes much sense to me, but a lot of people like it as it a no-hassle refund for gas, and if you have other cards for groceries, and 1% or better cards for everything else, Cash Rewards makes sense.    I have Plat Rewards so I can use it for groceries when the BCP cap is met.

Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

Re: PenFed...Tell me more...

One HP for membership and multiple credit products for 90 days plus high CLs

Great company and nice CSRs

$100K in Credit
Last Credit Card App: 11/16/13
Established Contributor
FutureBillionaire
Posts: 650
Registered: ‎12-12-2012
0

Re: PenFed...Tell me more...

Make sure your utlization is low.  I would app for them before the other banks.  They give auto clis.  As others have stated, you can apply for multipe products off the same credit pull.  You want the Platinum rewards card instead of the cash rewards.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
New Contributor
OwNt
Posts: 62
Registered: ‎10-07-2007
0

Re: PenFed...Tell me more...

Based on my own experience with PenFed, I would not recommend them. Out of all the cards in my signature, theirs by far has the lowest credit limit.

 

If you don't receive pre-approved offers, you will also have a very hard time increasing your initial limit.

~~Credit Cards~~
Alliant Platinum Rewards Visa, AmEx BCP, BofA Power Rewards, Bank of the West Platinum, Barclay Rewards World MC, Chase Freedom/Chase Sapphire Preferred, Citi Thank You Preferred/Citi Dividend Select, Discover IT, FNBOmaha, Paypal MC, US Bank Cash+/US Bank Perks+.

Total: $300,000+ in lines.
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

Re: PenFed...Tell me more...


OwNt wrote:

Based on my own experience with PenFed, I would not recommend them. Out of all the cards in my signature, theirs by far has the lowest credit limit.

 

If you don't receive pre-approved offers, you will also have a very hard time increasing your initial limit.


WOW this is the first time I heard this, they tend to be very generous with starting CL's. But this lender is a YMMV. 

 

You have 300K in credit this is awesome! Maybe they thought you had too much credit? Did you apply before or after you aquired 300K in credit?


$100K in Credit
Last Credit Card App: 11/16/13
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: PenFed...Tell me more...

Also, is the much lower limit $500 or $5000, 10K etc?  So if all your other cards are minimum 20K, and Penfed is10K, that looks bad to you, but certainly acceptable to others.

Super Contributor
Ron1
Posts: 5,477
Registered: ‎05-23-2009
0

Re: PenFed...Tell me more...

I joined Penfed last month and I got approved for $5K Cash Rewards and got denied for overdraft LOC.  They are conservative.  Good customer service. 

 

 

Ron.


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