PenFed...Tell me more...

[babymixer]

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

[adavis425]

+1

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

[LesWH]

My experience with PenFed is one that should be told over a campfire on ghost story night! 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. 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%.

[bs6054]

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@adavis425 wrote:

+1

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

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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.

[chnceit]

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

Great company and nice CSRs

[FutureBillionaire]

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.

[OwNt]

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.

[chnceit]

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@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.

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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?

[bs6054]

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.

[Ron1]

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.