Penfed vs my existing credit unions

[Anonymous]

Ok good to know.  Apped with 24hr notice. 

[Anonymous]

Great run! Good luck on the PLOC!

[Anonymous]

Anyone know what the monthly balance is for their money market accounts?

[takeshi74]

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@Anonymous wrote:

Should I explore the products with my existing Credit Unions or go for the big boy and go with PenFed?

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Not enough info in your OP to provide meaningful responses.  You should use whichever company(ies) have products that suit you.

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@Anonymous wrote:

Which are their best cards?

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Best is always highly subjective so always specifically exactly what you mean when you use the word.  What are you looking for from a card?  The only card I find of use to me if the PPCR.  YMMV.  Look at the options and select the one(s) that suits you best.

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@Anonymous wrote:

Anyone know what the monthly balance is for their money market accounts?

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Info on their products is on their site:

https://www.penfed.org/money-market-savings/

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@Anonymous wrote:

Also, Cash rewards card says 5% on product description but only 3% on actual app.

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Research carefully.  Hit the HOW TO QUALIFY FOR THE PLUS CARD link on this page:

https://www.penfed.org/platinum-cash-rewards-card/

[Anonymous]

So, they grant me another 18k in credit, but  denied PLOC for

Sufficiently obligated with unsecured indebtedness.

Your Credit score: 810

Date: 11/07/2015

Scores range from a low of 150 to a high of 950.

Key factors that adversely affected your credit score:

Amount owed on revolving accounts is too high

Length of time accounts have been established

Proportion of loan balances to loan amounts is too high

Proportion of revolving balances to total balances is too high

150-950?  What score model is this?  I know what's in my reports so two cards with balances, overall util under 10%. Loan balance ding is car 15k student loan 10k, but I don't get the amount owed on revolving accounts is too high and proportion of revolving balances to total balances it too high.  So 10% util is too high for them?

Is Penfed recon friendly?

[Gmood1]

Yes you can recon. Sometimes just a phone call will do it. State dept. FCU gave me a similar spill on PLOC, minus the sufficient obligation thing.. and my util averages 2%. Lol

[Anonymous]

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@Anonymous wrote:

So, they grant me another 18k in credit, but  denied PLOC for

Sufficiently obligated with unsecured indebtedness.

Your Credit score: 810

Date: 11/07/2015

Scores range from a low of 150 to a high of 950.

Key factors that adversely affected your credit score:

Amount owed on revolving accounts is too high

Length of time accounts have been established

Proportion of loan balances to loan amounts is too high

Proportion of revolving balances to total balances is too high

150-950?  What score model is this?  I know what's in my reports so two cards with balances, overall util under 10%. Loan balance ding is car 15k student loan 10k, but I don't get the amount owed on revolving accounts is too high and proportion of revolving balances to total balances it too high.  So 10% util is too high for them?

Is Penfed recon friendly?

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I have read on the forum that they are. I am guessing that you can reapply in six months and if nothing else changes you will be approved. Good luck whatever you decide.

[Anonymous]

Not sure how Penfed is, but if you want the line, you might offer to move some limit from one or both of the CC's. 

congrats overall! 

[Anonymous]

Says pulled Equifax.. My util is actually less that 10%, but that's what's showing on FICO since the rest hasn't updated yet.  I'll do a recon and see what they say since I'm going to switch my daily banking to them from Chase. Yes, over all positive to say the least.  I'll see what they say on a auto loan refi.

[Anonymous]

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@Anonymous wrote:

Says pulled Equifax.. My util is actually less that 10%, but that's what's showing on FICO since the rest hasn't updated yet.  I'll do a recon and see what they say since I'm going to switch my daily banking to them from Chase. Yes, over all positive to say the least.  I'll see what they say on a auto loan refi.

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Yes, they pull Equifax. It really is a positive outcome!