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Penfed....Almost hit the submit button....

Contributor

Penfed....Almost hit the submit button....

So I gotten 5 credit cards in the last 3 months and after seeing Penfed on Amazon's website for $50 amazon GC upon approval. 5,000 bonus points after first purchase AND 20,000 if $1,000 within first 3 months, I was so tempted, I filled out the app. Fate intervene, I had a sudden urge to take a quick wiz, stepped back from my laptop and quickly closed my browser right before hitting the submit button....I think those CC approvals get addicting. I need to go back to the garden but its so damn hard....

 

I'm cancelling my membership with Penfed tomorrow as USAA is my bank, dont think I have te willpower to hold off on that too much longer without doing that.

Wallet: NFCU CashRewards 35k-- USAA AMEX 28k-- USAA World MC 22k-- Discover IT 17.5k--Chase Freedom 23.5k-- NFCU NavCheck 15k
Message 1 of 26
25 REPLIES
Senior Contributor

Re: Penfed....Almost hit the submit button....

Sure you want to cancel?

 

When PenFed loves, they love you long time! A painfully conservative lender. If you weren't essentially pre-approved, the yellow bar wouldn't have shown up on your account.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Message 2 of 26
Contributor

Re: Penfed....Almost hit the submit button....

yeah, I really don't need the temptation, 6 cards is too many for me.

Wallet: NFCU CashRewards 35k-- USAA AMEX 28k-- USAA World MC 22k-- Discover IT 17.5k--Chase Freedom 23.5k-- NFCU NavCheck 15k
Message 3 of 26
Senior Contributor

Re: Penfed....Almost hit the submit button....

If a gold bar showed up on your account, take the offer. PenFed's gas card and Nordstrom's Signature Visa are prety much the credit world's white whales, LOL!

 

Read the post again and saw it was an Amazon link, not the same thing.

 

Before cancelling..... remind yourself that PenFed's limits can go to $50K. Smiley Happy


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 4 of 26
Valued Contributor

Re: Penfed....Almost hit the submit button....

Just want to jump in and say; ya, don't close it.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 5 of 26
Regular Contributor

Re: Penfed....Almost hit the submit button....

USAA is a great bank, I bank with them too but I would recommend getting the Penfed card and closing one of the 3 you have with USAA if you don't want more than 5 cards.  Spending $1,000 in the first 3 months will produce $250 in cash plus the rewards on the spend, which in my case was an additional $50.  USAA doesn't have a great rewards program so I think 2 USAA cards and 1 from Penfed would serve you better as 5% on gas during the quarters it isn't offered by Discover or Freedom and 3% on groceries easily trumps any of the USAA reward possibilities. 

Message 6 of 26
Established Contributor

Re: Penfed....Almost hit the submit button....

Greenman21,

 

Did you just join PenFed? Because if you did, they HP anyway when you join with a checking or savings and the HP is valid for some 60-90 days on any credit apps with PenFed. So, if you just joined recently, you won't get another inquiry for apping. IOW, a denial would change nothing.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 7 of 26
Established Contributor

Re: Penfed....Almost hit the submit button....

drkaje,

 

Where would the gold bar appear? I don't see one. Not that I'm apping for anything since I already have the Platinum Rewards Visa. Just curious.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 8 of 26
Senior Contributor

Re: Penfed....Almost hit the submit button....

@zt,

My account doesn't have one, LOL!!

Allegedly; if there's an offer, you can't miss it.

Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 9 of 26
Contributor

Re: Penfed....Almost hit the submit button....


ztnjpv wrote:

Greenman21,

 

Did you just join PenFed? Because if you did, they HP anyway when you join with a checking or savings and the HP is valid for some 60-90 days on any credit apps with PenFed. So, if you just joined recently, you won't get another inquiry for apping. IOW, a denial would change nothing.


Yes I joined 2 weeks ago after hearing so many good things about them. Hmm good to know about the inquiry.

Wallet: NFCU CashRewards 35k-- USAA AMEX 28k-- USAA World MC 22k-- Discover IT 17.5k--Chase Freedom 23.5k-- NFCU NavCheck 15k
Message 10 of 26